Market Position & Competition
Market Position Overview
Shadowfax is the fastest-growing 3PL company of scale in India, expanding its e-commerce shipment market share from approximately 8% in FY22 to approximately 23% in H1 FY26 — nearly tripling market share in just 3 years. The company holds #1 position among 3PLs for reverse pickup shipments, same-day delivery, and quick commerce solutions by order volume. Unlike competitors, Shadowfax uniquely serves both end-to-end e-commerce delivery AND last-mile delivery for quick commerce, food delivery, and hyperlocal services, making it the only 3PL of scale with this dual capability.
Analyst View
Shadowfax: ~23% — fastest growing.
Share tripled from ~8% (FY22) to ~23% (H1 FY26).
Volume growth consistently outpaced industry.
#1 3PL for reverse pickup & same-day delivery.
Market Leadership Positions (FY25 & H1 FY26)
Analyst View
FY22: ~8% market share.
FY24: ~15% market share.
H1 FY26: ~23% market share.
Growth driven by value-added services and network expansion.
| Metric | FY22 | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|---|
| Shadowfax Market Share (%) | ~8% | ~11% | ~15% | ~20% | ~23% |
| Shadowfax Shipments (M) | ~100 | 122 | 134 | 136 | 136 (indexed) |
| 3PL Market Shipments (M, indexed) | 100 | 221 | 319 | 359 | 481 |
| Shadowfax Index (FY22 = 100) | 100 | 122 | 134 | 136 | 136 |
Note: Index values show relative shipment growth with FY22 as base year (100). Shadowfax outpaced industry growth every year.
| Metric | Shadowfax | Delhivery | Blue Dart |
|---|---|---|---|
| Revenue from Operations (₹M) | 24,851 | 89,319 | 57,202 |
| YoY Revenue Growth (%) | +31.9% | +9.7% | +8.6% |
| Profit/(Loss) for Year (₹M) | 64.26 | 1,621 | 2,524 |
| Adjusted EBITDA (₹M) | 486.69 | 1,475 | NA |
| Adjusted EBITDA Margin (%) | 1.96% | 1.65% | NA |
| Total Shipments (M) | 436 | NA | NA |
| Pin Codes Reach | 14,387 | 18,793 | NA |
| Quick Commerce 3PL | ✓ #1 | Limited | ✗ |
| 100% Gig Fleet | ✓ | ✗ | ✗ |
| Mobility Services | ✓ Only 3PL | ✗ | ✗ |
| Metric | Shadowfax | Delhivery | Blue Dart | BusyBees |
|---|---|---|---|---|
| Revenue from Operations (₹M) | 18,848 | 81,415 | 52,678 | 28,313 |
| YoY Revenue Growth (%) | +33.2% | +12.7% | +1.9% | +11.8% |
| Profit/(Loss) for Year (₹M) | (118.82) | (2,492) | 3,010 | (1,999) |
| Adjusted EBITDA (₹M) | 192.93 | 757.86 | NA | NA |
| Adjusted EBITDA Margin (%) | 1.02% | 0.93% | NA | NA |
| Express Shipments (M) | 302.48 | 740 | NA | NA |
| Pin Codes Reach | 13,169 | 18,793 | NA | NA |
Shadowfax
India's fastest growing 3PL of scale. Only player serving both e-commerce and quick commerce. 100% gig-based fleet with highest capital turnover.
Delhivery
Largest 3PL by revenue. Comprehensive services including express, PTL, FTL, supply chain. Recently acquired Ecom Express.
Blue Dart
Legacy premium courier. Strong in B2B and time-definite solutions. Part of Deutsche Post DHL Group. Higher margins, lower growth.
Competitive Differentiation
| Capability | Shadowfax | Delhivery | Blue Dart |
|---|---|---|---|
| E-commerce Forward Delivery | ✓ | ✓ | ✓ |
| Reverse Pickup & Exchange | #1 | ✓ | Limited |
| Same-Day / Prime Delivery | #1 | ✓ | ✓ |
| Quick Commerce 3PL | #1 | Limited | ✗ |
| Food Delivery 3PL | ✓ | ✗ | ✗ |
| Mobility Services | Only 3PL | ✗ | ✗ |
| 100% Gig-Based Last Mile | Only 3PL | ✗ | ✗ |
| Part Truck Load (PTL) | ✗ | ✓ | Limited |
| Full Truck Load (FTL) | ✗ | ✓ | ✗ |
| Warehousing / Supply Chain | Limited | ✓ | ✓ |