Shadowfax transitioned from a private to a public entity as a signal to pursue the Initial Public Offering (IPO). In a recent meeting, the company board approved the removal of “Private” from the name “Shadowfax Private Technologies Limited” and changed it to “Shadowfax Technologies Limited.”
Shadowfax was founded by Vaibhav Khandelwal and Abhishek Bansal in 2015. The logistics company delivers and gives courier services to big giants like Flipkart, Meesho, AJIO, Nyka, and more. The company offers hyperlocal to same-day or next-day delivery for businesses. The company has delivered over 1 billion parcels to 18,000+ pincodes to date.
In February, the company raised $4 million from Mirae Asset and Nokia Growth Partners. The company’s board also allowed to share capital for the upcoming IPO from ₹261.48 crore to ₹900 crore. The startup has successfully reduced its losses to 92%, or 11.8 crore, from 142.6 crore in the previous fiscal year.
