In a significant development underscoring the burgeoning potential of India’s logistics landscape, Shadowfax, a leading new-age logistics services provider, announced on Tuesday that it has successfully raised $100 million in a blend of primary and secondary funding for its Series E round. The financing round, spearheaded by TPG NewQuest, marks a pivotal milestone in Shadowfax’s journey towards revolutionizing last-mile delivery solutions in the country.
While specific valuation details remain undisclosed, industry insiders familiar with the transaction revealed that the deal positions the nine-year-old company at a valuation ranging between $500-550 million, highlighting investor confidence in Shadowfax’s innovative approach and growth trajectory.
The Series E round witnessed enthusiastic participation from existing backers, including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital, underscoring the enduring faith in Shadowfax’s vision and capabilities.
Of the $100 million raised, approximately $50 million constitutes primary capital injection, supplemented by $18 million in venture debt, with the remaining balance attributed to secondary investments. This infusion of capital further strengthens Shadowfax’s financial foundation, empowering the company to scale its operations and pursue strategic initiatives with renewed vigor.
Having garnered nearly $120 million in total funding thus far, Shadowfax boasts an impressive roster of investors, including Early Roads Ventures, US investment firm NGP Capital, Qualcomm Ventures, Mirae Asset Naver Fund, and Flipkart. Notably, Early Roads Ventures, a longstanding supporter of Shadowfax since its Series A round in 2015, seized the opportunity to realize a partial exit during this latest funding round, reflecting the company’s evolution and sustained growth trajectory.
According to Abhishek Bansal, cofounder and CEO of Shadowfax, the company has achieved an annualized revenue run rate of ₹2,400 crore for FY24, demonstrating robust growth and profitability over the past four quarters. With the anticipation of closing its first Ebitda-positive year by March 31, 2024, Shadowfax stands poised to capitalize on emerging opportunities and consolidate its position as a market leader in the logistics domain.
Looking ahead, Bansal affirmed Shadowfax’s commitment to exploring inorganic growth avenues, leveraging its profitable operational model to identify and pursue strategic acquisitions. Additionally, he revealed the company’s ambitious plans to pursue a listing on Indian bourses within the next 24 months, signaling a new chapter in Shadowfax’s journey towards sustainable growth and market leadership.
As Shadowfax continues to chart new frontiers in the logistics sector, fueled by innovation, strategic partnerships, and unwavering dedication, its latest funding milestone heralds a promising era of transformative change, poised to redefine the contours of last-mile delivery solutions in India and beyond.
