Shadowfax Secures USD 100 Mn in Series E Led by TPG NewQuest The Bengaluru-based startup aims to utilise the raised funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pin codes across India.
By Entrepreneur Staff •
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On-demand logistics services provider Shadowfax has announced the raising of USD 100 million funding in Series E round led by NewQuest.
Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm and Trifecta Capital also participated in the round.
This round encompasses a blend of primary, secondary and venture debt financing, as per the official release.
Over the next 18 months, Shadowfax will utilise the raised funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pincodes across India. Part of the raised funds will also be used to develop state-of-the-art services for direct-to-consumer (D2C) brands leveraging cutting-edge technologies and further enhance Shadowfax's express delivery network.
Abhishek Bansal, CEO of Shadowfax, said, "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 another marquee investor on the board only adds to our confidence in what we're building."
Founded in 2015 by IIT-Delhi Alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya, Shadowfax is a ecommerce logistic service provider with a distribution network spanning over 2,500 cities and 15 000 pin codes.
The firm boasts of a crowd sourcing network with 125,000 monthly active delivery partners and 3.5 million registered customers. It claims to deliver two million goods per day.
Amit Gupta, Partner and Head of India and Southeast Asia, TPG NewQuest, said, "Shadowfax is revolutionizing the e-commerce logistics sector in India. We have been impressed with the tech stack they 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."
Ashish Dave, CEO of Mirae Asset Venture Investments (India), added, "Shadowfax is our first investment in India and we have participated in each subsequent round which is testament to the strong performance that the company has delivered over successive quarters for the last 5 years. We believe that logistics is fundamental to ecommerce and hyperlocal commerce and that it enables the growth of these markets."
