Operating Metrics
Operating Scale Overview
Shadowfax has built India's largest crowdsourced last-mile delivery fleet among 3PL e-commerce players, with 205,864 average quarterly unique transacting delivery partners in H1 FY26. The network spans 4,299 touchpoints (including 53 sort centers with 1.8M+ sq ft), serving 14,758 pin codes across 2,300+ cities. Order volumes have grown at a 29.77% CAGR from FY23-FY25, reaching 436.36 million orders in FY25. The asset-light model operates with 100% leased facilities and a fleet of 3,000+ trucks deployed daily on linehaul routes.
Analyst View
FY25 Orders: 436.4M (+24.6% YoY).
H1 FY26: 294.5M orders (+50.1% vs H1 FY25).
Express: 341.6M (78% of total).
Hyperlocal: 94.8M (22%), fastest growing.
| Metric | FY23 | FY24 | FY25 | H1 FY26 | H1 FY25 |
|---|---|---|---|---|---|
| Express Orders (M) | 209.69 | 302.48 | 341.56 | 228.41 | 159.95 |
| Hyperlocal Orders (M) | 49.42 | 47.84 | 94.79 | 66.03 | 36.19 |
| Total Orders (M) | 259.11 | 350.32 | 436.36 | 294.45 | 196.15 |
| YoY Order Growth (%) | 72.0% | 35.2% | 24.6% | 50.1% | - |
Network Highlights
Pin Codes: 14,758 (76% of India).
Touchpoints: 4,299 (+66% YoY).
Sort Centers: 53 (1.8M+ sq ft).
Daily Trucks: 3,000+ on linehaul.
First Mile & RTS Network
90 dedicated first-mile centers and return-to-seller (RTS) centers for high seller density pin codes. Manages pickup from seller warehouses and consolidation.
Sort Centers & Cross Docks
53 middle-mile centers with 1.8M+ sq ft. Includes automated cross-belt sorters, DWS systems, X-ray machines, and camera surveillance (SF Shield).
Last Mile Centers & Franchisees
4,156 last-mile centers (including franchisees) enabling delivery across 14,758 pin codes. Hybrid model: self-operated in high-density areas, franchisees in low-density.
Network Scale Growth
| Metric | FY23 | FY24 | FY25 | H1 FY26 | Growth |
|---|---|---|---|---|---|
| Pin Codes Reach | 7,955 | 13,169 | 14,387 | 14,758 | +86% (FY23-25) |
| No. of Touchpoints | 1,817 | 3,093 | 3,964 | 4,299 | +118% (FY23-25) |
| Operational Space (Mn Sq Ft) | - | - | 3.5+ | 3.5+ | - |
Fleet Highlights
H1 FY26: 205,864 avg quarterly unique partners.
Largest crowdsourced fleet among 3PL e-commerce players.
37.43% onboarded via referral program.
23.62% hyperlocal orders via EVs/bicycles.
100% Gig-Based Last Mile Fleet
Shadowfax is the only 3PL to operate with a 100% gig-based last mile fleet. This variable cost model ensures costs scale proportionally with delivery volumes, enabling cost efficiency without compromising service quality. The interoperable fleet serves all service lines (express, hyperlocal, reverse) through a sophisticated demand-supply allocation engine.
Delivery Partner Metrics
| Metric | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Avg Quarterly Unique Transacting Partners | 140,468 | 101,761 | 151,385 | 205,864 |
| Cities with Delivery Partners | - | - | 2,300+ | 2,300+ |
| % Onboarded via Referral (FY25) | - | - | 37.43% | - |
| % Hyperlocal via EV/Bicycle (H1 FY26) | - | - | - | 23.62% |
Delivery Partner Skill Levels
Entry Level
Food + pick and drop for small distances. Basic delivery tasks.
Intermediate
Grocery deliveries. Moderate complexity tasks.
Advanced
Long distance + E-commerce forward deliveries.
Expert
Reverse logistics + Open box delivery + Other complex orders.
| KPI | FY23 | FY24 | FY25 | H1 FY26 | Trend |
|---|---|---|---|---|---|
| Total Orders (M) | 259.11 | 350.32 | 436.36 | 294.45 | ↑ |
| Revenue from Operations (₹M) | 14,151.24 | 18,848.22 | 24,851.31 | 18,056.44 | ↑ |
| Revenue per Order (₹) | 54.6 | 53.8 | 56.9 | 61.3 | ↑ |
| Pin Codes Reach | 7,955 | 13,169 | 14,387 | 14,758 | ↑ |
| Touchpoints | 1,817 | 3,093 | 3,964 | 4,299 | ↑ |
| Avg Quarterly Delivery Partners | 140,468 | 101,761 | 151,385 | 205,864 | ↑ |
| Orders per Delivery Partner (Quarterly) | 461 | 861 | 721 | 715 | → |
| Capital Turnover Ratio | - | - | 3.96x | - | #1 in Industry |
Hybrid Mesh Network
Shadowfax operates a hybrid mesh-based linehaul network with 3,000+ trucks deployed daily on average. The network uses dynamic routing algorithms enabling node-to-node connectivity across national lanes, zonal lanes, and tertiary lanes. All trucks and facilities operate on a fully leased model, retaining ownership only of automation and machinery for operational control.
National Lanes
Major inter-city routes connecting primary sort centers across India.
Zonal Lanes
Regional routes connecting sort centers to anchor districts.
Tertiary Lanes
Local routes from anchor districts to last-mile centers.
Shadowfax relies on key commercial relationships with major e-commerce and quick commerce platforms. Client concentration has been reducing over time, indicating improving revenue diversification.
Client Revenue Concentration Trend
Detailed Client Concentration (₹ in Million)
| Particulars | H1 FY26 | H1 FY25 | FY25 | FY24 | FY23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| ₹M | % | ₹M | % | ₹M | % | ₹M | % | ₹M | % | |
| Largest Client | 8,832 | 48.91% | 5,492 | 51.23% | 11,930 | 48.00% | 11,163 | 59.23% | 8,423 | 59.52% |
| Top 5 Clients | 13,382 | 74.11% | 8,263 | 77.08% | 18,536 | 74.59% | 15,729 | 83.45% | 12,023 | 84.96% |
| Top 10 Clients | 15,225 | 84.32% | 9,515 | 88.75% | 21,406 | 86.14% | 17,103 | 90.74% | 13,036 | 92.12% |
| Total Revenue from Ops | 18,056 | 100% | 10,721 | 100% | 24,851 | 100% | 18,848 | 100% | 14,151 | 100% |
Key Client Relationships
Top customers include Meesho, Flipkart, Zepto, Zomato and other major e-commerce and quick commerce platforms.
Group Companies Revenue (Related Party)
Revenue contribution from Flipkart Group companies (strategic investor) - includes Flipkart Internet, Instakart Services (Flipkart Quick Commerce), Pincode Shopping, and Wal-Mart India.
| Group Company | H1 FY26 | H1 FY25 | FY25 | FY24 | FY23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| ₹M | % | ₹M | % | ₹M | % | ₹M | % | ₹M | % | |
| Flipkart Internet Pvt Ltd | 31.11 | 0.17% | 18.93 | 0.18% | 183.55 | 0.74% | 77.69 | 0.41% | 0.00 | 0.00% |
| Instakart Services Pvt Ltd | 2,191.67 | 12.14% | 1,009.90 | 9.42% | 2,668.57 | 10.74% | 1,252.06 | 6.64% | 907.61 | 6.41% |
| Pincode Shopping Solutions | 2.79 | 0.02% | - | - | 82.46 | 0.33% | - | - | - | - |
| Wal-Mart India Pvt Ltd | 2.23 | 0.01% | - | - | 2.28 | 0.01% | - | - | - | - |
| Total Group Companies | 2,227.80 | 12.34% | 1,028.83 | 9.60% | 2,936.86 | 11.82% | 1,329.75 | 7.06% | 907.61 | 6.41% |
Instakart (Flipkart Quick Commerce) Growing Rapidly
Instakart Services (Flipkart's quick commerce arm) has grown from 6.41% of revenue in FY23 to 12.14% in H1 FY26 - nearly doubling its share. This reflects Shadowfax's strong positioning in the quick commerce delivery segment and deepening relationship with Flipkart Group.
Client Concentration Risk
The largest client contributed 48.91% of H1 FY26 revenue. Loss of any major client could significantly impact financials. However, concentration has reduced from 92.12% (Top 10, FY23) to 84.32% (H1 FY26), showing improving diversification. Multi-service relationships with top clients strengthen retention and revenue stickiness.