e-commerce
Shadowfax files for IPO via confidential route, aims Rs 2,000-2,500 crore fundraise
MUMBAI: Bengaluru-based logistics firm Shadowfax Technologies Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route, signalling its plans to go public. The move comes roughly three months after the company transitioned into a public entity.
Shadowfax is aiming to raise between Rs 2,000 crore and Rs 2,500 crore through the initial public offering, which will comprise a fresh issue of shares and an offer for sale (OFS) by existing investors. Key backers including Flipkart, Eight Roads Ventures, and NGP Capital are expected to dilute part of their holdings through the OFS component.
ICICI Securities, JM Financial, and Morgan Stanley are acting as lead advisors to the issue. The company is targeting a post-listing valuation in the range of Rs 5,500–6,000 crore, according to individuals familiar with the development. As per TheKredible, Shadowfax was last valued at approximately Rs 5,981 crore ($712 million) during the first tranche of its Series F funding round earlier this year.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates in the last-mile logistics segment, serving e-commerce and hyperlocal categories such as grocery, food, and pharmaceuticals. The company claims a network of over 1.25 lakh monthly active delivery partners across India.
To date, Shadowfax has raised around $246 million in equity funding. Eight Roads Ventures remains the largest external investor, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.
Financially, the company reported revenues of Rs 1,885 crore in FY24, marking a 33.2 per cent year-on-year growth. It also significantly narrowed losses—from Rs 142 crore in FY23 to Rs 11.8 crore in FY24, representing a 91 per cent reduction.
Shadowfax now joins a growing list of Indian startups eyeing public listings. Recent confidential DRHP filers include PhysicsWallah, boAt, Urban Company, Shiprocket, Groww, Pine Labs, Capillary Technologies, Wakefit, and Curefoods, underlining a renewed momentum in India’s startup IPO pipeline.
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e-commerce
Instamart and Duolingo launch street spell check campaign for Instaprint
Duo the owl fixes signboard typos across cities to showcase instant printing.
MUMBAI: If spelling mistakes had a sworn enemy, it might just be a bright green owl with a printer. Instamart has teamed up with language learning platform Duolingo for a quirky nationwide campaign that turns everyday spelling errors into a public spectacle while promoting its instant printing service, InstaPrint. The playful activation takes aim at the many misspelled shop boards and public signs scattered across Indian streets. From “saloons” that promise haircuts rather than drinks to menus and posters peppered with punctuation mishaps, the campaign sends Duolingo’s mascot Duo on a mission to restore linguistic order.
Armed with Instamart’s instant printing feature, Duo prints corrected versions of the mistakes on the spot and pastes them over the originals. The result is a series of humorous street interventions that have quickly begun circulating on social media.
Photos and videos of the grammar correcting owl have been widely shared online, with amused users reacting to the unexpected spell check patrol. One user joked, “Ab ayega na maza bhidu,” capturing the internet’s delight at the unusual campaign.
Behind the humour lies a practical message. The activation is designed to showcase the capabilities of Instaprint, Instamart’s printing service that allows users to print documents and posters almost instantly.
The company says the feature is meant for everyday needs such as printing resumes, visa documents or last minute posters without the usual scramble to locate a print shop.
Instamart introduced Instaprint in 2025 across select metropolitan cities including Bengaluru, Mumbai and Delhi. The service allows users to order printed materials directly through the platform, extending the quick commerce model beyond groceries and household essentials.
By combining Duolingo’s famously persistent owl with India’s street level spelling quirks, the campaign taps into the internet’s long running fascination with grammar mistakes while demonstrating a real world use case for instant printing.
After all, in a world full of typos, sometimes what you really need is a quick printer and a very determined language teacher.
