Board expansion for Shadowfax ahead of its IPO, with new members joining the team.
Shadowfax, a technology-led third-party logistics provider, has announced the appointment of three new directors ahead of its upcoming Initial Public Offering (IPO). The newly appointed directors are Praharsh Chandra, Gaurav Jaithlia, and Dinkar Gupta, each bringing unique backgrounds and strategic roles to the table.
Praharsh Chandra, the Chief Business Officer of Shadowfax, has been appointed as a Whole-Time Director and will continue to shape the company’s operational and strategic direction. Since joining Shadowfax in 2015, Chandra has been instrumental in shaping the company's growth and development.
Gaurav Jaithlia, also a Whole-Time Director, takes on the role of Head of Business Strategy. Like Chandra, Jaithlia is a senior management person from within the company, contributing significantly to Shadowfax’s business insights and long-term growth planning.
Dinkar Gupta, a retired Indian Police Service officer, joins as a Non-Executive Independent Director. Gupta brings decades of leadership experience, including serving as Director General of Police, Punjab, and Director General of the National Investigation Agency (NIA) until his retirement in 2024. Gupta's expertise in governance, security, and public service, coupled with his multiple presidential honours for gallantry and distinguished service, will undoubtedly add value to Shadowfax's board.
Together, these appointments deepen Shadowfax’s board with a powerful mix of institutional knowledge, strategic foresight, and governance excellence, supporting the company’s growth trajectory as it moves towards an IPO aiming to raise Rs 2,000-2,500 crore.
Founded in 2015, Shadowfax offers last-mile delivery and logistics services across more than 2,200 cities in India. The company partners with e-commerce, quick commerce, food delivery, and mobility companies, and its headquarters are located in Bengaluru. In FY24, Shadowfax narrowed its loss to INR 11.8 Cr from INR 142.6 Cr in the previous fiscal year. Operating revenue rose 33% to INR 1,884.8 Cr from INR 1,415.4 Cr in FY23.
Shadowfax has raised a total funding amount of $216.8 Mn and recently filed a pre-draft red herring prospectus with SEBI to initiate the IPO process. The IPO is expected to raise around 50% via a fresh issue, with an estimated value of approximately INR 2,000 Cr to INR 2,500 Cr. The company has taken the confidential route for filing its draft IPO papers this year, following the lead of other Indian new-age tech companies.
With the appointments of these directors, Shadowfax aims to enhance leadership depth and readiness for its public market debut, setting the stage for continued growth and success in the logistics sector.
Praharsh Chandra, in his role as Whole-Time Director and Chief Business Officer, will continue to guide Shadowfax's strategic and operational decisions in the business sector. Gaurav Jaithlia, another Whole-Time Director, will leverage his strategic insights to direct Shadowfax's long-term growth plans as the Head of Business Strategy.
