Shadowfax Accelerates with $100M Funding as Immediate Supply Increase Fuels Progress

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Shadowfax, one of many largest suppliers of logistics providers to hyper-local and on-demand supply companies in India, has raised $100 million in a brand new funding spherical because it data annual development of greater than 35%.

TPG NewQuest led Shadowfax’s Collection E funding spherical, which incorporates some secondary transactions, the startup introduced Tuesday. TechCrunch reported final 12 months that TPG NewQuest was consider an funding in Shadowfax.

Current backers together with e-commerce large Flipkart, Mirae Asset Enterprise Investments, IFC, Nokia Progress Companions, Qualcomm, Eight Roads Ventures and Trifecta Capital additionally participated within the new funding, the startup mentioned.

“As a third-party logistics group, we’ve considerably gained market share over the previous 24 months. And we did it whereas remaining worthwhile,” Abhishek Bansal, co-founder and CEO of Shadowfax, informed TechCrunch in an interview.

Shadowfax operates a logistics and supply community of over 125,000 month-to-month lively supply personnel and works with quite a few corporations, together with Flipkart, Meesho and plenty of direct-to-consumer manufacturers. The startup has not misplaced a single buyer in 5 years, Bansal mentioned.

Bansal attributed this development to the broader adoption of quick commerce in India, which he mentioned helped the startup develop at a charge of 35%.

“We even have a hyperlocal arm that has big publicity to fast-moving companies. We work with all fast-trading corporations and types that must ship identical or subsequent day,” he added.

The startup’s community now covers greater than 2,500 cities and greater than 15,000 postal codes. Shadowfax claims to ship greater than 2 million packages day-after-day and has greater than 3.5 million registered customers. Based in 2015, Shadowfax has raised over $220 million in main and secondary transactions.

In an announcement, Amit Gupta, associate and head of India and South East Asia at TPG NewQuest, mentioned Shadowfax was “revolutionizing” the e-commerce logistics trade in India. He added: “We had been impressed with the know-how stack they constructed. This helps present superior service parameters and permits them to rapidly adapt their providers to altering buyer wants on the lowest worth.

This can be a creating story. Examine again for updates.

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