Ahead of its IPO, Shadowfax Fortifies its Board

Prior to its initial public offering (IPO), last-mile delivery firm ShadowFax has appointed Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors to its board. The company statement claims that the new additions would improve its governance framework and solidify its place in the changing direct-to-business (D2C) and e-commerce markets.
According to Abhishek Bansal, cofounder and CEO of Shadowfax, the new hires will contribute extensive industry knowledge and strategic perspectives that complement our goal of revolutionising third-party logistics (3PL) in India. As we continue to dominate the logistics industry, their advice will be crucial. The recently hired independent directors at Shadowfax have a variety of backgrounds in addition to specific knowledge in the logistics industry.
Kurien has worked in the retail, consumer durables, and fast-moving consumer goods industries for over 35 years. He was also a founder member of Reliance Retail and Titan Industries. He works as a professional advisor for startups and private equity funds at the moment. At the moment, Shukla serves as managing partner and cofounder of the STEM-focused venture capital firm Synapses.
She has over twenty years of expertise in investment banking, strategic consulting, private equity, and venture capital in India, the US, and Europe. Her areas of expertise include edtech, health tech, consumer internet, B2B e-commerce, and climate tech. Sarkari, who was previously the MD and CEO of Gato Allcargo, contributes his experience in the logistics industry. He currently works with Inflection Point Ventures as an angel investor. He was the CEO of Mahindra Logistics as well.
Business Operations of Shadowfax
Bansal and Vaibhav Khandelwal founded Shadowfax in 2015, and it offers last-mile delivery services to D2C brands and e-commerce platforms. In addition, it provides value-added services to its customers, such as package exchange, reverse logistics, and expedited delivery choices.
Among its customers are Mamaearth, Nykaa, Flipkart, Meesho, and others. The move follows the Flipkart-backed startup's announcement last year that it would seek INR 2,500–3,000 Cr through an initial public offering (IPO). Through its public listing, the business is considering a valuation of INR 5,000 to 8,000 Cr.
Recent Developments at Shadowfax
The IPO-bound business collected INR 34.24 Cr on February 3 from its current investors, Nokia Growth Partners and Mirae Asset. The business has raised $213 million since its founding and is supported by investors such as Eight Road Ventures, International Finance Corporation, Qualcomm Ventures, and others.
In order to further broaden its capabilities by implementing extensive and bespoke delivery services throughout the nation, the Bengaluru-based startup last week purchased the transportation and logistics company CriticaLog India Private Limited. In the fiscal year that concluded on March 31, 2024 (FY24), the company reduced its net losses from INR 142.6 Cr in FY23 to INR 11.8 Cr, a nearly 92% decrease. During the year under review, operating revenue increased 33.19% to INR 1,884.8 Cr from INR 1,415.1 Cr the year before.

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