Shadowfax
Shadowfax is growing fast, with Q1 FY27 operating revenue of ₹1,358 Cr, up 65%, and a FY27 revenue growth forecast lifted to 38-40% (Inc42, 9 Sept). Rival logistics players face a Shadowfax moving from 47 to 100 dark stores by March 2027 (Inc42).
Our arithmetic · not a reported figureChange
- +₹534 crorefrom Q1 FY26 revenue to Q1 FY27 operating revenue
Latest moves
Our read of each move first, where we have one; what the report said is marked Reported.
Footprint: where Shadowfax opened
No opening on record since May 2026; 1 announced plan.
Background
From 6 stories, the newest dated 9 Oct 2026. Summary written 10 Oct 2026. Newer developments are under Latest moves.
Shadowfax (Shadowfax Technologies) is an e-commerce logistics platform that serves ecommerce, quick commerce and D2C brands.[1] source: Inc42
Show 3 more paragraphs and 6 sources
The Hindu BusinessLine reported that it serves 14,758 pin codes and counts Flipkart, Meesho, Zepto and Blinkit as clients.[2] source: The Hindu BusinessLine Motilal Oswal estimates Meesho at ~40% of Shadowfax's volumes.[3] source: Moneycontrol
Shadowfax grew Q1FY27 revenue 65% year-on-year to ₹1,358 crore, and net profit rose to ₹65.4 crore from ₹8 crore.[4] source: Mint Hyperlocal revenue rose 53%, combined deliveries reached 247 million orders, and the company added 5.3 million sq ft of operating space.[4] source: Mint In September 2026 its ₹1,907.27 crore IPO was reported as a ₹1,000 crore fresh issue and a ₹907.27 crore offer for sale, in a ₹118-124 price band.[2] source: The Hindu BusinessLine Also in September 2026, TPG sold 40 Lakh Shadowfax shares for ₹113.6 Cr through NewQuest Asia Fund IV (Singapore).[1] source: Inc42 Shadowfax raised FY27 revenue growth guidance to 38-40% and plans to grow dark stores from 47 to 100 by March 2027.[5] source: Inc42
In October 2026 ICICI Securities raised its Shadowfax target price to ₹330 from ₹280 and retained its 'Add' rating.[6] source: Mint Motilal Oswal described Delhivery as more diversified than Shadowfax.[3] source: Moneycontrol
Sources
Questions about Shadowfax
How many Shadowfax stores are there?
Shadowfax has 47 dark stores and plans to grow the network to 100 by March 2027, Inc42 reported in October 2026.[5] source: Inc42
How fast is Shadowfax growing in India?
Shadowfax grew Q1FY27 revenue 65% year-on-year to ₹1,358 crore, and net profit rose to ₹65.4 crore from ₹8 crore, Mint reported in September 2026.[4] source: Mint
What is Shadowfax's current strategy in India?
Shadowfax raised its FY27 revenue growth guidance to 38-40% and plans to grow dark stores from 47 to 100 by March 2027, per Inc42 in October 2026.[5] source: Inc42 It launched a ₹1,907.27 crore IPO in September 2026 to fund network expansion.[2] source: The Hindu BusinessLine It added 5.3 million sq ft of operating space in Q1FY27.[4] source: Mint
Who are Shadowfax's main competitors?
Motilal Oswal compared Shadowfax with Delhivery in October 2026, saying Delhivery appears more diversified, with its largest customer at 19.2% of revenue in FY26, while Meesho is ~40% of Shadowfax's volumes.[3] source: Moneycontrol
More stories about Shadowfax
- Shadowfax Q1 FY27 revenue rises 65%; profit jumps over 8x
- Flipkart cuts Shadowfax stake to 1.52%; ICICI Prudential MF raises holding to 8.56%
- Eight Roads, Flipkart and IMM India Fund plan to sell up to 9% in Shadowfax
- 3PLs Shadowfax, Delhivery, Allcargo pivot to vertical quick commerce as dark store race heats up
Stories that mention Shadowfax
8 stories
Shadowfax is named in these stories but is not their subject.
- Porter readies $300–500m IPO as India’s mobility and logistics startups line up listings
- SoftBank to sell 1.5% Meesho stake in ₹1,435 crore block deal
- Manyavar uses AI to tailor store inventory and target 90% sell-through
- EV fleet startup TOCAL raises Rs 9 Cr seed to scale last-mile retail fulfillment
- Delhivery acquires Aramex India unit, tightening grip on e-commerce logistics
- Alpha Wave exits Delhivery in Rs 665 cr block; Mirae trims Shadowfax as logistics backers cash out
- Inc42 sets D2C & Retail Summit 2026 for Aug 19, betting on AI and 10-min delivery as next commerce frontier
- India's 2026 IPO Pipeline Stacks Up: Zepto, PhonePe, OYO, boAt Lead Retail-Heavy Listing Wave