mainboard

Fractal Analytics IPO Analysis

Shadowfax Technologies was founded in April 2015 as Shadowfax Technologies Private Limited in Delhi. Initially a small 3PL (third-party logistics) startup, it soon expanded operations. In 2016 it shifted its registered office within Delhi, and in 2021 it moved headquarters to Bengaluru (Karnataka) for strategic reasons. 

Shadowfax’s founders, including Abhishek Bansal and Vaibhav Khandelwal, remain central to its growth. Shadowfax has grown rapidly by partnering with e-commerce and quick-commerce platforms. Key milestones include building India’s largest crowdsourced delivery network (in terms of unique delivery partners), and handling hundreds of millions of orders per year. The company has also expanded its services and technology over time, becoming a leading multi-service logistics platform in India.

Core Operations

Shadowfax operates a technology-driven logistics platform serving e-commerce and quick-commerce clients. It is a full-stack third-party logistics (3PL) provider: the company manages end-to-end deliveries for sellers and platforms. Core operations include:

Express Parcel Delivery: Handling forward shipments from sellers/warehouses to consumers, including cash-on-delivery and e-payments.

Reverse Logistics and Exchanges: Managing returns and “hand-in-hand exchange” deliveries where items are swapped at the customer doorstep.

Prime Delivery (Same/Next Day): Fast delivery under its “prime” service (same-day or next-day) in major cities.

Hyperlocal (Quick Commerce and Food Delivery): Orders for quick-commerce (instant grocery), food & on-demand delivery, and other local services. Shadowfax is a leading 3PL partner for quick-commerce platforms, delivering ~94.8 million orders in FY2025.

Other Logistics Services: Includes critical item logistics, cross-border fulfillment, and dark-store operations (managed via subsidiary Criticalog India).

API Integration: Shadowfax provides technology integrations (APIs) so that clients and marketplaces can route orders through its platform automatically.

Network and Reach

Shadowfax’s nationwide network is extensive. As of September 30, 2025:

Reach: It delivered to 14,758 pin codes across India (out of India Post’s entire list).

Touchpoints: It operates over 4,299 touchpoints (including first-mile, middle-mile, and last-mile centers).

Facility Footprint: It had 90 first-mile centers, 53 sort centers, and 4,156 last-mile centers (including company-owned and franchisee centers).

Fleet: Its network includes 3,000+ trucks (leased) for line-haul and various delivery vehicles daily.

Delivery Partners: It managed an average of 205,864 unique gig delivery partners per quarter in FY2025.

Key Clients and Industry Segments

Shadowfax primarily serves the digital commerce sector. Its key clients are online marketplaces, quick-commerce aggregators, and D2C brands. 

For example, it has signed service agreements with Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others. These clients use Shadowfax for end-to-end delivery management (from warehouse pickup to last-mile delivery). 

In the hyperlocal market (quick commerce and food delivery), Shadowfax often acts as an extended delivery fleet, providing delivery partners and logistics support to platforms on demand. Industry-wise, Shadowfax operates within Indian logistics and last-mile delivery, particularly focusing on the fast-growing e-commerce and quick-commerce segments. It handles both the traditional express parcel segment and newer segments like ultrafast groceries. As e-commerce grows (see Industry Outlook), Shadowfax aims to deepen its partnerships in this industry. 

It also targets D2C brands and SMEs by offering customizable, premium logistics, which often have higher yields than larger horizontal platforms.