NEW DELHI: Logistics service supplier Shadowfax on Tuesday introduced the closing of its Sequence E funding spherical, securing $100 million in investments.
TPG NewQuest led the spherical, with participation from current traders, together with Mirae Asset Enterprise Investments (India), Flipkart, Worldwide Finance Company, Nokia Progress Companions, Qualcomm, and Trifecta Capital.
“Our potential to seize a better share of the market, even in a troublesome financial local weather, is a testomony to the core power of our enterprise,” Abhishek Bansal, CEO of Shadowfax, mentioned in a press release.
Eight Roads Ventures, the corporate’s first institutional investor having invested in Shadowfax’s Sequence A spherical in 2015, made a partial exit.
“We now have been impressed with the tech stack they’ve constructed. This helps with the supply of superior service metrics and permits them to rapidly adapt their providers to shopper’s altering wants on the lowest worth,” mentioned Amit Gupta, Associate and Head of India and Southeast Asia, TPG NewQuest.
Over the subsequent 18 months, the corporate mentioned that Shadowfax will utilise the raised funds to bolster its middle-mile community and lengthen its last-mile supply providers to cowl all 20,000 pin codes throughout India.
A part of the raised funds might be used to develop state-of-the-art providers for Direct-to-Client (D2C) manufacturers leveraging cutting-edge applied sciences and additional enhancing Shadowfax’s specific supply community, it added.
