Shadowfax, a logistics and delivery company in India, has announced that it successfully closed its Series E funding round, raising $100 million.
The round was led by TPG NewQuest, with contributions from existing investors such as Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.
Eight Roads Ventures, the initial institutional investor from the Series A round in 2015, made a partial exit, highlighting Shadowfax’s growth and its ability to create value.
The new funds will be utilized to expand Shadowfax’s middle-mile network and enhance last-mile delivery services to reach all 20,000 pincodes in India over the next 18 months.
Additionally, investments will be made in developing advanced services for Direct-to-Consumer (D2C) brands and improving the company’s express delivery network. These initiatives aim to solidify Shadowfax’s competitive position in the market.
Abhishek Bansal, CEO of Shadowfax, expressed confidence in the company’s market position and the strength of its business model, especially in challenging economic times.
Amit Gupta of TPG NewQuest praised Shadowfax for its innovation in e-commerce logistics and its adaptable, cost-effective tech solutions.
Shweta Bhatia of Eight Roads Ventures reflected on a nearly decade-long partnership, recognizing the company’s scale-up and its role as a preferred partner in e-commerce and express logistics.
Ashish Dave of Mirae Asset Venture Investments lauded Shadowfax for its scalable platform and consistent performance, highlighting the strategic importance of logistics in e-commerce and hyperlocal commerce growth.
Shadowfax’s transition to a full-stack parcel business model has yielded consistent EBITDA profits, with the company achieving profitability for three consecutive quarters from April to December 2023. It anticipates its first full financial year of positive EBITDA in FY24, including ESOP costs.
Founded in 2015 by IIT-Delhi alumni, Shadowfax has emerged as a dominant player in India’s e-commerce logistics sector.
With a network covering over 2,500 cities and 15,000 pin codes, and delivering 2 million packages daily, Shadowfax is set to expand its services further, including intercity operations.
The company’s unique crowdsourcing network features 125,000 monthly active delivery partners and 3.5 million registered users, reinforcing its position as India’s leading last-mile logistics provider. – PEVCJournal.com