Shadowfax raises $100 million from TPG NewQuest, Flipkart and others | Start Ups – Business Standard

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Shadowfax, the logistics firm, said it has closed its Series E funding round, securing $100 million in investments. TPG NewQuest led the round, with participation from existing investors, including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.


Eight Roads Ventures, the company’s first institutional investor having invested in Shadowfax’s Series A round in 2015, also made a partial exit. This round encompasses a blend of primary, secondary, and venture debt financing, further strengthening Shadowfax’s position in the market.


Over the next 18 months, Shadowfax will utilise the raised funds to reinforce its middle-mile network. The funds would also help it to extend its last-mile delivery services to cover all 20,000 pincodes across India. Part of the raised funds will be used to develop state-of-the-art services for Direct-to-Consumer (D2C) brands, leveraging cutting-edge technologies. This would further enhance Shadowfax’s express delivery network.


“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,” said Abhishek Bansal, CEO of Shadowfax.




Amit Gupta, Partner and Head of India and Southeast Asia, TPG NewQuest, said: “We have been impressed with the tech stack they have built.”


“As the market evolves, we are excited for the company’s continued success as the preferred partner of choice for e-commerce,” said Shweta Bhatia, Partner & Head of Technology, Consumer & Financial Services Investments India, Eight Roads Ventures.


Ashish Dave, CEO of Mirae Asset Venture Investments (India), said that the Shadowfax team has built a highly scalable platform and has continued to deliver even during challenging periods.


Shadowfax’s transition to a full-stack parcel business model has led to consistent Ebitda profits, with three consecutive quarters of profitability in the current financial year from April to December 2023. The firm said it is on track to achieve its first full financial year of positive Ebitda in FY24 (after accounting for ESOP costs).

First Published: Feb 28 2024 | 12:32 AM IST