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Shadowfax , one of the largest logistics service of process provider to hyper - local and on - demand delivery business in India , has raised $ 100 million in a newfangled financing round as it time a yearly growth of 35 % .
TPG NewQuest contribute Shadowfax ’s Series E financing round , which includes some secondary transactions , the startup aver on Tuesday . TechCrunch reported last year that TPG NewQuest wasevaluating an investment in Shadowfax .
Existing backers let in the e - mercantilism giant Flipkart , Mirae Asset Venture Investments , IFC , Nokia Growth Partners , Qualcomm , Eight route Ventures and Trifecta Capital also take part in the new funding , the inauguration say .
Shadowfax is tackling thecountry ’s extremely disunited last - geographical mile bringing infrastructure . India ’s consumer livery networks are often inefficient and fight with complex urban environment and inconsistent service quality . This leads to delay , lofty price , and frustration , especially for small businesses that otherwise do n’t have sophisticated delivery capacity .
The Bengaluru - headquarter startup is attempting to streamline logistics operations by merge disparate elements in India ’s last - mile ecosystem .
Shadowfax ’s web today reaches over 2,500 cities and more than 15,000 zip codes . The company suppose it wee over 2 million packages delivery each daytime and has pile up over 3.5 million registered substance abuser .
“ As a third - political party logistics organization , we have gained market share tremendously over the last 24 months . And we have done so while remaining profitable , ” Abhishek Bansal , co - founder and chief executive of Shadowfax , told TechCrunch in an interview .
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Shadowfax operate a logistics and legal transfer internet of over 125,000 monthly active delivery personnels , and work with numerous firms , including Flipkart , Meesho and many verbatim - to - consumer steel . The startup has n’t fall behind one client in five age , Bansal said .
Bansal attribute the growth to the wide espousal of quick - commerce in India , which he said has helped the startup grow at a 35 % rate .
“ We have a hyper - local arm as well and that has a vast exposure to quick - Department of Commerce business firm . We are working with all prompt - commerce firms , and any brand that demand to extradite the same day or the day after , ” he added .
ground in 2015 , Shadowfax has raised more than $ 220 million in master and secondary transactions .
In a financial statement , Amit Gupta , partner and head of India and Southeast Asia at TPG NewQuest , said Shadowfax is “ revolutionizing ” the due east - commercialism logistics sphere in India .
Shadowfax is Mirae Asset ’s first investment in India and the venture firm has participate in each subsequent unit of ammunition .
“ We trust that logistics is primal to ecommerce and hyperlocal DoC and that it turn on the growth of these markets . Abhishek and Vaibhav [ Khandelwal ] together with their team have build a extremely scalable chopine and have proceed to birth even during challenging period , ” Ashish Dave , CEO of Mirae Asset Venture Investments ( India ) , said in a statement .
“ Throughout the last 5 years , they have invested in grow the connection and the establishment while also delivering on the right financial metrics . ”
