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Peek at Eight Roads' multi-bagger exit from logistics soonicorn Shadowfax

VCCircle

VCCircle · 1y ago

Eight Roads Ventures, a venture capital firm, has achieved significant returns from its partial exit from logistics company Shadowfax. Eight Roads Ventures initially invested in Shadowfax approximately nine years ago and has now sold part of its stake for substantial profits. The VC firm specializes in technology and healthcare investments worldwide and operates in various regions, including China, Japan, Europe, Israel, and the US. This successful exit highlights the potential for high returns in the technology-focused logistics sector.

Related News

Shadowfax Raises $100 Mn To Expand Its Last Mile Delivery Services

Inc42 · 1y ago

Shadowfax Raises $100 Mn To Expand Its Last Mile Delivery Services

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.

Eight Roads scores another multibagger partial exit

VCCircle

VCCircle · 9m ago

Eight Roads scores another multibagger partial exit

Eight Roads Ventures, a global venture capital firm, recently achieved a partial exit from a startup that it had invested in five years ago. This success follows the firm's previous successful investment in Shadowfax earlier this year. As a venture capital firm focused on technology and healthcare investments worldwide, Eight Roads Ventures has a history of identifying promising opportunities and generating significant returns.

Motilal Oswal Alts sets course for multi-bagger exit from eight-year-old consumer bet

VCCircle

VCCircle · 6m ago

Motilal Oswal Alts sets course for multi-bagger exit from eight-year-old consumer bet

Motilal Oswal Alternates (MO Alts), the private equity division of Motilal Oswal Financial Services, is preparing to exit a long-term investment in a consumer goods brand, marking a potential multi-bagger return. The Mumbai-based firm is set to fully divest from this eight-year-old venture. In 2024, MO Alts has already made multiple investments and recorded one exit. Details about the consumer goods brand and financial specifics remain undisclosed.

Shadowfax raises $100 Mn in Series E round led by TPG NewQuest

Entrackr

Entrackr · 1y ago

Shadowfax raises $100 Mn in Series E round led by TPG NewQuest

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).

Flipkart-backed Shadowfax files confidential DRHP with SEBI

Entrackr

Entrackr · 16d ago

Flipkart-backed Shadowfax files confidential DRHP with SEBI

Flipkart-backed Shadowfax files confidential DRHP with SEBI Logistics startup Shadowfax has filed its draft red herring prospectus (DRHP) with SEBI via the confidential route, as per public notices published in newspapers on July 1. The IPO filing comes nearly three months after the company transitioned into a public entity. The company is reportedly looking to raise Rs 2,000–2,500 crore through a mix of fresh issue and an offer for sale (OFS) by existing shareholders, including Flipkart, Eight Roads Ventures, and NGP Capital. ICICI Securities, JM Financial, and Morgan Stanley are advising on the public issue. Shadowfax is targeting a post-issue valuation of Rs 5,500–6,000 crore, as it looks to test public market appetite while keeping its business details under wraps for now. According to startup data intelligence platform TheKredible, the company was valued at around Rs 5,981 crore or $712 million during the first tranche of Series F round in February this year. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based company provides last-mile delivery services focused on e-commerce and hyperlocal logistics. It claims to operate with over 1.25 lakh monthly active delivery partners across categories including grocery, food, and medicine delivery. As per data from TheKredible, Shadowfax has raised around $246 million to date, with Eight Roads Ventures emerging as the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23.

TPG-backed Shadowfax acquires logistics firm as Swiss family office exits

VCCircle

VCCircle · 5m ago

TPG-backed Shadowfax acquires logistics firm as Swiss family office exits

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.

PremjiInvest sets course for nearly $200 mn exit with a multi-bagger

VCCircle

VCCircle · 1y ago

PremjiInvest sets course for nearly $200 mn exit with a multi-bagger

PremjiInvest, the family office of Wipro’s Azim Premji, is preparing to exit a multi-bagger investment and reportedly garnering nearly $200 million in returns. The investment firm, known for its involvement in venture capital and growth stage opportunities, backed the successful new-age company almost a decade ago. This move highlights PremjiInvest's ability to identify and capitalize on promising investment opportunities.

Harsha Raghavan-led PE firm Convergent scores another multi-bagger

VCCircle

VCCircle · 1y ago

Harsha Raghavan-led PE firm Convergent scores another multi-bagger

Convergent Finance, a private equity firm led by Harsha Raghavan, has achieved another successful exit from its portfolio, marking its third such move this year. The firm, which was founded by former Fairfax India executive Harsha Raghavan, has previously sold two other companies, one with high returns and another at a lower value. This recent exit showcases Convergent Finance's ability to deliver substantial returns on its investments.

Bengaluru-based logistics startup Shadowfax raises $100M led by TPG NewQuest, existing backers

IndianStartupNews

IndianStartupNews · 1y ago

Bengaluru-based logistics startup Shadowfax raises $100M led by TPG NewQuest, existing backers

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.

Eight Roads Ventures likely signed off from 2024 with a forgettable exit in India

VCCircle

VCCircle · 6m ago

Eight Roads Ventures likely signed off from 2024 with a forgettable exit in India

Eight Roads Ventures, a global venture capital firm, concluded 2024 with an unremarkable exit in India. The firm, known for its investments in technology and healthcare companies worldwide, made several investments and exits in India throughout the year. However, the specifics of these deals are not mentioned in the summary, leaving room for further information to be provided.

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