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Updated February 27th, 2024 at 18:42 IST

Shadowfax gets $100 million in funding to expand last-mile delivery

The funding round was described by Shadowfax as a mix of primary, secondary, and venture debt financing, showcasing a diverse approach to financial support.

Reported by: Business Desk
Startup funding
Startup funding | Image:Shutterstock
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Shadowfax funding: Shadowfax, a logistics firm, has successfully secured $100 million in a funding round led by U.S. private equity firm TPG. The funds will be utilized to expand the company's last-mile delivery services. Although the specific post-funding valuation remains undisclosed, as of April 2022, Shadowfax was valued at $632 million, according to data from investment tracker Tracxn.

Major participants in the funding round included existing investors like Flipkart (owned by Walmart), Mirae Asset, and the International Finance Corp. Additionally, early investor Eight Roads Ventures sold a portion of its stake in Shadowfax, though specific details were not provided in the company's statement.

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The funding round was described by Shadowfax as a mix of primary, secondary, and venture debt financing, showcasing a diverse approach to financial support. The capital infusion is expected to further enhance the company's capabilities in last-mile delivery services.

The statement underscored the substantial growth of logistics firms such as Shadowfax, Delhivery, and Blue Dart Express (owned by DHL), driven by the increasing trend of online shopping among Indians for a wide range of products, including electronics and fashion. A report by consultancy firm Redseer predicts a significant five-fold increase in annual e-commerce shipment volumes in India, reaching 20 billion by 2030, up from 3.9 billion in 2022.

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With PTI Inputs

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Published February 27th, 2024 at 18:42 IST

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