This comes after in February 2024, Shadowfax raised $50 million in its Series E funding round, which was led by TPG NewQuest and included participation from current investors Venture Investments, Flipkart, and IFC. At the time of this funding round, the startup had raised roughly $230 million in total funding, with a $355 million valuation.
Nokia Growth Partners, Trifecta Capital, Qualcomm, and Mirae Asset Venture Investments (India) are some of the other significant investors in Shadowfax. The company’s first institutional investor from 2015, Eight Roads Ventures, was partially acquired because of the Series E round.
Vaibhav Khandelwal and Abhishek Bansal founded Shadowfax in 2015. It provides on-demand, hyper-local delivery services and partners with big e-commerce sites like Meesho and Flipkart. Currently, private equity firms own 54% of the startup, followed by Flipkart at 16%, the founders at 20%, and angel investors and staff at the remaining stakes. Qualcomm (4.1%), NewQuest (3.7%), Nokia Growth (6.3%), IFC (5.5%), and Mirae Assets (5.9%) are some of the other notable shareholders. With a 25% stake, Eight Roads Ventures is still the biggest shareholder.
Shadowfax reported a consolidated total operating income of ₹1,415 crore for the fiscal year 2022–2023 (FY23), a 43% increase from ₹991 crore for the previous year. During the same period, the company was able to lower its total losses from ₹176 crore to ₹143 crore. Currently, Shadowfax handles 1.5 million orders a day from 2,500 Indian cities and towns.
Other logistics companies like XpressBees, Ripple, Delhivery, Ecom Express, LoadShare, and Pickrr are competitors of the company as it prepares for its initial public offering. Remarkably, a significant competitor, Ecom Express South Asia, has been planning an IPO for ₹3,000 crore as well.
