Shadowfax funding: Shadowfax raises $100 million in latest funding led by TPG New Quest
Hyperlocal logistics startup Shadowfax has raised $100 million in a mix of primary and secondary investments as part of its latest funding round led by growth investor TPG NewQuest.
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Existing investors including Mirae Asset Management, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participated in the fundraise. The round also includes an element of venture debt.
Early backer Eight Roads Ventures, which first invested in the company in 2015, has made a partial exit as part of the transaction.
The company said it will utilise the proceeds to extend its last-mile delivery services to cover 20,000 pincodes across India.
The logistics company is looking to include intercity operations in the next three quarters.
Part of the raised funds will be used to develop state-of-the-art services for direct-to-consumer (D2C) brands and further enhance Shadowfax’s express delivery network, the company said in a statement on Tuesday.
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ET had first reported on September 5, 2022 that the startup was in talks to raise $75-$100 million in a mix of primary and secondary capital, with Eight Roads expected to see a partial exit. “Our ability to capture a greater share of the market, even in a tough economic climate, is a testament to the core strength of our business. Now having a marquee investor on board only adds to our confidence in what we’re building,” said Abhishek Bansal, cofounder and chief executive of Shadowfax.
Founded in 2015 by IIT Delhi alumni Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya, Shadowfax has transitioned to serving ecommerce clientele such as Meesho, from initially being an on-demand logistics provider for food-delivery platforms.
The platform claims to be delivering 2 million packages daily, through its network of 125,000 monthly active delivery partners.
“We have been impressed with the tech stack they (Shadowfax) have built. This helps with the delivery of superior service metrics and allows them to quickly adapt their services to client’s changing needs at the lowest price,” said Amit Gupta, partner and head of India and Southeast Asia, TPG NewQuest.
Shadowfax’s claims to have clocked three consecutive quarters of Ebitda (earnings before interest, taxes, depreciation, and amortisation) profitability in the current financial year from April to December 2023.
The company is looking to close FY24 as its first full financial year of positive Ebitda (after accounting for ESOP costs).
Hyperlocal logistics startup Shadowfax has raised $100 million in a mix of primary and secondary investments as part of its latest funding round led by growth investor TPG NewQuest.
![]()
Existing investors including Mirae Asset Management, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participated in the fundraise. The round also includes an element of venture debt.
Early backer Eight Roads Ventures, which first invested in the company in 2015, has made a partial exit as part of the transaction.
The company said it will utilise the proceeds to extend its last-mile delivery services to cover 20,000 pincodes across India.
The logistics company is looking to include intercity operations in the next three quarters.
Part of the raised funds will be used to develop state-of-the-art services for direct-to-consumer (D2C) brands and further enhance Shadowfax’s express delivery network, the company said in a statement on Tuesday.
Discover the stories of your interest
ET had first reported on September 5, 2022 that the startup was in talks to raise $75-$100 million in a mix of primary and secondary capital, with Eight Roads expected to see a partial exit. “Our ability to capture a greater share of the market, even in a tough economic climate, is a testament to the core strength of our business. Now having a marquee investor on board only adds to our confidence in what we’re building,” said Abhishek Bansal, cofounder and chief executive of Shadowfax.
Founded in 2015 by IIT Delhi alumni Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya, Shadowfax has transitioned to serving ecommerce clientele such as Meesho, from initially being an on-demand logistics provider for food-delivery platforms.
The platform claims to be delivering 2 million packages daily, through its network of 125,000 monthly active delivery partners.
“We have been impressed with the tech stack they (Shadowfax) have built. This helps with the delivery of superior service metrics and allows them to quickly adapt their services to client’s changing needs at the lowest price,” said Amit Gupta, partner and head of India and Southeast Asia, TPG NewQuest.
Shadowfax’s claims to have clocked three consecutive quarters of Ebitda (earnings before interest, taxes, depreciation, and amortisation) profitability in the current financial year from April to December 2023.
The company is looking to close FY24 as its first full financial year of positive Ebitda (after accounting for ESOP costs).
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