Shadowfax stumbled in its market debut, with shares falling as investors weighed concerns about the logistics firm’s heavy reliance on a handful of large e-commerce clients. The company raised about ₹19.07 billion (about $208.24 million) in its initial public offering.
The shares fell about 9% from the offer price of ₹124 to ₹112.60 on Wednesday, valuing the Bengaluru-based logistics firm at roughly ₹64.7 billion (about $706.58 million) on debut, roughly matching its last private valuation of close to ₹60 billion (roughly $655.01 million) in early 2025. The offering, priced in a band of ₹118–124 per share, combined a fresh issue with an offer-for-sale by existing shareholders and was subscribed nearly three times over.
Founded in 2015, Shadowfax operates as a third-party logistics provider, handling last-mile and intra-city deliveries for e-commerce marketplaces, quick-commerce platforms and consumer internet companies across India. The company counts e-commerce players including Flipkart and Meesho, as well as quick-commerce and food delivery platforms Zepto and Zomato, among its largest clients, which together account for about 74% of its revenue, according to its prospectus. Its key shareholders include Flipkart, TPG NewQuest, Qualcomm, and the World Bank-backed International Finance Corporation.
Shadowfax’s listing comes as the e-commerce and quick-commerce sectors continue to expand in India, driven by rising internet penetration, urbanization, and demand for faster deliveries. Platforms offering same-day or rapid fulfillment have increasingly leaned on third-party logistics providers to scale nationally, placing companies like Shadowfax at the centre of the country’s consumer internet supply chain.
The offering includes shares sold by some early and institutional backers, including Flipkart, Eight Roads Ventures, Nokia Growth Partners, Qualcomm, and Mirae Asset. Founders Abhishek Bansal and Vaibhav Khandelwal are not participating in the offer-for-sale and will together retain about 20% of the company after listing.
“We don’t see this IPO as a destination,” said Bansal, Shadowfax’s co-founder and CEO, during its IPO launch ceremony in Mumbai. “We are not building this for the next quarter. We are building this for the next century. Today, we don’t ring a bell. We are waking up to a new set of possibilities.”
In the six months ended September 2025, Shadowfax reported revenue from operations of ₹18.06 billion (about $197.12 million), up 68% from the same period a year earlier, per its prospectus. The company’s profit more than doubled year over year to ₹210.37 million (around $2.30 million), reflecting higher delivery volumes, though earnings remain closely tied to demand from a small group of large platform clients.
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Shadowfax plans to use proceeds from the fresh issue to fund capital expenditure for its network infrastructure, pay lease costs for new first-mile, last-mile and sorting centres, and meet branding, marketing and communication expenses, its prospectus said. A portion of the proceeds will also be kept for inorganic acquisitions and general corporate purposes.
The company currently operates around 3.5 million square feet of logistics infrastructure across 14,700 pin codes nationwide.
Shadowfax’s IPO comes more than three years after its larger rival, Delhivery, went public in 2022. Delhivery reported revenue of about ₹89.3 billion (around $974.84 million) in the year ended March 2025, with year-over-year growth in the low teens, underscoring the contrast with Shadowfax’s faster expansion.
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![IBM Crosses One of Computing’s Biggest Barriers With World’s First Sub-1 Nanometer Chip
In a major breakthrough, IBM revealed the world’s first semiconductor chip technology built on a sub-1 nanometer chipmaking process. For comparison, the process uses transistor features smaller than the width of a DNA strand, which measures about 2.5 nanometers across. The chip itself is about the size of a fingernail but holds almost 100 billion transistors, and the company expects it could enter markets as early as the next five years. In a statement released today, IBM said the new chip features nearly twice the density of its 2-nanometer chip, released in 2021. According to an accompanying technical report, the chip also demonstrated up to 70% greater energy efficiency than its predecessor. In designing the chip, researchers developed an “entirely new transistor architecture” called nanostack, which “vertically stacks and staggers transistors” to enable IBM’s 0.7-nanometer chip technology, IBM explained. A section of the chip seen with a transmission electron microscope. Credit: IBM “With our new nanostack architecture, we’re not just making smaller transistors,” Jay Gambetta, director of IBM Research, said in the statement. “We’re reinventing how chips are built to deliver dramatically more power and energy efficiency.”
Smaller and smaller Semiconductor chips enable things like computers, home appliances, communications, and transportation devices. In 1965, Intel co-founder Gordon Moore surmised that transistor capacities evolved at a predictable and consistent rate. Specifically, all things considered, the number of transistors on a semiconductor chip would double about every two years. For a while, the so-called Moore’s Law held rather well—until, that is, things hit a literal wall.
“Moore’s Law was never meant to last forever,” according to a blog post by the Massachusetts Institute of Technology’s (MIT) Computer Science and Artificial Intelligence Lab. “Transistors can only get so small and, eventually, the more permanent laws of physics get in the way.” That is, as companies try to cram more transistors into smaller chips, new advances in transistor technology take longer than two years, so Moore’s Law has been over since at least 2016, Charles Leiserson, a computer scientist at MIT, said in the blog. Accordingly, the issue now is to consider how improvements in chip performance fit into a longer-term picture, Willy Shih, an economist at Harvard Business School, said in an explainer.
Reaching atomic levels In that sense, IBM’s latest chip represents an inventive approach for bypassing the limits of physical scaling. Specifically, two wafers with nanosheet-style transistors are glued together like a sandwich to vertically stack two layers of transistors, and related technical assessments suggested that the wafer stacking was flexible and scalable enough to support real computation, Huiming Bu, vice president of IBM’s silicon technology research team, said in a press briefing on the chip. Researcher holding IBM’s sub-1 nm node wafer. Credit: IBM That said, this chip isn’t quite ready for manufacturing just yet. The company’s goal is to enter production in the next five years, but there’s still work to be done. For instance, Bu pointed out that the team was still working on pathways to prevent thermal noise or integration into existing systems in the high-performance computing community. “From my perspective, I hope to see it be as successful as the 2-nanometer [chip] and become the industry platform,” Gambetta said during the briefing. “And as we see with AI and classical computing in general, we are only seeing more and more consumption.” #IBM #Crosses #Computings #Biggest #Barriers #Worlds #Sub1 #Nanometer #ChipIBM,Semiconductors,transistors](https://gizmodo.com/app/uploads/2026/06/nanostacking-ibm-sub-nm-chip-1280x720.jpg "IBM Crosses One of Computing’s Biggest Barriers With World’s First Sub-1 Nanometer Chip
In a major breakthrough, IBM revealed the world’s first semiconductor chip technology built on a sub-1 nanometer chipmaking process. For comparison, the process uses transistor features smaller than the width of a DNA strand, which measures about 2.5 nanometers across. The chip itself is about the size of a fingernail but holds almost 100 billion transistors, and the company expects it could enter markets as early as the next five years. In a statement released today, IBM said the new chip features nearly twice the density of its 2-nanometer chip, released in 2021. According to an accompanying technical report, the chip also demonstrated up to 70% greater energy efficiency than its predecessor. In designing the chip, researchers developed an “entirely new transistor architecture” called nanostack, which “vertically stacks and staggers transistors” to enable IBM’s 0.7-nanometer chip technology, IBM explained. A section of the chip seen with a transmission electron microscope. Credit: IBM “With our new nanostack architecture, we’re not just making smaller transistors,” Jay Gambetta, director of IBM Research, said in the statement. “We’re reinventing how chips are built to deliver dramatically more power and energy efficiency.”
Smaller and smaller Semiconductor chips enable things like computers, home appliances, communications, and transportation devices. In 1965, Intel co-founder Gordon Moore surmised that transistor capacities evolved at a predictable and consistent rate. Specifically, all things considered, the number of transistors on a semiconductor chip would double about every two years. For a while, the so-called Moore’s Law held rather well—until, that is, things hit a literal wall.
“Moore’s Law was never meant to last forever,” according to a blog post by the Massachusetts Institute of Technology’s (MIT) Computer Science and Artificial Intelligence Lab. “Transistors can only get so small and, eventually, the more permanent laws of physics get in the way.” That is, as companies try to cram more transistors into smaller chips, new advances in transistor technology take longer than two years, so Moore’s Law has been over since at least 2016, Charles Leiserson, a computer scientist at MIT, said in the blog. Accordingly, the issue now is to consider how improvements in chip performance fit into a longer-term picture, Willy Shih, an economist at Harvard Business School, said in an explainer.
Reaching atomic levels In that sense, IBM’s latest chip represents an inventive approach for bypassing the limits of physical scaling. Specifically, two wafers with nanosheet-style transistors are glued together like a sandwich to vertically stack two layers of transistors, and related technical assessments suggested that the wafer stacking was flexible and scalable enough to support real computation, Huiming Bu, vice president of IBM’s silicon technology research team, said in a press briefing on the chip. Researcher holding IBM’s sub-1 nm node wafer. Credit: IBM That said, this chip isn’t quite ready for manufacturing just yet. The company’s goal is to enter production in the next five years, but there’s still work to be done. For instance, Bu pointed out that the team was still working on pathways to prevent thermal noise or integration into existing systems in the high-performance computing community. “From my perspective, I hope to see it be as successful as the 2-nanometer [chip] and become the industry platform,” Gambetta said during the briefing. “And as we see with AI and classical computing in general, we are only seeing more and more consumption.” #IBM #Crosses #Computings #Biggest #Barriers #Worlds #Sub1 #Nanometer #ChipIBM,Semiconductors,transistors")
![IBM Crosses One of Computing’s Biggest Barriers With World’s First Sub-1 Nanometer Chip
In a major breakthrough, IBM revealed the world’s first semiconductor chip technology built on a sub-1 nanometer chipmaking process. For comparison, the process uses transistor features smaller than the width of a DNA strand, which measures about 2.5 nanometers across. The chip itself is about the size of a fingernail but holds almost 100 billion transistors, and the company expects it could enter markets as early as the next five years. In a statement released today, IBM said the new chip features nearly twice the density of its 2-nanometer chip, released in 2021. According to an accompanying technical report, the chip also demonstrated up to 70% greater energy efficiency than its predecessor. In designing the chip, researchers developed an “entirely new transistor architecture” called nanostack, which “vertically stacks and staggers transistors” to enable IBM’s 0.7-nanometer chip technology, IBM explained. A section of the chip seen with a transmission electron microscope. Credit: IBM “With our new nanostack architecture, we’re not just making smaller transistors,” Jay Gambetta, director of IBM Research, said in the statement. “We’re reinventing how chips are built to deliver dramatically more power and energy efficiency.”
Smaller and smaller Semiconductor chips enable things like computers, home appliances, communications, and transportation devices. In 1965, Intel co-founder Gordon Moore surmised that transistor capacities evolved at a predictable and consistent rate. Specifically, all things considered, the number of transistors on a semiconductor chip would double about every two years. For a while, the so-called Moore’s Law held rather well—until, that is, things hit a literal wall.
“Moore’s Law was never meant to last forever,” according to a blog post by the Massachusetts Institute of Technology’s (MIT) Computer Science and Artificial Intelligence Lab. “Transistors can only get so small and, eventually, the more permanent laws of physics get in the way.” That is, as companies try to cram more transistors into smaller chips, new advances in transistor technology take longer than two years, so Moore’s Law has been over since at least 2016, Charles Leiserson, a computer scientist at MIT, said in the blog. Accordingly, the issue now is to consider how improvements in chip performance fit into a longer-term picture, Willy Shih, an economist at Harvard Business School, said in an explainer.
Reaching atomic levels In that sense, IBM’s latest chip represents an inventive approach for bypassing the limits of physical scaling. Specifically, two wafers with nanosheet-style transistors are glued together like a sandwich to vertically stack two layers of transistors, and related technical assessments suggested that the wafer stacking was flexible and scalable enough to support real computation, Huiming Bu, vice president of IBM’s silicon technology research team, said in a press briefing on the chip. Researcher holding IBM’s sub-1 nm node wafer. Credit: IBM That said, this chip isn’t quite ready for manufacturing just yet. The company’s goal is to enter production in the next five years, but there’s still work to be done. For instance, Bu pointed out that the team was still working on pathways to prevent thermal noise or integration into existing systems in the high-performance computing community. “From my perspective, I hope to see it be as successful as the 2-nanometer [chip] and become the industry platform,” Gambetta said during the briefing. “And as we see with AI and classical computing in general, we are only seeing more and more consumption.” #IBM #Crosses #Computings #Biggest #Barriers #Worlds #Sub1 #Nanometer #ChipIBM,Semiconductors,transistors](https://i1.wp.com/gizmodo.com/app/uploads/2026/06/nanostacking-ibm-sub-nm-chip-1280x720.jpg?ssl=1 "IBM Crosses One of Computing’s Biggest Barriers With World’s First Sub-1 Nanometer Chip
In a major breakthrough, IBM revealed the world’s first semiconductor chip technology built on a sub-1 nanometer chipmaking process. For comparison, the process uses transistor features smaller than the width of a DNA strand, which measures about 2.5 nanometers across. The chip itself is about the size of a fingernail but holds almost 100 billion transistors, and the company expects it could enter markets as early as the next five years. In a statement released today, IBM said the new chip features nearly twice the density of its 2-nanometer chip, released in 2021. According to an accompanying technical report, the chip also demonstrated up to 70% greater energy efficiency than its predecessor. In designing the chip, researchers developed an “entirely new transistor architecture” called nanostack, which “vertically stacks and staggers transistors” to enable IBM’s 0.7-nanometer chip technology, IBM explained. A section of the chip seen with a transmission electron microscope. Credit: IBM “With our new nanostack architecture, we’re not just making smaller transistors,” Jay Gambetta, director of IBM Research, said in the statement. “We’re reinventing how chips are built to deliver dramatically more power and energy efficiency.”
Smaller and smaller Semiconductor chips enable things like computers, home appliances, communications, and transportation devices. In 1965, Intel co-founder Gordon Moore surmised that transistor capacities evolved at a predictable and consistent rate. Specifically, all things considered, the number of transistors on a semiconductor chip would double about every two years. For a while, the so-called Moore’s Law held rather well—until, that is, things hit a literal wall.
“Moore’s Law was never meant to last forever,” according to a blog post by the Massachusetts Institute of Technology’s (MIT) Computer Science and Artificial Intelligence Lab. “Transistors can only get so small and, eventually, the more permanent laws of physics get in the way.” That is, as companies try to cram more transistors into smaller chips, new advances in transistor technology take longer than two years, so Moore’s Law has been over since at least 2016, Charles Leiserson, a computer scientist at MIT, said in the blog. Accordingly, the issue now is to consider how improvements in chip performance fit into a longer-term picture, Willy Shih, an economist at Harvard Business School, said in an explainer.
Reaching atomic levels In that sense, IBM’s latest chip represents an inventive approach for bypassing the limits of physical scaling. Specifically, two wafers with nanosheet-style transistors are glued together like a sandwich to vertically stack two layers of transistors, and related technical assessments suggested that the wafer stacking was flexible and scalable enough to support real computation, Huiming Bu, vice president of IBM’s silicon technology research team, said in a press briefing on the chip. Researcher holding IBM’s sub-1 nm node wafer. Credit: IBM That said, this chip isn’t quite ready for manufacturing just yet. The company’s goal is to enter production in the next five years, but there’s still work to be done. For instance, Bu pointed out that the team was still working on pathways to prevent thermal noise or integration into existing systems in the high-performance computing community. “From my perspective, I hope to see it be as successful as the 2-nanometer [chip] and become the industry platform,” Gambetta said during the briefing. “And as we see with AI and classical computing in general, we are only seeing more and more consumption.” #IBM #Crosses #Computings #Biggest #Barriers #Worlds #Sub1 #Nanometer #ChipIBM,Semiconductors,transistors")
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