The third-party logistics (3PL) player is eyeing a valuation of Rs 7,169 crore, down from its earlier target of Rs 8,500-9,000 crore. The issue will be closely watched as the first major 3PL listing after Delhivery’s Ecom Express buy. The company follows a tech-driven and asset-light model and relies on a crowdsourced network of delivery partners compared to competitor Delhivery’s model of its own fleet of last-mile vehicles. Shadowfax, which has seen its market share rise from about 8% in FY22 to about 23% in H1 FY26, claims to be the market leader in reverse pickup (returns) and 3PL quick commerce solutions by order volume as of September 2025.
