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

EntrackrEntrackr · 1y ago
Shadowfax raises $100 Mn in Series E round led by TPG NewQuest
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).

Related News

From Shadowfax To Capillary Technologies — Indian Startups Raised $381 Mn This Week

Inc42Inc42 · 1y ago
From Shadowfax To Capillary Technologies — Indian Startups Raised $381 Mn This Week
Medial

Funding in the Indian startup ecosystem surged in the last week of February, with a total of $381.4 million raised across 27 deals. Logistics startup Shadowfax secured a $100 million Series E funding round led by TPG NewQuest. SIDBI emerged as the most active investor, investing in NewSpace Research & Technologies and Digantara. E-commerce was the most funded sector, with seven deals raising $55.4 million. Enterprisetech also performed well, with Capillary Technologies securing $104 million in a secondary funding round. Other news includes IPO plans for Digital Insurance, developments at BYJU'S, and a joint venture between RIL, Viacom18, and Disney. Kedaara Capital aims to raise India's largest private equity fund, Rockstud Capital closes its second alternative investment fund, and Peak XV announces the third cohort of its women entrepreneurs-focused Spark program. Finally, Koo is rumored to be acquired by Dailyhunt, and healthcare fintech startup QubeHealth plans to raise $6-9 million in a Series A funding round.

Shadowfax adds fresh ESOPs worth $7.3 Mn

EntrackrEntrackr · 1y ago
Shadowfax adds fresh ESOPs worth $7.3 Mn
Medial

Logistics company Shadowfax has added fresh employee stock options (ESOP) for its employees under the existing plan: ESOP 2016. The board has approved the amendment of Shadowfax’s Employee Stock Option Plan 2016 with fresh 20,229 stock options for the company, subsidiaries, and associate entities, its regulatory filing accessed from the Registrar of Companies shows. Every ESOP option will be converted into equity shares, said filings, and as per Fintrackr’s estimates, the newly added ESOP options are worth around Rs 61 crore (approximately $7.3 million). The objective is to attract, encourage, and retain the talent in the management cadre and to enable such employees to participate in the long-term growth of the company. As per the estimates, the total ESOP Plan is worth around Rs 264 crore with 86,033 employee stock options. This comes months after Shadowfax’s $100 million Series E round led by TPG NewQuest. The round also comprised secondary financing. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It claims to operate 2,000 daily trucks and more than 200 airline lanes to connect over 3,000 last mile hubs. Shadowfax’s network includes 125,000 monthly active delivery partners and 3.5 million registered users. It recently launched its services in Port Blair. With this launch, Shadowfax will expand its network to over 15,000 pincodes and aims to reach 100% pincodes by March 2025. As per startup data intelligence platform TheKredible, Shadowfax registered Rs 1,415.40 crore in revenue from operations in FY23 as compared to 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. Its audited financial statements for FY24 are yet to be filed.

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