Shadowfax Technologies Limited IPO

The Company is a new-age, technology-led third-party logistics (“3PL”) company, and leverage technology to facilitate digital commerce, with its service network encompassing 14,758 Indian pin codes as of September 30, 2025. The Company serves a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. Their range of services includes, express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, and mobility services.

1. Agile and customisable logistics services that enable faster go-to-market for clients.
2. Largest last-mile gig-based delivery partner infrastructure
3. Extensive nationwide network
4. Proprietary and agile technology capabilities
5. Proven business model, with focus on profitability, while delivering healthy growth
6. Experienced management team supported by entrepreneurial founders.

1. Incurred losses aggregating to Rs (118.82) million and Rs (1,426.38) million in the Financial Years 2024 and 2023, respectively and negative cash flows from operating, investing and financing activities in certain periods. The Company may continue to experience losses and negative cash flows in the future as they anticipate increased expenses in the future.
2. They significantly rely on a scaled and unified network infrastructure for its business operations, largely comprising 4,299 touchpoints, distributed across first and last mile centers and sort centers, and supported by more than 3.50 million square feet of operational space, and reaching 14,758 pin codes as of September 30, 2025. Any disruptions to its network may adversely affect its business operations, financial condition and cash flows.
3. They rely on key commercial relationships with its clients. Its largest client contributed 48.91%, 51.23%, 48.00%, 59.23%, and 59.52% of its revenue from operations for the six months period ended September 30, 2025, and September 30, 2024, and the Financial Years 2025, 2024, and 2023, respectively. The loss of any such key commercial relationships could adversely affect its business.
4. While its total revenue from operations grew from ₹14,151.24 million in the Financial Year 2023 to ₹24,851.31 million in the Financial Year 2025, its historical growth rates may not reliably forecast future performance and failure to manage growth or execute strategies effectively could impede its expansion and materially affect their business and future prospects.
5. Any inability to expand and grow its network infrastructure in a balanced manner could adversely affect its future growth, business operations, financial condition and cash flows.