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News on Medial
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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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 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-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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Chinese ecommerce giants make expensive bets on fast deliveries
Economic Times
·
2m ago
Medial
Chinese e-commerce giants Alibaba and JD.com are expanding into instant retail with delivery speeds of 30 to 60 minutes to boost market share amid a consumer slowdown. They've pledged significant subsidies, with JD Takeaway and Alibaba's Ele.me investing heavily despite high short-term costs. This strategy aims to entice cost-conscious consumers and leverage existing couriers. Analysts suggest it helps diversify and drive high-frequency app use, crucial as traditional growth options dwindle.
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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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IPO-bound logistics startup Shadowfax appoints independent board directors
Economic Times
·
6m ago
Medial
Shadowfax, a Flipkart-backed logistics startup, has appointed Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors to strengthen governance and focus on operational excellence. These appointments bring extensive industry experience amid its expansion plans, following the acquisition of Criticalog. Founded in 2015, Shadowfax has transitioned from food delivery to becoming a significant logistics partner for e-commerce firms, reporting financial growth and nearing a substantial funding round, aiming for public listing preparations.
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Will local retailers survive Q-commerce?
Inshorts
·
2m ago
Medial
The rise of quick commerce platforms like Zepto and Blinkit is intensifying competition for traditional retailers. As consumers lean into instant gratification, local stores must evolve embracing digital payments, real-time inventory tracking, and hyperlocal delivery to stay relevant. The battle ahead isn’t just about prices, but about matching convenience with community trust.
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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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Flipkart-backed Shadowfax nears $60 million funding led by TPG NewQuest
TechCrunch
·
2y 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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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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