Recently, the cascaded two-pass architecture has emerged as a strong contender for on-device automatic speech recognition (ASR). A cascade of causal and shallow non-causal encoders coupled with a shared decoder enables operation in both streaming and look-ahead modes. In this paper, we propose shallow cascaded model by combining various model compression techniques such as knowledge distillation, shared decoder, and tied-and-reduced transducer network in order to reduce the model footprint. The shared decoder is changed into a tied-and-reduced network. The cascaded two-pass model is further compressed using knowledge distillation using a Kullback-Leibler divergence loss on the model posteriors. We demonstrate a 50% reduction in the size of a 41 M parameter cascaded teacher model with no noticeable degradation in ASR accuracy and a 30% reduction in latency