<ul><li>Logistics startup Shadowfax has converted from a private company to a public company in preparation for its initial public offering (IPO).</li><li>The board of Shadowfax approved the resolution to change its status and the company is expected to file a draft red herring prospectus for the IPO in the coming months.</li><li>Founded in 2015, Shadowfax started as a hyperlocal delivery service for food ordering platforms and has grown into a third-party logistics provider serving major e-commerce players.</li><li>In the fiscal year ending March 2024, Shadowfax reported a 33.2% YoY increase in revenue and achieved EBITDA profitability with an operating profit of Rs 23 crore.</li></ul>

Logistics startup Shadowfax converts to public entity, all set for IPO launch

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