Shadowfax Raises $100 Million in Latest Funding Round
Shadowfax, the hyperlocal logistics startup, has recently secured a whopping $100 million in its latest funding round. The investment was led by growth investor TPG NewQuest, with participation from existing investors such as Mirae Asset Management, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.
What’s Driving Shadowfax’s Success?
- Last-Mile Delivery Expansion: With this fresh capital infusion, Shadowfax aims to extend its last-mile delivery services to cover an impressive *20,000 pincodes across India. This move will enhance its reach and efficiency in serving customers and businesses alike.
- Intercity Operations: The company is also eyeing intercity operations in the coming three quarters. By expanding beyond local deliveries, Shadowfax is positioning itself as a comprehensive logistics solution provider.
- Value-Added Services for D2C Brands: Part of the raised funds will be allocated to developing state-of-the-art services for direct-to-consumer (D2C) brands. As e-commerce continues to thrive, Shadowfax recognizes the need for tailored logistics solutions that cater to the unique requirements of D2C businesses.
- Express Delivery Network Enhancement: Shadowfax’s express delivery network will receive further enhancements. Speed and reliability are critical in today’s fast-paced world, and the company is committed to meeting these demands.
The Numbers Behind the Funding
- Primary Raise: The primary capital infusion amounts to $50 million.
- Secondary Investments: The secondary portion stands at $30 million.
- Venture Debt: An additional $20 million comes from venture debt.
- Eight Roads Ventures’ Partial Exit: Early backer *Eight Roads Ventures has made a partial exit as part of this transaction.
From Food Delivery to E-Commerce
Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax has come a long way. Initially, it served as an on-demand logistics provider for food-delivery platforms. However, it has since transitioned to serving e-commerce clientele, including major players like Meesho. The platform now boasts an impressive daily delivery volume of 2 million packages through its network of 125,000 monthly active delivery partners.
As Shadowfax continues to innovate and expand, it exemplifies the dynamism of India’s startup ecosystem. With this latest funding, the company is well-positioned to shape the future of logistics in the country.
Remember, behind every package delivered, there’s a team at Shadowfax working tirelessly to bridge the last-mile gap.
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