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Logistics services provider Shadowfax launches Flash, a 30-min delivery service
IndianStartupNews
·
1y ago
Medial
Shadowfax has launched Flash, an on-demand delivery service app, which promises to deliver within 30 minutes. With a presence in over 50 cities, Flash aims to redefine speed and efficiency in last-mile delivery. The app employs a "milk run" delivery model, consolidating multiple shipments into a single route. It also features real-time tracking and transparent delivery updates. With 2 million packages handled daily, Shadowfax's expansion into the on-demand delivery market positions it as a strong competitor.
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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 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 - Success Story of a Leading On-Demand Delivery Platform!
StartupTalky
·
1y ago
Medial
Shadowfax is an Indian on-demand hyperlocal delivery service provider that aims to offer speedy, secure, and convenient deliveries through cutting-edge technology and a reliable network. Founded in 2015, Shadowfax has become India's largest hyperlocal delivery platform, serving various sectors including e-commerce, restaurants, FMCG, and pharmacies. The company focuses on customized deliveries and prides itself on its flexibility and fast payouts for their riders. Shadowfax has raised over $212 million in funding and has acquired companies like NuvoExon and Pickingo. The company's mission is to build the fastest and most reliable logistics network by empowering microentrepreneurs through technology.
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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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Uber in deal with Shadowfax to integrate two-wheeler fleet
Economic Times
·
10m ago
Medial
- Uber has partnered with hyperlocal logistics provider Shadowfax. - Shadowfax's two-wheeler fleet will be integrated with Uber's UberMoto bike-taxi service. - Two-wheeler riders working with Shadowfax can switch to UberMoto during lean hours to offer bike-taxi services. - This partnership allows Uber to strengthen its bike-taxi operations and expand to towns where Shadowfax operates. - Uber plans to create third-party integrations with existing two-wheeler service providers to double its supply pool. - This is part of Uber's strategy to become the operating system for multiple form factors. - Shadowfax aims to diversify offerings to its two-wheeler driver partners and become the most diversified third-party logistics player in India. - When riders request UberMoto, they may be matched with Shadowfax drivers, but the rider experience will remain unchanged. - There is a revenue-sharing arrangement between Uber and Shadowfax for rides booked on UberMoto serviced by Shadowfax drivers.
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Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable
Entrackr
·
8m ago
Medial
Shadowfax, one of India's leading new-age logistics and delivery platforms, delivered a strong financial performance in FY24, reducing its losses by 90%. Simultaneously, the company recorded over 33% year-on-year growth in operating revenue, and turned EBITDA positive with Rs 23 crore for the fiscal year ending March 2024. The Flipkart-backed firm’s revenue from operations spiked to Rs 1,884.8 crore in the last fiscal year, from Rs 1,415 crore in FY23, as per its annual financial statements filed with the Registrar of Companies. Shadowfax claims to provide 3PL logistics (third party logistics) to e-commerce and D2C firms across 2,500 cities and 18,000 pin codes in the country. The sale of logistics and delivery services are the only source of revenue for Shadowfax. Co-founder and chief executive Abhishek Bansal attributed the company’s sustainable growth in FY24 to its focus on value-added services, including reverse logistics, same-day delivery, and quick commerce offered through its Flash service. “While most logistics companies have chosen to focus on a single service and transition into B2B, Shadowfax has remained in the B2C space. Quick commerce gives us an edge, as we are the only 3PL offering these services,” said Abhishek Bansal, co-founder and CEO of Shadowfax, in a telephonic conversation with Entrackr. The company also generated Rs 11.6 crore from non-operating activities, contributing to a total income of Rs 1,896.4 crore in FY24. On the expense side, transportation and distribution (delivery partners) expenses accounted for the bulk of costs, surging 24.7% to Rs 966.2 crore in FY24. This cost represents 50.63% of total expenses during the last fiscal year. Vehicle running costs increased by 35.8% to Rs 394.5 crore, while costs related to lost shipments rose by 39.7% to Rs 94.6 crore. Employee benefit expenses marginally declined to Rs 211.5 crore, constituting 11.08% of total expenses, whereas other costs added another Rs 241.5 crore. Overall, the Bengaluru-based firm’s total expenses rose by 21.9% to Rs 1,908.3 crore in FY24. By the end of FY24, the company's net loss declined by 92% to Rs 11.8 crore, compared to Rs 142.6 crore in FY23. Shadowfax also achieved a positive EBITDA of Rs 23 crore in the last fiscal. Its ROCE and EBITDA margin stood at -1.06% and 1.21%, respectively. On a unit basis, Shadowfax spent Rs 1.01 to earn a rupee of operating income in the last fiscal year. The company’s assets nearly doubled, rising to Rs 619.5 crore in FY24 from Rs 320.8 crore in FY23. Its cash and bank balance at the end of FY24 stood at Rs 102.8 crore. Just before FY24 ended, Shadowfax scooped up $100 million Series E round led by TPG NewQuest. Recently, Uber has partnered with Shadowfax to integrate its two-wheeler fleet with UberMoto, allowing Shadowfax to offer bike-taxi services during lean hours. Reports indicate that the Bansal-led company is gearing up to launch its initial public offering (IPO). It will join industry peers like Delhivery and Blackbuck, which are already listed on the stock exchange, while another player, Ecom Express, has also secured SEBI approval for its IPO. Shadowfax has emerged as the fastest-growing logistics company in India, evident from its performance relative to competitors. Ecom Express recorded a modest 2.3% growth, reporting flat revenue of Rs 2,607 crore in FY24. Meanwhile, listed competitor Delhivery posted 12.7% year-on-year revenue growth in the last fiscal year.
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TPG-backed Shadowfax acquires logistics firm as Swiss family office exits
VCCircle
·
6m ago
Medial
Shadowfax, a logistics company backed by TPG and NewQuest, has acquired another logistics service provider, leading to the exit of the target firm's Swiss family office investor. Ahead of a proposed initial public offering (IPO), Shadowfax is currently in discussions to secure a new round of funding. This strategic acquisition aligns with Shadowfax's growth plans as it strengthens its market presence and focuses on expanding its logistical capabilities, particularly in the context of its upcoming IPO.
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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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Magicpin launches Velocity for hyperlocal ecommerce deliveries
IndianStartupNews
·
1y ago
Medial
Magicpin has launched Velocity, a delivery-as-a-service (DaaS) solution aimed at revolutionizing the logistics industry. The platform promises to deliver orders within 30 minutes, providing real-time workforce tracking and order status updates. By partnering with various third-party logistics providers, Velocity offers a cost-effective alternative to in-house logistics. Magicpin aims to handle over 100,000 orders per day and has already established partnerships with popular merchants. The platform provides a superior customer experience and aims to streamline the delivery process with advanced technology integration.
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