Logistics firm Shadowfax has raised 65.4 crore rupee (US$7.5 million) from co-founders Vaibhav Khandelwal and Abhishek Bansal, with the funding approved on Mar. 4.

This investment values the company at US$750 million, as part of a larger US$50 million funding round.

The company also secured 10.9 crore rupee (US$1.25 million) from IMM India Fund and 96.2 crore rupee (US$11.03 million) in February from investors like Edelweiss Discovery Fund, NewQuest Asia Fund IV, and InCred Growth Partners Fund.

Additionally, it received 34.24 crore rupee (US$3.93 million) from Mirae Asset and Nokia Growth Partners.

Shadowfax plans to raise 2,500 crore rupee (US$286.73 million)–3,000 crore rupee (US$344.08 million) through an IPO in the second half of 2025.

The company is targeting a valuation of 5,000 crore rupee (US$573.46 million)–8,000 crore rupee (US$917.54 million).

Founded in 2015, the company provides hyper-local and on-demand delivery services to clients like Flipkart and Meesho. It operates in over 2,500 cities and has raised over US$212 million.

Recent Shadowfax developments