Tech
India’s Shadowfax slips on listing, as client concentration spooks investors
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.
Tech
Cursor makes its biggest India push yet ahead of SpaceX acquisition with localized pricing
Weeks before its expected acquisition by SpaceX closes, AI coding startup Cursor is making its biggest push into India yet, launching its first country-specific subscription as the company bets on one of the world’s largest developer markets to drive its next stage of growth.
On Monday, the startup introduced Cursor Start, a ₹649-a-month (about $7) subscription built specifically for India — and priced well below Cursor’s standard $20-a-month Pro subscription.
The move reflects India’s growing importance to Cursor’s business. The startup says India is already its third-largest market globally and home to its highest concentration of power users, with its user base in the country more than tripling over the past year.
That scale, coupled with India’s deep pool of software engineering talent, made it the first market where Cursor chose to localize pricing, Simon Green, Cursor’s head of Asia-Pacific and Japan, told TechCrunch. “We felt that we had an opportunity there to right-size the commercial model and drive scale,” Green said. “The technical competency of the country and the engineering talent that already exists make it a very natural fit.”
India has emerged as one of the world’s largest software developer hubs. Earlier this year, GitHub said that the country has more than 27 million developers on its platform, second only to the U.S., with more than two million joining in 2026 alone.
Cursor Start includes access to Cursor’s Composer 2.5 model and Grok 4.5, with higher usage limits than the free tier, alongside cloud agents, its iOS app, plugins, Model Context Protocol support, hooks, and skills. The startup said the plan is aimed at developers who need more AI-assisted coding capacity than the free tier offers without upgrading to its full Pro subscription.
The lower-priced plan is intended to broaden access rather than replace Cursor’s flagship offering, Green said. Unlike the $20-a-month Pro subscription, Start does not include access to frontier AI models from providers such as OpenAI and Anthropic, or advanced features including Bugbot, Auto Mode, Automations, and the Cursor SDK.
The plan is billed in Indian rupees and supports payments through credit and debit cards as well as India’s Unified Payments Interface (UPI).
Green told TechCrunch that Cursor would use multiple checks to ensure the India-only subscription is available only to individual users in the country, including measures to deter people from accessing the plan through virtual private networks (VPNs).
Cursor is not alone in tailoring its pricing for India. OpenAI and Anthropic have also rolled out India-specific plans over the past year as global AI companies compete for users in one of the world’s fastest-growing AI markets.
While Cursor Start is initially limited to India, Green told TechCrunch that the startup could expand localized pricing to other markets if the model proves successful.
“We will continue to do everything we can to fuel the demand and serve those clients that are using us,” Green said. “Now, if this model proves that we could take it to other markets, perhaps we will. But I think it’d be crazy to say we would never do it elsewhere.”
OpenAI provides one precedent for this strategy, having launched its sub-$5 ChatGPT Go in India before expanding the lower-priced subscription to other markets.
In addition to the localized pricing strategy, Cursor is also expanding its presence in India through new hires. Green told TechCrunch that the startup recently hired its first salesperson in India and expects another leader to join in Delhi. The company is also building out its a government affairs office, alongside three technical customer support hires, as it expands its presence in Bengaluru, Chennai, Hyderabad, and Mumbai.
Cursor’s enterprise push is still in its early stages in India, Green said, where adoption has so far been driven largely by individual developers, startups, and universities. He said Cursor sees significant opportunities in sectors including banking and large enterprises as it expands its local sales efforts.
Green said, the India-specific pricing was designed to be commercially sustainable rather than a loss leader. He said the lower-priced plan is viable because it is built around Cursor’s own AI models, which carry lower operating costs than relying primarily on third-party frontier models.
Cursor’s India expansion comes a little over a month after Elon Musk’s SpaceX agreed to acquire the AI coding startup in a $60 billion all-stock deal, following SpaceX’s blockbuster initial public offering. The acquisition is expected to close in Q3. However, SpaceX has been partnered with Cursor since April to develop a next-generation “coding and knowledge work AI.”
Green said Cursor will continue to operate independently until the transaction closes and that the company’s India expansion plans were already in motion before the deal. Once the acquisition closes, however, Green said SpaceX’s existing presence in India through Starlink could help Cursor expand faster by lowering commercial and operational barriers.
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Tech
Lyft and Baidu enter London’s robotaxi battleground as testing begins
Chinese tech giant Baidu has started testing autonomous vehicles in London as part of its partnership with Lyft and Freenow, the German taxi and multi-mobility app that Lyft now owns. Baidu is the latest in a string of companies to test self-driving technology in the UK ahead of commercial robotaxi deployments.
The testing, which began Tuesday with human safety operators, comes nearly a year after the two companies struck a strategic partnership to deploy Baidu’s purpose-built Apollo Go RT6 robotaxi across key European markets through the Lyft platform. The vehicles will eventually be available through Freenow, which Lyft acquired in 2025 for about $197 million.
That deal gave Lyft a foothold in Europe’s ride-hailing market, where a handful of well-funded companies are now jockeying to be first to market with robotaxis.
London is particular is shaping up to be a key battleground in the region. In April, Waymo began testing its autonomous vehicles with human safety operators in the city. Uber and its self-driving tech partner, Wayve, also announced plans to launch a robotaxi service in London this year. That initial service — which customers can now sign up for on an interest list — will have human safety operators behind the wheel before fully driverless operations begin later.
Baidu and Freenow by Lyft (as the latter service is now called) said they expect to invite the public to hail their robotaxis in 2027. The companies, which didn’t provide a more detailed timeline, noted that the launch will depend on regulatory approval.
For now, dozens of test vehicles will operate within London’s borough of Brent. Lyft and Freenow said they continue discussions with safety and city officials, including Transport for London (TfL) and the Centre for Connected and Autonomous Vehicles (CCAV). The UK government is in the process of creating autonomous vehicle regulations and opened applications in May for companies interested in an AV pilot program that lets companies test self-driving vehicles under government oversight.
When the service does launch, Freenow by Lyft said it will operate a hybrid network — employing the same language rival Uber has used — meaning human drivers operating taxis and private-hire vehicles will work alongside the robotaxis.
“As a platform with deep roots in the taxi industry, our priority is ensuring that autonomous technology supports the professional drivers who keep London moving,” Thomas Zimmermann, CEO of Freenow by Lyft, said in a statement.
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Tech
Granola launches an Apple Watch app
AI note-taking app Granola is launching an app for the Apple Watch in hopes that its users will want to record meetings and take notes without using their smartphones.
Users can set the Granola app as one of the watch faces to start transcribing at any time. The app can also surface reminders about upcoming meetings, and works with the iOS app, which launched last year.
The company’s co-founder, Chris Pedregal, told TechCrunch that the Apple Watch app is meant to be a way to capture in-person meetings without having to take your phone out of your pocket — for example, if someone is having a walking one-on-one meeting.
When Granola tested its app with employees who had Apple Watches, a big chunk of their mobile usage switched from iOS to the Watch, the company said.
In the past year, companies have released auxiliary devices that can be used with smartphones to record and transcribe meetings. Granola said it considered it easier to develop an app for Apple Watches rather than integrate with another hardware product at this point. Dictation app Monlogue earlier this year also added support for meeting note-taking, for both online and offline modalities, along with Apple Watch support.
Granola became a unicorn earlier this year with a $125 million Series C round that was led by Index Ventures.
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