IPO-Bound Shadowfax Adds New Faces To Its Board

IPO-Bound Shadowfax Nets INR 34 Cr In Series F Funding Round

SUMMARY

The company has appointed its chief business officer Praharsh Chandra and head of business strategy Gaurav Jaithlia as whole-time directors on its board

It has also appointed Dinkar Gupta, a retired IPS officer, as a non-executive independent director on the board

This comes as the company is targeting an IPO of about INR 2,000 Cr to INR 2,500 Cr, with around 50% expected to be raised via a fresh issue

Logistics major ShadowFax has expanded its board by adding three new members as it prepares for its public listing.

The company has appointed its chief business officer Praharsh Chandra and head of business strategy Gaurav Jaithlia as whole-time directors on its board. Both have been with the company for several years and will now join the board to help steer long-term decisions.

The company has also appointed Dinkar Gupta, a retired IPS officer, as a non-executive independent director on the board. Gupta previously served as DGP of Punjab and retired as the DG of the NIA in 2024.

This comes a few months after Shadowfax appointed Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors on its board.

Earlier this month, the company said it filed the DRHP with SEBI for its IPO via the confidential pre-filing route. The company is said to be targeting an IPO of about INR 2,000 Cr to INR 2,500 Cr, with around 50% expected to be raised via a fresh issue.

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax is a third-party logistics provider. It offers last-mile delivery and logistics services across more than 2,200 cities in India. It partners with ecommerce, quick commerce, food delivery, and mobility companies. The firm averages over 1.4 Lakh active delivery partners per quarter.

On the financial front, Shadowfax narrowed its loss to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous fiscal year. Operating revenue rose 33% to INR 1,884.8 Cr from INR 1,415.4 Cr in FY23.

Shadowfax is among the long list of Indian new-age tech companies, including Aequs, Groww, Shiprocket, boAt, and PhysicsWallah, which have taken the confidential route this year for filing their draft IPO papers.