- Indian last-mile delivery startup Shadowfax raised a $100 million Series E round.
- The funding includes participation from existing backer Flipkart.
- Shadowfax aims to grow its 125,000 delivery partners.
Indian last-mile delivery startup Shadowfax has raised a $100 million Series E round led by TPG NewQuest.
The funding comes as the company aims to expand its logistics services across India’s growing e-commerce market.
Flipkart joins funding round
The round also saw participation from Flipkart, an early backer of Shadowfax. Flipkart first invested in the logistics provider during its $60 million Series D round in 2019.
With the new financing, Shadowfax plans to grow its delivery network and middle-mile capabilities.
The startup currently has over 125,000 delivery partners servicing 20,000 postal codes.
Targeting nationwide coverage
Founded in 2015, Shadowfax offers logistics solutions tailored for online brands. The company is on track to achieve positive EBITDA next year as e-commerce demand rises in India’s lower-tier cities.
Shadowfax aims to leverage the fresh funds to achieve nationwide coverage and capitalize on this growing opportunity.
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