India, Nov. 4 -- Flipkart-backed Shadowfax is positioning itself to become the country's second new-age logistics tech company, after Delhivery, to go public. The Delhi NCR-based company last Saturday filed its updated DRHP with the market regulator, SEBI, offering clearer visibility into its financials, strategy, and the contours of the IPO.

The logistics major plans to raise up to INR 2,000 Cr ($225 Mn), split evenly between a fresh issue and an offer-for-sale component. Several early backers, including Flipkart, Eight Roads Ventures, and Nokia Growth Partners, are set to pare their holdings in this IPO.

What, however, stands out is its planned deployment of fresh capital. More than half of the proceeds will be channelled into network...