Shadowfax achieves EBITDA and PAT profitability with record 33% growth in FY24
Shadowfax Technologies, India’s fastest-growing provider of e-commerce express parcels and value-added services (VAS), has achieved a significant milestone in FY24, becoming the only new-age 3PL (third-party logistics) provider in India to demonstrate profitability in both Adjusted PAT and EBITDA for the financial year.
This milestone marks a remarkable turnaround for the company, with revenue growing 33% year-on-year, from ₹1,415.1 crore in FY23 to ₹1,884.8 crore in FY24. EBITDA improved significantly, shifting from a loss of ₹113.5 crore in FY23 to a profit of ₹11.4 crore in FY24, while Adjusted PAT moved from a loss of ₹123.8 crore to a profit of ₹2.0 crore.
Shadowfax has further significantly diversified its revenue streams, with the majority share now coming from value-added services (VAS). These services include Prime solutions (Same Day and Next Day delivery), Reverse Logistics, Hand-to-Hand Exchange, and the rapidly expanding Quick Commerce (10-minute delivery). Shadowfax holds a leadership position or controls upwards of 50% market share in each of these services, establishing itself as one of the most diversified 3PL players in the market today. Additionally, Shadowfax is the first 3PL to achieve Same Day Delivery for D2C brands, enabling customers to place orders as late as 1 PM and receive the same by evening.
FY23 was a defining year for Shadowfax. Despite macroeconomic challenges and intensifying competition in the logistics sector, the company showed resilience and growth, laying a strong foundation for improved profitability in FY24. Strategic investments were made across infrastructure and technology. Over the past few years, Shadowfax has accelerated its investments in the middle-mile network, exceeding INR 200 crore to automate its 40 sort centers, which now span over 1 million square feet. On the technology front, key innovations such as Shadowfax Maps for enhanced delivery accuracy and Shadowfax Shield for fraud detection have significantly boosted operational efficiency, driving this financial success.
Abhishek Bansal, CEO of Shadowfax Technologies, commented: “We are thrilled with last year’s performance, particularly in how our efforts have transformed the D2C logistics landscape. Our innovations, like Prime Same Day Delivery and Quick Commerce 10 minute to 2 hour delivery services, are creating powerful differentiators for our partners, allowing them to meet consumer expectations faster and more efficiently. Additionally, technology advancements such as Shadowfax Maps and Shield have enabled us to scale operations, improve delivery accuracy, and optimize resources in ways that significantly enhance the experience for both our partners and their customers.”
Shadowfax last year launched Prime Delivery, offering Same Day and Next Day delivery services to over 200 brands in the top 50 metros across the country. This service has seen rapid growth, with almost 10% of the company’s total orders now falling into the Prime category. Additionally, Shadowfax is currently the largest 3PL in Quick Commerce, collaborating with all major brands leading this space to facilitate last-mile delivery. The company recently crossed 250K daily orders in this segment and has experienced more than a five-fold growth here in the past year.
