Introduction
India’s IPO and unlisted share markets have experienced explosive growth in recent years, driven by investor appetite for pre-IPO opportunities and the rise of tech-enabled companies seeking capital before listing their shares publicly. For investors tracking “upcoming unlisted shares in India,” a detailed understanding of SEBI filings offers crucial data and transparency. Shadowfax Technologies Limited’s recent submission of its Updated Draft Red Herring Prospectus (UDRHP-I) marks a key moment, positioning the company in the spotlight for investors focused on “investment opportunities in unlisted companies” and IPO-bound enterprises.
About Shadowfax Technologies Limited
History and Promoters
Shadowfax Technologies Limited, originally incorporated on April 21, 2015, as a private company, transitioned to a public limited company following a shareholder resolution on March 6, 2025. The company operates its registered office in Bengaluru, India. Its core business centers on providing technology-driven logistics solutions for business-to-business (B2B) customers, focusing on express, hyperlocal delivery, and other specialized logistics services.
Key leadership includes:
- Abhishek Bansal: Chairman & Managing Director
- Vaibhav Khandelwal: CEO & Whole-Time Director
- Praveen Kumar: Chief Financial Officer
- G V Krishnakanth: Company Secretary
Business Model & Milestones
Shadowfax leverages a digital platform to aggregate, route, and fulfill logistics orders through deep integration with e-commerce, food, and retail partners. Major milestones include:
- Customer Base Expansion: Now servicing millions of orders monthly.
- Nationwide Network: Coverage through extensive distribution centers and warehouses.
- Strategic Acquisition: In January 2025, acquired 79.17% of Criticalog India Private Limited, a player in critical logistics, to enhance service offerings.
Credibility factors include partnerships with Walmart Group companies, including Flipkart, strengthening Shadowfax’s business model and reliability.
Financial Overview (from SEBI PDF)
Key Metrics (Rs. in Million)
| Financial Year/Period | Revenue from Operations | EBITDA (Excl. Other Income) | Profit/Loss Before Tax | Net Worth (Assets) | Adjusted EBITDA Margin (%) |
|---|---|---|---|---|---|
| Six months ended 30 Sep 2025 | ₹18,056 | ₹643.4 | ₹210.4 | ₹6,935 | 2.86 |
| FY 2025 (Full year) | ₹24,851 | ₹561.9 | ₹60.6 | ₹6,604 | 1.96 |
| FY 2024 | ₹18,848 | ₹113.7 | ₹118.8 | ₹4,217 | 1.02 |
| FY 2023 | ₹14,151 | ₹1,134.7 | ₹1,426 | ₹1,763 | 7.18 |
CAGR (FY2023–FY2025): Revenue grew at a compounded rate, reflecting Shadowfax’s scale and market penetration.
Compared to industry averages, Shadowfax’s adjusted EBITDA margin appears lower than leading peers in logistics (typically 6–12% for established players). However, rapid revenue growth and strategic investments position the company for margin improvement as it scales.
Market Position & Opportunities
Industry Outlook
India’s logistics industry is projected to exceed $215 billion by 2026, propelled by e-commerce, digital transformation, and evolving supply chain dynamics. Shadowfax occupies a key niche—technology-enabled, last-mile delivery—catering to both large brands and startups.
Competitive Landscape
Key competitors include Delhivery, Ecom Express, and Express Bees, with differentiation rooted in Shadowfax’s B2B tech platform, wide partner network, and ability to handle complex logistics tasks. Strategic alliances (notably with Flipkart Group) enhance competitive strength, while acquisitions broaden logistical capabilities in critical sectors.
Key Strengths
- Deep integration with e-commerce, hyperlocal, and retail partners.
- Strong promoter and institutional ownership.
- Technology platform driving operational efficiencies.
- Brand reputation for reliable, scalable logistics solutions.
Risks & Challenges
Extracted Risk Factors
Regulatory Risks
- Exposure to changes in logistics regulatory framework, labor laws, and compliance requirements.
- Pending GST matters under appeal—possible liability of ₹9.44 million.
Operational Risks
- High dependence on key customers, making revenue concentration risk significant.
- Risk from potential operational disruptions (in supply chain, labor, or infrastructure).
- Business model reliant on continuous technology upgrades; failure could impact competitiveness.
Financial Risks
- Credit risk from partners and delayed receivables.
- Fluctuations in EBITDA margins and ongoing integration of acquired entities (Criticalog).
- Interest rate and liquidity position monitored closely; substantial investments in technology and infrastructure impact short-term profitability.
Market Risks
- Intense competition from incumbents and new entrants.
- Demand volatility linked to economic and sector cycles.
- Unhedged foreign currency exposure is currently low, minimizing FX risk.
Investment Insights
Shadowfax Technologies Limited stands out in the “investment opportunity in unlisted shares” category for its scale, strategic partnerships, and growth trajectory. Investors should track this company for:
- Medium-term listing gains as the IPO nears.
- Long-term value, given India’s logistics and e-commerce boom.
- Potential for margin expansion once investments stabilize and Criticalog integration delivers synergies.
Analysis suggests Shadowfax’s listing may attract strong demand in pre-IPO markets due to relevance in “upcoming unlisted shares in India” and robust business momentum.
Unlisted Share Price Section
Investors searching for “Shadowfax Technologies Limited Unlisted Share Price” should note:
- As of the latest SEBI filing, company shares remain unlisted; price discovery occurs in OTC and private transaction markets.
- Brokerage platforms report Shadowfax’s unlisted share price in the ₹80–₹120 band (recent trends; always verify with dealers).
- Shadowfax embodies one of the top “upcoming unlisted shares in India,” and its pre-IPO momentum is visible in active demand from institutional and HNI buyers.
Unlisted Market Trends (Nov 2025):
- Overall, logistics tech companies are commanding premiums in the unlisted market, reflecting investor optimism for future profitability and scalability.
- Regulatory clarity and sustained YoY growth remain catalysts for price appreciation.
Conclusion
Shadowfax Technologies Limited delivers a unique blend of scale, technology, and sectoral opportunity in India’s logistics landscape. The company’s SEBI filing affirms its financial credibility and operational strength, signaling a promising investment prospect for both pre-IPO and long-term investors. For active investors, tracking “Shadowfax Technologies Limited Unlisted Share Price” on platforms like Unlisted Radar is essential as the IPO approaches.
FAQs
What is Shadowfax Technologies Limited’s unlisted share price today?
The latest unlisted share price ranges between ₹80–₹120 per share, subject to market and dealer variation.
How to buy Shadowfax Technologies Limited unlisted shares?
Investors can purchase shares via registered brokers dealing in pre-IPO/unlisted shares, or through private market platforms that facilitate transactions.
Is Shadowfax Technologies Limited a good investment before IPO?
The company presents strong growth metrics, key strategic alliances, and is well-positioned for listing gains. However, risks persist around competitive intensity and regulatory matters.
When will the Shadowfax Technologies Limited IPO launch?
The SEBI filing advances its IPO timeline, though the exact launch date is pending regulatory approval. Investors should monitor updates on Unlisted Radar.
What are the risks of investing in Shadowfax Technologies Limited unlisted shares?
Risks include regulatory challenges, operational disruptions, financial volatility, and market competition.
Which brokers deal in Shadowfax Technologies Limited unlisted shares?
Numerous brokers and platforms specializing in unlisted shares offer Shadowfax. Confirm SEBI registration and check for market reputation before transacting.
What is the lot size in the IPO?
Lot size will be specified in future regulatory filings; typically ranges between 40–100 shares for logistics sector IPOs in India.
How does Shadowfax Technologies Limited compare with competitors?
Shadowfax lags top peers on EBITDA margin but stands out in revenue growth and technology adoption, providing potential upside as market dynamics evolve.
Are Shadowfax Technologies Limited shares available to retail investors?
Yes, once officially available, retail investors can access shares through recognized brokers or pre-IPO platforms.
What is the expected listing gain for Shadowfax Technologies?
While speculative, the sector trend and valuation multiples suggest the company could attract a listing premium; verify with market sources closer to the IPO date.