ShadowFax
is the latest startup to make a beeline for exchanges. The Flipkart-backed logistics giant has filed an updated draft red herring prospectus (DRHP) with SEBI last week for the government issue of INR 2,000split evenly between the new issue and the offer for sale (OFS) component.
The OFS component will allow early backers like Flipkart, Eight Roads Ventures, TGP and Nokia Growth Partners to divest their stakes in the logistics unicorn.
Among the selling shareholders, Flipkart will offload shares worth up to INR 237 crore. While Eight Roads Ventures will sell shares worth up to INR 197, TPG Inc will offload shares worth up to INR 150 through its NewQuest Asia Fund IV.
Nokia Growth Partners plans to sell shares worth up to INR 100.8, while Snapdeal investors and co-founders Kunal Bahl and Rohit Bansal will offload shares worth INR 14 each through OFS.
As Shadowfax prepares to debut on the stock market, it’s worth asking – who really owns the delivery giant?
Among institutional shareholders, Flipkart Internet Private Limited is the largest with 14.84% equity. Second fiddle is Eight Roads Investments (14.16%), closely followed by NewQuest Asia Fund IV (Singapore) Pte. Ltd with a share of 14.09%.
Other key investors include Mirae Asset (8.97%), Nokia Growth Partners IV, LP (6.31%) and International Finance Corporation (IFC) with a 5.24% stake. Qualcomm Asia Pacific Pte. Ltd. holds 3.66% while Edelweiss Discovery Fund Series – I also holds 1.53%.
Among angel investors, Snapdeal co-founders Rohit Bansal and Kunal Bahl own 0.88% each, while Incred Growth Partners Fund I owns 0.76%. The remaining 9.55% of equity is distributed among other shareholders.
According to UDRHP, Shadowfax co-founders and promoters Abhishek Bansal and Vaibhav Khandelwal hold a combined 19.13% or 85.89 Cr equity shares. Bansal owns 10.76% while Khandelwal owns 8.37%. None of them will sell the stake through an IPO.
Founded in 2015, Shadowfax offers last-mile delivery services to e-commerce platforms and D2C brands. It also offers solutions such as reverse logistics, parcel sharing and express delivery options. The company counts Mamaearth, Nykaa, Flipkart and Meesho among its key clients.
As of September 30, Shadowfax’s nationwide logistics network included 4,299 touchpoints spanning the first mile, last mile and sorting centers. The number of valid pin codes almost doubled from 7,955 in 2023 to 14,758 as of June 2025.
On the financial front, the company has charted a turnaround and made a profit of INR 6 in FY25 against a loss of INR 12 24 fiscal year. On a like-for-like basis, operating revenue grew 32% year-on-year to INR 2,485 crore.
Marking further improvement, its net profit jumped more than 2x y-o-y to INR 21 in the first half of FY26 from INR 9.8 in the same period last year. The company’s revenue for the period under review increased by 68% to INR 1,805.6 crore for the period under review from INR 1,072.1 crore in the first half of FY25.
Express delivery services generated about 60-70% of Shadowfax’s operating revenue in FY25, while hyperlocal delivery (fast commerce) generated about 20% of revenue. The company sees the latter as a major driver of future growth.
However, the company’s revenue stream is not sufficiently diversified and faces the risk of customer concentration. Almost half Shadowfax’s FY25 revenue came from its top five customersMeesho and Flipkart alone account for around 74.5% of the total operating revenue.
In terms of other risks, Shadowfax faces stiff competition from incumbents such as Delhivery and Blue Dart, regulatory and labor-related issues, and potential pressure on margins as it rapidly ramps up its hyperlocal operations.
With that said, let’s take a closer look at the top executives running Shadowfax and its board of directors:
Abhishek Bansal
Co-founder Bansal is the Chairman, Managing Director and Chief Executive Officer of Shadowfax. He is responsible for overall organizational growth and profitability. The IIT-Delhi graduate spent two years at consulting firm Hay Group before co-founding Shadowfax in 2015.
Bansal has over a decade of professional experience in the logistics industry. In FY2025, Bansal received a total remuneration of INR 1.05 crore.
Vaibhav Khandelwal
Co-founder Khandelwal is the Chief Technology Officer, Resident Director and Co-Promoter of Shadowfax. In his current role, he oversees the development of innovation and future-ready products.
He has been associated with Shadowfax since its inception and previously worked with Way2Wealth Securities. In FY25, Khandelwal earned a salary of INR 1.05 crore.
Gaurav Jaitley said
Co-founder Jaitlia is a staff director and head of business strategy at Shadowfax, responsible for key client growth and overseeing inorganic expansion efforts. He co-founded the company and has almost ten years of experience in the logistics sector.
In FY25, Jaitley received a total award of 11.5 cr.
Praharsh Chandra
Co-founder Chandra is Shadowfax’s staff director and chief business officer, responsible for driving revenue and overseeing the company’s finances.
He also joined the company in 2015 and has over 12 years of experience in consulting and business management. In FY25, Chandra earned a total salary of INR 8.2 crore.
Aspi Sarkari Cakes
Sarkari is a non-executive independent director on the board of Shadowfax and has been associated with the company since February 2025.
A Chartered Accountant, Sarkari spent nearly 10 years with Mahindra Logistics as CEO. Currently, he is also an Independent Director at Billion Mobility, Jeena & Company, Logical.ai. Additionally, he was associated as an angel investor with Inflection Point Ventures (IPV). He received INR 3 lakhs in FY25.
Bijou Kurien
Kurien is a non-executive independent director of Shadowfax and has been with the company since 2025. Prior to joining Shadowfax, Kurien was associated with Hindustan Unilever, Titan Company and Reliance Industries.
He has over 40 years of experience in the management, retail and lifestyle sectors. Kurein received an award of INR 4 lakh in FY25.
Ruchira Shukla
Shukla is an independent director of Shadowfax and has been associated with the logistics unicorn since 2025.
Prior to joining Shadowfax, she was associated with the World Bank Group’s IFC. She has over 12 years of experience investing in the private equity, strategic consulting and investment banking sectors. In FY25, Shukla received an award of INR 3 lakh.
Dinkar Gupta
Gupta is a non-executive independent director of Shadowfax. He is a retired Indian Police Service (IPS) officer and served as Director General of Police, Punjab. He retired as the Director General of the National Investigation Agency (NIA) in 2024.
Praveen Kumar KJ
Kumar is Shadowfax’s Chief Financial Officer (CFO), responsible for financial management and governance. He joined the company in 2019 and was previously associated with XSEED Education, OnMobile Global Ltd, HP and others.
He has more than 20 years of experience in finance and strategy. He received an award of INR 1.7 million from Shadowfax during FY25.
Krishnakant G.V
Krishnakanth is Company Secretary and Shadowfax’s Compliance Officer responsible for Secretary Compliance matters. He joined Shadowfax in 2024 and was previously associated with Subex, Tejas Networks and GMR Infrastructure.
Krishnakanth has over 18 years of experience in the secretarial, governance and compliance sectors. During FY25, he received an award of INR 21 lakh from Shadowfax.
Mohan Sitharam MS
Sitharam MS serves as the company’s Chief Human Resources Officer, responsible for talent management and HR strategy. He joined Shadowfax in 2022 and was previously associated with Subex, LTIMindtree and Shipara Technologies.
He brings more than 21 years of experience in human resources management to Shadowfax’s C-Suite. In FY25, he received an award of 1.5 cr.
Nitesh Lohia
Lohia is Shadowfax’s chief product officer, responsible for ensuring operational efficiency and launching new products.
Before joining Shadowfax, he worked with Flipkart, Microsoft, SAP Labs India and Tata Consultancy Services. He has over 21 years of experience in technology and product management.
In FY25, he received an award of INR 2.04 crore from Shadowfax.
Ankit Kala
Kala is Head of Network and Planning, responsible for overseeing middle-mile operations, leveraging data and analytics to improve operational efficiency and building predictive financial models.
He joined Shadowfax in 2020 and has over thirteen years of experience in consulting, strategic planning and operations. In FY25, he received an award of INR 1.5 crore from Shadowfax.
Deepak Kumar Goel
Goel is Head of Last Mile at Shadowfax and is responsible for managing the entire scope of last mile operations.
He joined the company in 2021 and was previously associated with Procter & Gamble Home Products. He has over 16 years of experience in manufacturing and supply chain.
In FY25, he received an award of INR 1.6 crore from Shadowfax.
