Logistics firm Shadowfax raises $100 million in Series E round

The company’s first institutional investor Eight Roads Ventures, which had invested in its Series A round, made a partial exit.

Written by FE Bureau

February 28, 2024 04:15 IST

The latest funding round consisted of primary, secondary and venture-debt financing. (Image/Reuters)

Logistics and delivery startup Shadowfax on Tuesday raised $100 million in a Series-E round led by TPG NewQuest, with participation from existing investors such as Mirae Asset Venture Investments, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm and Trifecta Capital.

The latest funding round consisted of primary, secondary and venture-debt financing. The company’s first institutional investor Eight Roads Ventures, which had invested in its Series A round, made a partial exit.

Shadowfax aims to use the latest funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pin codes across India over the next 18 months. It will also use the capital to develop services for direct-to-consumer (D2C) brands and expand its express delivery network.

Prior to the latest fundraise, the company’s valuation stood at $632 million, as per Tracxn. It was founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Gaurav Jaithliya and Praharsh Chandra and has so far raised $281 million including the latest round.

In FY23, the company posted a revenue from operations of Rs 1,415.4 crore, compared to Rs 990 crore in the year before that. Its losses narrowed to Rs 141 crore from Rs 176 crore in FY22. The company also said it has registered three consecutive quarters of profitability in FY24.

This article was first uploaded on February twenty-eight, twenty twenty-four, at fifteen minutes past four in the morning.