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Shadowfax Secures $100 Mn in Series E Round Led by TPG NewQuest

Leading logistics company Shadowfax announced the successful closure of its Series E funding round, raising $100 million. TPG NewQuest spearheaded the investment, with participation from existing investors such as Mirae Asset Venture Investments, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.

This funding round comprised primary, secondary, and venture debt financing, with Eight Roads Ventures, the company's initial institutional investor, making a partial exit.

The latest influx of capital has propelled Shadowfax closer to achieving unicorn status, with the company being valued at approximately $600 million during the initial tranche of the Series E round

Shadowfax intends to utilize the funds to strengthen its middle-mile network and expand its last-mile delivery services to encompass all 20,000 pin codes across India within the next 18 months. Additionally, a portion of the funding will be allocated towards developing services for direct-to-consumer (D2C) brands and enhancing Shadowfax's express delivery network.

With a vast network of customers and industry-leading Turnaround Time (TAT) at competitive prices, Shadowfax boasts a unique crowdsourcing network consisting of 125,000 monthly active delivery partners and 3.5 million registered users.

In a bid to further enhance its offerings, Shadowfax launched the on-demand delivery service app Flash in December, facilitating instant delivery services within the city for merchants and customers alike.

Shadowfax reported revenue from operations of Rs 1,415.40 crore in FY23, compared to Rs 990 crore in FY22. The company also managed to reduce its losses from Rs 176 crore in the previous fiscal year to Rs 141 crore in FY23.

Shadowfax asserts that it achieved profitability in three consecutive quarters during the current financial year, spanning from April to December 2023, and is on track to attain its first full financial year of positive EBITDA in FY24, factoring in ESOP costs


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