Delhivery vs Shadowfax: revenue, valuation and funding compared
The short answer
Delhivery reported the highest revenue, ₹10,486 crore in FY26, against Shadowfax ₹4,202 crore in FY26. Delhivery and Shadowfax were profitable in the latest year reported.
Delhivery and Shadowfax are two listed Indian logistics companies that deliver parcels for online sellers. Delhivery, founded in 2011 in Gurugram, also handles freight, warehousing and supply chain work. Shadowfax, started in 2015 in Bengaluru, focuses on express parcels, hyperlocal and quick commerce deliveries. People compare them as the older, larger player and a younger, faster-growing one.
Both companies' latest numbers belong to FY26, the year to March 2026, and are consolidated annual results. Shadowfax's FY25 revenue is not in its profile, so only its FY25 profit is given. Every number on this page comes from the two profiles.
Side by side
| Delhivery | Shadowfax | |
|---|---|---|
| Founded | 2011 | 2015 |
| Based in | Gurugram | Bengaluru |
| What it sells | Gurugram logistics company moving parcels and freight for businesses | Bengaluru logistics firm delivering parcels for ecommerce and quick commerce |
| Status | Listed | Listed |
| Revenue, latest year | ₹10,486 crore FY26 Bigger | ₹4,202 crore FY26 |
| Revenue, year before | ₹8,932 crore FY25 | — |
| Growth | +17% (FY25 to FY26) | — |
| Net profit (loss), latest year | ₹153 crore FY26 | ₹112 crore FY26 |
| Last disclosed valuation | — | — |
| Total raised | — | $160M (disclosed rounds) |
| Last round | — | Series E, $100 million, Feb 2024 |
| Profile | Delhivery on StopDown | Shadowfax on StopDown |
Scale
Delhivery is about two and a half times the size of Shadowfax. It reported consolidated revenue of ₹10,486 crore in FY26, up 17% from ₹8,932 crore in FY25. Shadowfax reported ₹4,202 crore in FY26, up 69%, so it is growing much faster from a smaller base.
The profiles carry no parcel counts or network size for either company, so the comparison here is on revenue. In the latest quarters, Delhivery's September 2026 quarter revenue was ₹3,066 crore and Shadowfax's Q1 FY27 revenue was ₹1,379 crore, up about 66%.
Money
Both are profitable. Delhivery reported a consolidated net profit of ₹153 crore in FY26, after ₹162 crore in FY25 and a loss of ₹249 crore in FY24. Shadowfax made a profit after tax of ₹112 crore in FY26, against ₹6 crore a year earlier.
Delhivery listed in May 2022 with an IPO of ₹5,235 crore. Shadowfax listed in January 2026 with an IPO that raised ₹1,907 crore at ₹124 a share. Before that it raised a $60 million Series D led by Flipkart in December 2019 and a $100 million Series E led by TPG NewQuest in February 2024. Early investors in both companies have sold shares in block deals during 2026. The profiles give no valuations, and this page makes no comment on share prices.
Where they are heading
Shadowfax launched Shadowfax 360, a flat-rate shipping platform for small businesses and D2C brands, in April 2026. Its chief product officer, Nitesh Lohiya, left in August 2026. At Delhivery, Neelam Dhawan became board chairperson on 1 April 2026, and Sahil Barua is the chief executive. The Delhivery profile lists no acquisitions or product launches for the period.
The numbers behind the table
Delhivery: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹10,486 crore | ₹153 crore | consolidated, as reported by Indian Startup News |
| FY25 | ₹8,932 crore | ₹162 crore | consolidated, full-year |
| FY24 | ₹8,142 crore | ₹249 crore loss | consolidated; revenue is from services |
Shadowfax: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹4,202 crore | ₹112 crore | consolidated; profit is profit after tax |
| FY25 | — | ₹6 crore | consolidated profit after tax as quoted in FY26 results; revenue not confirmed here |
Shadowfax: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| Feb 2024 | Series E | $100 million | TPG NewQuest (lead), Mirae Asset, Flipkart, IFC, Nokia Growth Partners, Qualcomm, Trifecta Capital |
| Dec 2019 | Series D | $60 million | Flipkart (lead), Eight Roads, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset-Naver, IFC |
Questions people ask
Which is bigger, Delhivery or Shadowfax?
Delhivery. It reported ₹10,486 crore of consolidated revenue in FY26, against ₹4,202 crore for Shadowfax, though Shadowfax grew faster, at 69% against 17%.
Is Delhivery profitable?
Yes. Delhivery reported a consolidated net profit of ₹153 crore in FY26, after ₹162 crore in FY25. Shadowfax was also profitable, with ₹112 crore in FY26.
Who founded Delhivery and Shadowfax?
Delhivery was set up in 2011 and is led by chief executive Sahil Barua. The Delhivery profile does not name its founders. Shadowfax was started in 2015 in Bengaluru, and its profile names no founders either.
Which listed first, Delhivery or Shadowfax?
Delhivery, in May 2022, with an IPO of ₹5,235 crore. Shadowfax followed in January 2026 with an IPO of ₹1,907 crore.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: Delhivery, Shadowfax. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.