Shadowfax Listed

Shadowfax positions itself as letting businesses hand off last-mile logistics rather than build it in-house.

Shadowfax serves businesses across e-commerce, restaurants/food, FMCG, pharmacy, and online/offline retail that need outsourced delivery.

End consumers can independently check delivery status at any time by entering their AWB number on Shadowfax's public tracker, without contacting the retailer or Shadowfax support.

Enterprise and marketplace clients receive real-time parcel status via polling and webhook-based tracking APIs, an automated-service relationship layered on top of the delivery integration rather than manual status check-ins.

A small number of large strategic clients account for an outsized share of business -- Meesho alone made up roughly half of Shadowfax's revenue in H1 FY26 -- pointing to deep, dedicated relationships with a handful of anchor accounts rather than a broadly diversified client base.

Shadowfax offers a dedicated mobile app (plus a separate Delivery Partner app) that end users and businesses use to book on-demand pickup and drop-off deliveries within a city.

SF360 is Shadowfax's all-in-one digital shipping platform for online sellers, D2C brands, and marketplaces to book, price, and manage shipments and COD remittance from a single dashboard.

Large e-commerce and quick-commerce clients connect directly to Shadowfax via API for order creation, label generation, tracking, NDR handling, and return webhooks, embedding delivery into their own systems rather than using a shared dashboard.

Shadowfax's core recurring activity is executing last-mile deliveries; e-commerce is the largest business line (~70% of revenue) with hyperlocal/quick-commerce intracity deliveries forming another ~20%.

Alongside forward deliveries, Shadowfax runs reverse-logistics workflows -- return shipments moving from the end consumer back to the business -- as a standing operational activity, with automated status webhooks for clients.

Beyond pure delivery, Shadowfax also runs dark-store operations on behalf of certain clients as part of its quick-commerce/hyperlocal servicing.

A core activity is building and operating the technology layer -- an AI-powered route and fleet management system -- that identifies the most efficient delivery routes and transport modes across the network.

Rather than owning an employee delivery fleet or vehicles at scale, Shadowfax relies on crowdsourced delivery partners who use their own bikes for most last-mile routes.

Shadowfax's own site states the current scale of its delivery-partner network and geographic reach.

Shadowfax operates a large network of first-mile centers, sortation hubs, and last-mile delivery centers spanning over 4.7 million square feet, per its own site.

Core technology resources include Shadowfax Maps, an AI-powered route/fleet-optimization engine, and Shadowfax Shield, an AI system that flags fake orders and fraudulent returns.

Shadowfax's enterprise client roster spans major e-commerce, food-delivery, and retail brands.

Revenue mix is led by e-commerce delivery, followed by food/grocery, with reverse logistics making up the remainder.

The single largest expense category is payouts to delivery partners: delivery personnel costs made up 53% of total expenses (Rs 956 crore) in H1 FY26, after transportation & distribution (delivery partner) costs made up 50.63% of total expenses (Rs 966.2 crore) in FY24.

Transportation costs are the second-largest expense bucket -- Rs 325.2 crore (18% of total costs) in H1 FY26 -- following a 35.8% rise in vehicle running costs to Rs 394.5 crore in FY24.

Corporate employee benefit expenses (distinct from gig delivery-partner payouts) were Rs 211.5 crore in FY24 (11.08% of total expenses), growing 40% to Rs 171.8 crore in H1 FY26 alone.

Shadowfax recognizes a distinct, fast-growing cost line for lost shipments -- Rs 94.6 crore in FY24, rising to Rs 148.2 crore in H1 FY26 alone, more than triple the prior-year period.