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Shadowfax Mops up $100 Million in Series E Round from TPG NewQuest, Flipkart and Others


Shadowfax Mops up $100 Million in Series E Round from TPG NewQuest, Flipkart and Others

On 27 February 2024, Shadowfax, a logistics company, announced the closing of its Series E funding round at $100 million. The funding round was led by TPG NewQuest and other existing investors also participated including Flipkart, International Finance Corporation, Mirae Asset Venture Investments, Qualcomm, Trifecta Capital and Nokia Growth Partners. This round involves primary, secondary, and venture debt financing. The company's first institutional investor, Eight Roads Ventures, also made a partial exit. 

With this latest investment, Shadowfax took steps towards achieving the unicorn status as the company was valued at around $600 million in the first tranche of the Series E round. The company said in the interview “ The funding amount is going to be used to reinforce its middle-mile network and increase its last-mile delivery services across India (covering 20,000 pincodes) over the next 18 months”. The company also added that a value from the fund is going to be invested in the development series for D2C brands and further improve Shadowfax’s express delivery network. 

This logistics company provides services to several customers in India with industry-leading Turnaround Time (TAT) at competitive prices. Due to this, the company boasts a wide crowdsourcing network consisting of 125,000 monthly active delivery merchants and 3.5 million registered users. In December 2023, the company launched Flash, an on-demand delivery service app, which helps merchants and customers get effective delivery service within the city. As per the startup news given by the startup data intelligence platform TheKredible, the company achieved operational revenue worth INR 1,415.40 crore in FY23 compared to INR 990 crore in FY22. The firm also claims that it booked three consecutive quarters of benefits in the current financial year from April to December 2023. Moreover, in FY24, the company is ready to achieve its first full financial year of positive EBITDA. 

YFS Reckons a Booming Time for Shadowfax 

This startup industry news will help Shadowfax make further inroads into India’s logistics ecosystem. The improving operational margins, coupled with this $100 million investment will help the company maintain operational efficiency.