Logistics company Shadowfax on Tuesday announced the closing of its Series E funding round at $100 million. TPG NewQuest led the funding round, while existing investors including Mirae Asset Venture Investments, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participated.
This round comprised primary, secondary, and venture debt financing. Eight Roads Ventures, the company’s first institutional investor, also made a partial exit.
The latest capital pushed Shadowfax closer to unicorn status as the firm was valued at around $600 million during the first tranche of the Series E round. Entrackr exclusively reported the development in July 2022.
Shadowfax will utilize the 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, the company said in a statement.
A portion of the funding will also be used to develop services for D2C brands and further enhance Shadowfax’s express delivery network, it added.
Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users.
In December, Shadowfax launched an on-demand delivery service app Flash which enabled merchants and customers to avail instant delivery service within the city.
As per startup data intelligence platform TheKredible, Shadowfax recorded Rs 1,415.40 crore in revenue from operations in FY23 against Rs 990 crore in FY22. The firm controlled its losses to Rs 141 crore in FY23 from Rs 176 crore in the previous fiscal year.
Shadowfax claims that it registered three consecutive quarters of profitability in the current financial year from April to December 2023 and it is on track to achieve its first full financial year of positive EBITDA in FY24 (after accounting for ESOP costs).
