Business Segments
Business Model Overview
Shadowfax is a technology-led 3PL platform facilitating digital commerce across India through three service lines:
- Express: E-commerce & D2C logistics — forward delivery, reverse pickup, hand-in-hand exchange, and prime (same-day) delivery.
- Hyperlocal: Quick commerce, food delivery, pharma, QSRs, and ONDC. #1 3PL in Q-Com by order volume (FY25).
- Other Logistics: Critical logistics (high-value items), unbundled services, and dark store operations.
Express services encompass logistics for shipments originating from e-commerce platforms, direct-to-consumer (D2C) brands, and other online commerce. This segment facilitates movement of orders from warehouses or sellers to end customers, while also offering reverse pickup logistics solutions enabling returns from end customers to designated warehouses or sellers. Contributes 69% of FY25 revenue.
Forward Express Parcel Delivery
Facilitates transportation of parcels from sellers or warehouses to end customers, ensuring efficient and timely order fulfilment. Includes open-box deliveries, scheduled time slots, and cash on delivery. Covers 14,758 pin codes.
Reverse Pickup & Hand-in-Hand Exchange
Supports return shipments from end customers back to sellers or warehouses. Simultaneous exchange service enables seamless replacement transactions by delivering the new product at the time of pickup. Largest 3PL for reverse pickup by volume.
Prime Delivery
Premium logistics solution designed for time-sensitive shipments, ensuring expedited transit and delivery within strict turnaround times. Operational in 30+ cities. Largest 3PL for same-day delivery by order volume.
Express Revenue & Orders
| Metric | FY23 | FY24 | FY25 | H1 FY26 | CAGR/Growth |
|---|---|---|---|---|---|
| Express Revenue (₹M) | 10,353.53 | 14,945.90 | 17,160.86 | 12,387.31 | 28.7% CAGR |
| Express Orders (M) | 209.69 | 302.48 | 341.56 | 228.41 | 27.6% CAGR |
| Revenue per Order (₹) | 49.4 | 49.4 | 50.2 | 54.2 | +9.8% YoY |
Express Orders Volume (Quarterly)
Order volumes across quarters (in millions)
Express Growth Drivers
The upward trajectory has been driven by service differentiation (reverse pickup, hand-in-hand exchange, prime delivery) and network expansion — PIN code coverage grew from 7,955 (FY23) to 14,387 (FY25) to 14,758 (H1 FY26).
Recent volume growth also benefited from industry consolidation — Delhivery's acquisition of Ecom Express (June 2025) resulted in client volume realignment across remaining logistics providers. Shadowfax's express market share increased from ~8% (FY22) to ~21% (Q1 FY26).
Definitions
- Express Orders: Number of shipments for the express service line
- Express Revenue: Revenue from express service line
- Revenue per Order: Express Revenue divided by Express Orders
Hyperlocal caters to the demand for expedited deliveries, supporting quick commerce and on-demand marketplace platforms, including pharma companies, quick service restaurants (QSRs), and ONDC clients. Capabilities focus on providing optimized last-mile delivery solutions. Shadowfax is the leader in 3PL quick commerce service line by order volume for FY25 and Q1 FY26 (Source: RedSeer Report). Contributes 21% of FY25 revenue, up 102% YoY.
Quick Commerce
Last-mile delivery for quick commerce platforms (Zepto, Blinkit, BigBasket, Flipkart Minutes, Swiggy Instamart). Handles surge demand, EV fleet provision, and dark store capacity fulfillment.
Food & On-Demand Delivery
Last-mile logistics for food delivery platforms, pharma companies, quick service restaurants (QSRs), and ONDC clients. Real-time API integrations enable seamless order fulfillment.
Passenger Mobility
Only 3PL offering two-wheeler fleet to online mobility platforms. Currently enables bike taxi services for Uber through API integrations.
Hyperlocal Revenue & Orders
| Metric | FY23 | FY24 | FY25 | H1 FY26 | CAGR/Growth |
|---|---|---|---|---|---|
| Hyperlocal Revenue (₹M) | 2,551.85 | 2,538.95 | 5,132.42 | 3,593.47 | +102% YoY |
| Hyperlocal Orders (M) | 49.42 | 47.84 | 94.79 | 66.03 | +98% YoY |
| Revenue per Order (₹) | 51.6 | 53.1 | 54.1 | 54.4 | +2.4% YoY |
Hyperlocal Orders Volume (Quarterly)
Order volumes across quarters (in millions) — growth resumed after strategic focus on profitability
Quick Commerce Growth Driver
Quick commerce is the fastest-growing segment in India's digital commerce. The market grew from ₹0.53T in FY25 to a projected ₹4-6T by FY30 (50-62% CAGR). Shadowfax is the leading 3PL provider for quick commerce, benefiting from platforms outsourcing surge demand and extended fleet requirements.
Definitions
- Hyperlocal Orders: Number of shipments for the hyperlocal service line
- Hyperlocal Revenue: Revenue from hyperlocal service line
- Revenue per Order: Hyperlocal Revenue divided by Hyperlocal Orders
In addition to core service offerings, Shadowfax provides a suite of tailored logistics solutions to meet the specific requirements of clients, enhancing operational efficiencies across diverse supply chain models. This segment contributes 10% of FY25 revenue but grew 88% YoY, representing emerging high-margin opportunities.
Critical Logistics
Movement of high-value and time-sensitive items: mobile phones, luxury watches, MRI spares, construction equipment parts. Premium pricing and specialized handling.
Strategic Insourcing of Unbundled Services
Serving clients requiring only specific parts of the supply chain — first-mile only, middle-mile only, or last-mile only. Leverages existing network for B2B clients with flexible service models.
Dark Store Operations
Multi-brand, multi-category dark store operations for time-bound slotted deliveries. Strong synergies with existing hyperlocal capabilities. Early stage with high growth potential.
Other Logistics Services Revenue
| Metric | FY23 | FY24 | FY25 | H1 FY26 | Growth |
|---|---|---|---|---|---|
| Other Logistics Revenue (₹M) | 1,245.86 | 1,363.37 | 2,558.03 | 2,075.66 | +88% YoY |
| % of Total Revenue | 8.8% | 7.2% | 10.3% | 11.5% | +1.2pp |
Definitions
- Other Logistics Services Revenue: Revenue from critical logistics services, strategic insourcing of unbundled services, and dark store operations
- Critical Logistics: Movement of high-value and time-sensitive items including mobile phones, luxury watches, MRI spares, and construction equipment parts
- Dark Store Operations: Multi-brand, multi-category dark store operations for time-bound slotted deliveries
Analyst View
Strong revenue growth: 32% YoY to ₹24.9B with 32.5% 3-year CAGR — outpacing industry.
Hyperlocal surge: +102% YoY growth, now 21% of revenue (up from 13% in FY23).
Segment diversification: Express share down from 79% → 69% — reducing concentration risk.
Market opportunity: positioned for India's ₹4-6T quick commerce TAM by FY30.
Service Matrix: Top 10 Clients
Services offered under each business segment — showing how clients engage across multiple service lines
| Client | Forward | Reverse | Prime | Q-Commerce | Food/On-Demand | Critical | Dark Store |
|---|---|---|---|---|---|---|---|
| Client 1 (E-commerce) | ✓ | ✓ | ✓ | - | - | ✓ | ✓ |
| Client 2 (E-commerce) | ✓ | ✓ | ✓ | ✓ | ✓ | - | ✓ |
| Client 3 (E-commerce) | ✓ | ✓ | ✓ | - | - | ✓ | ✓ |
| Client 4 (Q-Commerce) | - | - | - | ✓ | ✓ | - | - |
| Client 5 (Q-Commerce) | - | - | - | ✓ | - | - | - |
| Client 6 (Food Delivery) | - | - | - | ✓ | ✓ | - | - |
| Client 7 (Food Delivery) | - | - | - | ✓ | ✓ | - | ✓ |
| Client 8 (E-commerce) | ✓ | ✓ | ✓ | ✓ | - | - | - |
| Client 9 (E-commerce) | ✓ | ✓ | ✓ | - | ✓ | ✓ | - |
| Client 10 (Mobility) | - | - | - | - | - | ✓ | - |
Definitions
- Total Orders: Total shipments for express and hyperlocal service lines
- Revenue from Operations: As per the Restated Consolidated Financial Information
- Period-on-Period Growth: Increase in revenue/orders from the previous comparable period/year
- Adjusted EBITDA: EBITDA (excluding other income) plus share-based payment expenses, lease accounting adjustments (Ind AS 116), and one-time RTS cancellation fees
- Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue from operations
Overview of services offered to top 10 clients across Express Logistics, Hyperlocal, and Other Logistics Services segments. Multi-service relationships strengthen client retention and revenue stickiness.
| Client Name | Express Logistics | Hyperlocal | Other Logistics Services | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Forward Logistics | Reverse Logistics | Prime | Quick Commerce | Food & On-Demand Hyperlocal | Mobility | Critical Logistics | Insourced Unbundled Services | Dark Store | |
| Client 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ||||
| Client 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||
| Client 3 | ✓ | ✓ | ✓ | ✓ | ✓ | ||||
| Client 4 | ✓ | ✓ | |||||||
| Client 5 | ✓ | ||||||||
| Client 6 | ✓ | ✓ | |||||||
| Client 7 | ✓ | ✓ | ✓ | ||||||
| Client 8 | ✓ | ✓ | ✓ | ✓ | |||||
| Client 9 | ✓ | ✓ | ✓ | ✓ | ✓ | ||||
| Client 10 | ✓ | ||||||||
Shadowfax operates a comprehensive pan-India logistics network enabling seamless forward and reverse shipment flows. The architecture leverages sort centers, cross-docks, and last-mile hubs to optimize delivery efficiency across 14,758 PIN codes.