What Shadowfax Technologies Limited does

Shadowfax Technologies Limited is an Indian third-party logistics (3PL) platform headquartered in Bengaluru and listed on NSE (SHADOWFAX) and BSE following its January 2026 IPO. Founded in 2015, the company operates an asset-light, technology-led delivery network spanning 15,656+ PIN codes and 2,500+ cities, powered by 2.6 lakh+ crowdsourced gig delivery partners, 3,500+ trucks and 4.7 million+ sq. ft. of sortation and dark-store infrastructure. Its service portfolio covers express and reverse parcel delivery, same-day/next-day delivery, quick commerce fulfillment from dark stores, intracity SME courier services, premium critical logistics (via the wholly owned Criticalog India subsidiary), and an EV rental program for delivery partners — addressing e-commerce marketplaces, D2C brands, quick commerce platforms, and SME/individual shippers.

The underlying technology combines proprietary AI tools (Shadowfax Maps for address validation and route optimization, Shadowfax Shield for fraud detection, and an AI-driven RTO Predictor) with API-led integrations into Shopify, WooCommerce and major marketplace platforms, automated sortation (the OneNCR facility processes up to 48,000 shipments per hour), and computer-vision-based daily selfie verification for gig partners. Revenue is generated primarily through per-shipment delivery fees across enterprise 3PL, hyperlocal/quick commerce, and the new self-serve Shadowfax 360 platform, supplemented by managed-services income from EV rentals (₹200-275/day) and franchise partner operations. Marquee enterprise customers include Flipkart, Myntra, Meesho, Zepto, Swiggy, PhonePe Pincode, Ajio/Reliance, Amazon, Nykaa and Blinkit, with several 8-year strategic incumbencies and an exclusive Same-Day Delivery mandate from Flipkart and Myntra.

In FY26, Shadowfax reported consolidated revenue of ₹4,202 crore (up 69.1% YoY) and net profit of ₹112 crore — a sharp turnaround — with 27-29% share of India's 3PL express parcel market. The company is investing aggressively in dark-store network expansion (15 to 100 stores planned for FY27), the OneNCR sortation hub, Shadowfax 360 SME/D2C platform, and inorganic capability additions (Criticalog India), positioning itself as a full-stack logistics operating system for India's digital commerce economy.

Name

Shadowfax Technologies Limited

Legal name

Shadowfax Technologies Limited

Website

https://shadowfax.in

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Shadowfax Technologies is an Indian asset-light third-party logistics platform operating across 15,656+ PIN codes with 2.6 lakh+ gig delivery partners, serving e-commerce, D2C, quick commerce and SME customers via AI-powered express, reverse, same-day and hyperlocal delivery services.

Ownership category

akta.pro rank

Product category

Third-Party Logistics and Last-Mile Delivery

NAICS

Couriers and Express Delivery Services (492110), Couriers and Express Delivery Services (4921), Local Messengers and Local Delivery (492210), Local Messengers and Local Delivery (4922)

SIC

Trucking & Courier Services (No Air) (4210), Air Courier Services (4513)

akta.pro primary industry

Quick-Commerce (Rapid Convenience / Dark Stores) (TLAAAHAD)

akta.pro secondary industries

Micro-Mobility Couriers (bike/e-bike/scooter walkers) (TLAAAGAH), Micro‑Fulfillment / Dark Store & Retail Store‑to‑Door Same‑Day (TLAAADAO), Automated / Robotics-Enabled Fulfillment Centers (AS/RS, AMRs, Goods-to-Person) (TLALADAL)

Keywords

• Last-mile delivery
• Express parcel logistics
• Quick commerce fulfillment
• Reverse logistics
• Crowdsourced delivery

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Per-shipment delivery fees (Express Parcel, Reverse Parcel, Prime, Critical Logistics): Core 3PL delivery revenue charged per parcel for forward shipping, returns, same-day delivery, heavy (15kg+) Prime Large shipments, and high-value critical logistics. Pricing varies by SLA, weight slab, distance and customer tier.
2. Quick Commerce / Hyperlocal delivery fees: Per-order fees for 10-minute to 60-minute grocery, food and pharmacy deliveries from dark stores and live retail outlets, served via crowdsourced gig fleet on flexible 2-12 hour shifts.
3. Shadowfax 360 SME/D2C shipping subscriptions and integrations: Self-serve digital shipping platform revenue from SMEs and D2C merchants with flat-rate billing, AI RTO prediction and COD remittance, monetized per-shipment with platform/transaction fees.
4. EV Rental Program for delivery partners: Daily rental income (₹200-275/day) from delivery partners leasing electric scooters, bundled with charging, battery swap and maintenance services within Shadowfax EV centers.
5. Franchise Partner Operations & Management Fees: Revenue from franchisees operating Shadowfax delivery centers using proprietary ERP portal, with relationship management and onboarding training supplied centrally.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

Shadowfax Technologies Limited operates an asset-light, AI-driven third-party logistics platform providing last-mile delivery, express parcel shipping, reverse logistics, hyperlocal and quick commerce fulfilment, and SME courier services across 15,656+ PIN codes in 2,500+ cities in India. The platform combines a crowdsourced fleet of 2.6 lakh+ delivery partners with automated sortation hubs, proprietary AI tools (Shadowfax Maps, Shadowfax Shield, AI RTO Predictor), and an API integration layer serving enterprise customers such as Flipkart, Myntra, Meesho, Ajio, Swiggy, Zepto, Blinkit, PhonePe Pincode and Amazon, as well as SMEs and individual consumers via the Shadowfax Courier app and Shadowfax 360 self-serve platform.

Differentiator

Problem solved

Functional benefit

Brands

• Shadowfax 360: Unified digital shipping platform for SMEs and D2C brands launched April 2026, providing access to 15,000+ PIN codes across 2,500 cities with flat-rate billing, AI-driven RTO prediction, and integrations with Shopify and WooCommerce.

Products and services

• Shadowfax Ecommerce & D2C End-to-end delivery services spanning standard shipping, same-day and next-day delivery, reverse pickups and critical logistics, designed for D2C and E-commerce brands needing speed, efficiency and great customer experiences.
• Shadowfax Hyperlocal & Quick Commerce Rapid deliveries within hours or flexible slots for same-day or next-day service, covering groceries, medicines and meals with real-time tracking, dedicated manpower and EV fleet options.
• Shadowfax SME & Personal Courier

Quantifiable outcome

• FY26 revenue grew 69.1% YoY to ₹4,202 crore with net profit surging 1,639% to ₹112 crore
• +11 more outcomes

Named customers18 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability7 records

Feature7 records

Partnerships

Eleven partnerships are on record.

• Flipkart / MyntraStrategic or Co-development PartnerFlipkart is Shadowfax's exclusive partner for Same Day Delivery across both the Flipkart and Myntra platforms; Shadowfax also drives Flipkart's Grocery and Quick Commerce (Minutes) initiatives as a key strategic partner. Per Vikash Sinha (Flipkart), Shadowfax helped develop a unique SDD model from scratch.
• SwiggyStrategic or Co-development Partner8-year strategic partnership supporting Swiggy's food, grocery (Instamart) and quick commerce operations; co-developed and tested numerous projects across the business. Per Swiggy, Shadowfax is 'best in class for customer experience' among all partners.
• ZeptoStrategic or Co-development PartnerStrategic last-mile partnership supporting Zepto's rapid scaling; Shadowfax integrated EV fleets into Zepto's supply chain, co-developing electric vehicle deployment across operations.
• PhonePe (Pincode)Strategic or Co-development PartnerSingle largest partner for PhonePe's Pincode omnichannel fulfillment, with extensive network supporting the platform's growth across India.
• Ajio (Reliance Retail)Strategic or Co-development Partner8-year partnership with Reliance and Ajio for forward logistics (lowest cancellation and RTO rates) and fastest return pickup accuracy.
• Amazon (incl. Amazon Now)Strategic or Co-development PartnerShadowfax has partnered with Amazon Now for quick commerce delivery and supports Amazon's broader e-commerce logistics; recognized by Amazon with the 2019 Excellence Super Star Award.
• Criticalog India Private LimitedStrategic or Co-development PartnerShadowfax completed a three-phase acquisition of Criticalog India (April 2026 final tranche of 10.41% at ₹29,592/share for ₹5.69 crore), making it a wholly owned subsidiary that adds premium freight, customs clearance and high-value critical shipment capabilities. Criticalog reported ₹1,080.53 million turnover for FY25.
• Inc42GTM or Marketing PartnerCo-hosted D2CX Converge event series across Ahmedabad, Jaipur and Mumbai editions in 2026, gathering D2C founders for fireside chats and panels on scaling playbooks. Drives Shadowfax's GTM within the D2C founder community.
• Franchise Partners (network)Channel Partner/ Reseller/ DistributorShadowfax franchisee network operates delivery centers using proprietary ERP portal, with franchisees required to maintain 500-600 sq ft office space, equipment (PC, printer, scanner, 2 CCTVs, weighing machine, thermal printer, barcode scanner), and a center manager plus delivery executive. Partners earn incentives, seasonal offers and benefit from 24/7 relationship management.
• Equip (Bengaluru HR-tech)Technology or IntegrationShadowfax is a client of Equip's AI-powered hiring platform, alongside Wipro, Delhivery and others. Equip conducts AI-led interviews and skill assessments to support Shadowfax's recruitment.
• LinklatersImplementation/ SI/ Consulting PartnerLinklaters advised the book running lead managers on Shadowfax Technologies' INR 19.07 billion (₹1,907 crore) IPO in January 2026, listed on NSE and BSE.

Scale indicators14 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Delhivery: India's largest publicly listed pure-play 3PL express parcel and supply chain company. Delhivery directly competes with Shadowfax across express parcel, reverse logistics, quick commerce and D2C shipping with similar technology stack and enterprise customer base (Flipkart is also a major Delhivery customer).
• Ecom Express: Specialist e-commerce logistics 3PL serving Flipkart, Amazon, Meesho and other marketplaces with end-to-end delivery and returns. Closely comparable to Shadowfax on business model, customer segments and product offering in express parcel and last-mile delivery.
• Xpressbees: Indian 3PL and e-commerce logistics company offering express parcel, warehousing and last-mile services. Directly competes with Shadowfax in tier-1/2/3 city e-commerce fulfillment, reverse logistics and D2C shipping.
• Ekart Logistics: Flipkart's captive logistics arm, also serving external clients. Ekart is both a Shadowfax competitor (overlapping e-commerce 3PL) and a structural threat given Flipkart's dual role as Shadowfax's largest customer and shareholder.
• Shiprocket: Shipping aggregator and 3PL platform for SMEs and D2C merchants in India with multi-courier integrations and Shopify/WooCommerce plug-ins. Directly competes with Shadowfax 360 in the self-serve SME/D2C shipping segment.

Broad incumbents

• BlueDart Express: India's largest express air-courier company, owned by DHL Group. BlueDart is a broad incumbent offering B2B and B2C logistics, air freight and supply chain solutions that overlap with Shadowfax's express parcel and critical logistics offerings.
• DTDC: Established Indian courier and logistics company with pan-India and international parcel delivery. Overlaps with Shadowfax on domestic express parcel and SME courier services, though DTDC's franchise-led model serves a broader portfolio.
• DHL Supply Chain India: Global logistics giant's Indian operations, offering warehousing, freight, supply chain and critical logistics solutions. Comparable to Shadowfax's Criticalog-acquired critical logistics vertical and enterprise freight offering.
• FedEx India: Global express logistics major with significant Indian operations serving cross-border and domestic premium shipping. Competes with Shadowfax's express parcel and critical logistics services, particularly for enterprise and high-value shipments.

Emerging players

• Dunzo: Indian hyperlocal delivery and quick commerce player focused on intracity on-demand delivery. Partial overlap with Shadowfax's hyperlocal/quick commerce offering and 30-45 minute SME courier app, though Dunzo primarily serves B2C demand rather than enterprise 3PL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/shadowfax_in
• GitHubgithub.com/shadowfaxtech/proSwipeButton
• YouTubeyoutube.com/channel/UCHbarC2FfRmy9VcB6zcwJ9w
• Facebookfacebook.com/shadowfax.in
• LinkedInlinkedin.com/company/shadowfax
• Instagraminstagram.com/shadowfax.in

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds13 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shadowfax Technologies Limited