Shadowfax Submits DRHP to Raise Rs 2,000-2,500 Crore through IPO
As more and more startups swarm Dalal Street, Flipkart-backed logistics company Shadowfax has submitted its draft red herring prospectus (DRHP) in an attempt to raise Rs 2,000–2,500 crore through an IPO.
Pine Labs, Wakefit, and Curefoods have all submitted their DRHPs in the past two weeks in an effort to attract public market investors and raise money for their upcoming expansion.
Together, the three businesses hope to use an IPO to generate close to Rs 4,000 crore in basic capital.
Although it is unknown, Shadowfax's primary capital and offer for sale components are probably divided equally.
Therefore, in addition to the Rs 4,000 crore that modern businesses are seeking to raise in basic capital, Shadowfax will contribute an additional Rs 1,000–1,500 crore.
The company intends to increase capacity, spur greater growth, and make more investments in its network business with the money raised from the new offer.
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The business raised money in February of this year at a valuation of about Rs.6,000 crore.
Three eminent experts were added to Shadowfax's board as independent directors: Pirojshaw Sarkari, Ruchira Shukla, and Bijou Kurien.
Shadowfax claims that this calculated action reaffirms its dedication to improving governance, utilizing domain knowledge, and promoting operational excellence.
According to Shadowfax, the addition of these independent directors strengthens its governance structure and reaffirms its emphasis on innovation and operational efficiency, guaranteeing that it will continue to lead India's changing D2C and e-commerce markets.
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IIT Delhi alums Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya created Bengaluru-based Shadowfax in 2015. For e-commerce express packages and other value-added services, the organization is a top logistics service provider.
Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds are among the many investors who support Shadowfax.
The largest source of revenue, making up about 75 percent of the firm, is e-commerce; fast commerce and hyperlocal delivery provide the remaining revenue.
The logistics company's strong distribution network, which spans more than 14,300 PIN numbers and 2,200 cities, has cemented its position as the industry leader.