Shadowfax raises $100 million Series E round led by TPG New Quest
Mint was the first to report NewQuest’s interest in the company. The $100 million raised includes about $50 million in primary capital, $18 million in venture debt, and the balance in secondary investments. The company has so far raised nearly $120 million from investors such as Eight Roads Ventures, US investment firm NGP Capital, Qualcomm Ventures and Mirae Asset Naver Fund, and Flipkart.
Early backer Eight Roads Ventures that has invested in the company since its Series A in 2015 made a partial exit through this round, ShadowFax said. With an annualised revenue run rate of ₹2,400 crore for FY24, the company has been growing profitably for the last four quarters, said Abhishek Bansal, cofounder and CEO, Shadowfax, in an interview with Mint. It anticipates closing its first Ebitda positive year by 31 March 2024.
“Given that we are already profitable, we will be actively looking for more inorganic opportunities," Bansal said, adding that the company plans to list on Indian bourses in the next 24 months. Over the next 18 months, Shadowfax plans to utilize the new funds to broaden its middle-mile network and extend last-mile delivery across all 20,000 Indian pin code. “Part of the raised funds will be used to develop services for direct-to-consumer (D2C) brands and further enhance Shadowfax’s express delivery network," it said.
“The way quick commerce is growing in the country, speed has become paramount for players in the logistics space. We will be building the middle-mile delivery and strengthen our tech offering to ensure we become a full fledged courier in the 3PL space," Bansal said. Founded in 2015 by Bansal, Vaibhav Khandelwal, Gaurav Jaithliya, and Praharsh Chandra, the company caters to online-first brands with
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