Indian logistics startup Shadowfax secures $100m from TPG, Flipkart

Founding members of Shadowfax / Photo Credit: Shadowfax

As demand for ecommerce rises in India’s lower-tier cities, third-party logistics companies are poised to capitalize on it. One such player is last-mile logistics startup Shadowfax, which provides delivery solutions focused on online-first brands.

The company has raised US$100 million in a series E round led by TPG NewQuest. Indian ecommerce giant Flipkart participated in the round, having first injected funds into Shadowfax in the latter’s US$60 million series D round in late 2019.

Other participating investors include Mirae Asset Venture Investments (India), the World Bank-backed International Finance Corporation, and NGP Capital (formerly Nokia Growth Partners).

Shadowfax also said in its statement that it is on track to achieve its first full financial year of positive EBITDA in 2024.

Founded in 2015 by a team of IIT Delhi alumni, Shadowfax offers traditional ecommerce logistics services as well as hyperlocal 30-minute deliveries. The company said it has a network of 125,000 delivery partners and 3.5 million users.

According to Tech in Asia’s database, Shadowfax has secured over US$250 million in total disclosed funding. It plans to use the new investment to expand its middle-mile network and last-mile delivery services, with a goal of covering all 20,000 postal codes across India.

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