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News on Medial
Shadowfax raises $100 million in latest funding led by TPG New Quest
Economic Times
·
1y ago
Medial
Shadowfax, a hyperlocal logistics startup, has raised $100 million in funding in a round led by TPG NewQuest. Existing investors including Flipkart, Qualcomm, and Nokia Growth Partners also participated. The funds will be used to expand last-mile delivery services across 20,000 pincodes in India, as well as develop services for direct-to-consumer brands and enhance the company's express delivery network. Shadowfax, founded in 2015, has transitioned from being a food-delivery logistics provider to serving ecommerce clients. The company claims to be delivering 2 million packages daily through its network of 125,000 delivery partners.
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Shadowfax speeds ahead with $100M funding as instant delivery boom fuels growth
TechCrunch
·
1y ago
Medial
Indian logistics service provider, Shadowfax, has secured $100 million in a new funding round led by TPG NewQuest. The startup, which offers hyper-local and on-demand delivery services, has been experiencing annual growth of over 35%. Existing investors including Flipkart, Nokia Growth Partners, and Qualcomm also participated. Shadowfax is working to streamline India's fragmented last-mile delivery infrastructure by unifying various elements of the ecosystem. The company currently operates in over 2,500 cities and makes over 2 million deliveries daily. The latest funding brings Shadowfax's total raised to more than $220 million.
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Shadowfax Raises $100 Mn To Expand Its Last Mile Delivery Services
Inc42
·
1y ago
Medial
Logistics services startup Shadowfax has raised $100 million in Series E funding led by TPG NewQuest, with participation from existing investors including Flipkart, International Finance Corporation, and Qualcomm. This funding round also allowed Eight Roads Ventures, an early investor in the company, to partially exit. Shadowfax plans to use the capital to strengthen its middle-mile network and expand its last-mile delivery services. The startup, founded in 2015, operates across 15,000 pin codes in India and processes 1.5 million orders per day.
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Shadowfax raises $100 million Series E round led by TPG New Quest
Livemint
·
1y ago
Medial
New-age logistics services provider Shadowfax has raised $100 million in funding for its Series E round, led by TPG NewQuest. The round also saw participation from existing investors such as Flipkart and Qualcomm. The company plans to use the funds to expand its middle-mile network and extend last-mile delivery across all 20,000 Indian pin codes. With an annualized revenue run rate of ₹2,400 crore for FY24, Shadowfax aims to become Ebitda positive by March 2024 and plans to list on Indian bourses in the next 24 months.
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Bengaluru-based logistics startup Shadowfax raises $100M led by TPG NewQuest, existing backers
IndianStartupNews
·
1y ago
Medial
Bengaluru-based logistics startup Shadowfax has raised $100 million in a funding round led by TPG NewQuest. The round also saw participation from existing investors, including Walmart-owned Flipkart, Mirae Asset Venture Investments, IFC, Nokia Growth Partners, Qualcomm, and Trifecta Capital. With the fresh capital, Shadowfax aims to enhance its express delivery network and strengthen its middle-mile logistics. The startup plans to extend its last-mile delivery services to cover 20,000 pin codes across India. The funding comes at a crucial time when the quick-commerce sector is witnessing rapid growth in India.
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Shadowfax Technology raises $100 million in Series E round led by TPG NewQuest
Thehindubusinessline
·
1y ago
Medial
Indian on-demand logistics services provider Shadowfax Technology has secured $100m in a Series E funding round led by TPG NewQuest. Existing investors, including Flipkart and Qualcomm, also contributed to the round. Shadowfax plans to use the funds to strengthen its middle-mile network and expand its last-mile delivery services to cover all 20,000 pincodes in India. The company, which currently operates in over 2,500 cities and delivers 2 million packages daily, aims to solidify its competitive edge through expansion and enhancing its express delivery network.
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Shadowfax raises $100 Mn in Series E round led by TPG NewQuest
Entrackr
·
1y ago
Medial
Logistics company Shadowfax on Tuesday announced the closing of its Series E funding round at $100 million. TPG NewQuest led the funding round, while existing investors including Mirae Asset Venture Investments, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participated. This round comprised primary, secondary, and venture debt financing. Eight Roads Ventures, the company’s first institutional investor, also made a partial exit. The latest capital pushed Shadowfax closer to unicorn status as the firm was valued at around $600 million during the first tranche of the Series E round. Entrackr exclusively reported the development in July 2022. Shadowfax will utilize the funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pin codes across India over the next 18 months, the company said in a statement. A portion of the funding will also be used to develop services for D2C brands and further enhance Shadowfax’s express delivery network, it added. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users. In December, Shadowfax launched an on-demand delivery service app Flash which enabled merchants and customers to avail instant delivery service within the city. As per startup data intelligence platform TheKredible, Shadowfax recorded Rs 1,415.40 crore in revenue from operations in FY23 against Rs 990 crore in FY22. The firm controlled its losses to Rs 141 crore in FY23 from Rs 176 crore in the previous fiscal year. Shadowfax claims that it registered three consecutive quarters of profitability in the current financial year from April to December 2023 and it is on track to achieve its first full financial year of positive EBITDA in FY24 (after accounting for ESOP costs).
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TPG NewQuest leads $100 mn Series E funding in Shadowfax
VCCircle
·
1y ago
Medial
Private equity firm TPG's secondaries-focused arm, TPG NewQuest, has led a $100 million round of investment in logistics and delivery startup Shadowfax. The funding round comprised a mix of primary, secondary and venture debt financing. Shadowfax plans to use the capital to strengthen its middle-mile network, expand its last-mile delivery services to cover all 20,000 pin codes in India, and develop services for direct-to-consumer brands. The company's revenue for the fiscal year ending in March 2023 grew 42.8% to INR 1,415 crore ($193 million), while its loss at the EBITDA level narrowed to INR 85 crore from INR 127 crore in the previous year.
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Flipkart-backed Shadowfax nears $60 million funding led by TPG NewQuest
TechCrunch
·
1y ago
Medial
Indian logistics startup Shadowfax is finalizing a $60 million funding round led by TPG NewQuest, potentially closing this month. The Bengaluru-based company, backed by Flipkart, is reducing reliance on its major customer, Meesho, and has been profitable for the past three months. Shadowfax serves hyper-local, on-demand delivery businesses and boasts clients like Myntra, Zomato's Blinkit, and Flipkart. Its extensive logistics network covers 15,000 Indian zip codes, collaborating with 3 million delivery personnel and processing 1.5 million daily orders. The startup has raised around $121 million to date.
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Exclusive: Biryani By Kilo Raises $2 Mn From Pulsar Capital
Inc42
·
8m ago
Medial
Biryani By Kilo, a cloud kitchen startup, recently raised funding at a valuation of around $100 million. The funding appears to be a part of a larger round that the company is currently raising. Pulsar Capital, a private equity firm led by Vish Nair, a former partner at TPG, is one of the investors in the company. Pulsar Capital's current portfolio includes TruDoc, a healthcare provider, and Assidus, an ecommerce enabler.
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Former TPG NewQuest exec floats PE fund for growth stage bets
VCCircle
·
10m ago
Medial
A former executive of TPG NewQuest, a part of private equity firm TPG, has launched a new firm to invest in startups, growth stage companies, and public firms. TPG NewQuest has previously invested in companies like ShadowFax, Halonix Technologies, and U Gro Capital. The new firm aims to make strategic investments in promising ventures.
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