Shadowfax raises $100 million in latest funding led by TPG New Quest
logistics startup Shadowfax has raised $100 million in a mix of primary and secondary investments as part of its latest funding round led by growth investor TPG NewQuest.
Existing investors including Mirae Asset Management, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participated in the fundraise. The round also includes an element of venture debt.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitEarly backer Eight Roads Ventures, which first invested in the company in 2015, has made a partial exit as part of the transaction.
The company said it will utilise the proceeds to extend its last-mile delivery services to cover 20,000 pincodes across India.
The logistics company is looking to include intercity operations in the next three quarters.
Part of the raised funds will be used to develop state-of-the-art services for direct-to-consumer (D2C) brands and further enhance Shadowfax’s express delivery network, the company said in a statement on Tuesday.
ET had first reported on September 5, 2022 that the startup was in talks to raise $75-$100 million in a mix of primary and secondary capital, with Eight Roads expected to see a partial exit.
«Our ability to capture a greater share of the market, even in a tough economic climate,
