Logistics provider Shadowfax has wrapped up its Series E funding round, securing a hefty $100 million in investments. Spearheaded by TPG NewQuest, the round saw continued support from existing backers such as Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.
Abhishek Bansal, CEO of Shadowfax, highlighted the company's resilience in capturing market share amidst challenging economic conditions. He emphasized the robustness of Shadowfax's business model as a key factor in this success.
Furthermore, Eight Roads Ventures, Shadowfax's inaugural institutional investor that first backed the company in its Series A round back in 2015, partially exited as part of this latest funding milestone.
Amit Gupta, Partner and Head of India and Southeast Asia at TPG NewQuest, commended Shadowfax's technological prowess, particularly praising its tech stack for facilitating superior service metrics and agile adaptation to evolving client needs, all while maintaining competitive pricing.
Looking ahead, Shadowfax outlined plans to utilize the raised capital over the next 18 months to bolster its middle-mile network and extend its last-mile delivery services to encompass all 20,000 pin codes across India. Additionally, the company intends to allocate a portion of the funds towards developing cutting-edge services tailored for Direct-to-Consumer (D2C) brands, further enhancing its express delivery network with advanced technologies.
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