Shadowfax attains a significant milestone with the successful closure of its Series E funding at $100 million, positioning itself closer to unicorn status.
Logistics company Shadowfax has sealed its Series E funding at $100 million, led by TPG NewQuest, with participation from existing investors like Flipkart and Qualcomm. The round involved primary, secondary, and venture debt financing, marking a significant milestone for the company.
Shadowfax, now valued at approximately $600 million, is nearing unicorn status after this successful funding round. Investors, including Mirae Asset Venture Investments, International Finance Corporation, Nokia Growth Partners, and Trifecta Capital, also played a pivotal role. Notably, Eight Roads Ventures, Shadowfax’s first institutional investor, made a partial exit.
The funds will be instrumental in fortifying Shadowfax’s middle-mile network and expanding last-mile delivery services to cover all 20,000 pin codes across India in the next 18 months. Additionally, the company aims to enhance services for direct-to-consumer (D2C) brands and further develop its express delivery network.
With a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users, Shadowfax has become a key player in the logistics industry. The recently launched on-demand delivery service app, Flash, facilitates instant deliveries within cities.
According to startup data intelligence platform TheKredible, Shadowfax achieved revenue of INR 1,415.40 crore in FY23, up from INR 990 crore in FY22, while effectively managing losses to INR 141 crore from INR 176 crore in the preceding fiscal year.
Shadowfax asserts three consecutive quarters of profitability in the current financial year and aims to achieve its first full financial year of positive EBITDA in FY24, accounting for ESOP costs.
