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Shadowfax, the logistics agency, stated it has closed its Collection E funding spherical, securing $100 million in investments. TPG NewQuest led the spherical, with participation from current buyers, together with Mirae Asset Enterprise Investments (India), Flipkart, Worldwide Finance Company, Nokia Development Companions, Qualcomm, and Trifecta Capital.
Eight Roads Ventures, the corporate’s first institutional investor having invested in Shadowfax’s Collection A spherical in 2015, additionally made a partial exit. This spherical encompasses a mix of main, secondary, and enterprise debt financing, additional strengthening Shadowfax’s place out there.
Over the following 18 months, Shadowfax will utilise the raised funds to bolster its middle-mile community. The funds would additionally assist it to increase its last-mile supply providers to cowl all 20,000 pincodes throughout India. A part of the raised funds might be used to develop state-of-the-art providers for Direct-to-Shopper (D2C) manufacturers, leveraging cutting-edge applied sciences. This is able to additional improve Shadowfax’s categorical supply community.
“Our skill to seize a higher share of the market, even in a tricky financial local weather, is a testomony to the core power of our enterprise,” stated Abhishek Bansal, CEO of Shadowfax.
Amit Gupta, Accomplice and Head of India and Southeast Asia, TPG NewQuest, stated: “Now we have been impressed with the tech stack they’ve constructed.”
“Because the market evolves, we’re excited for the corporate’s continued success as the popular accomplice of selection for e-commerce,” stated Shweta Bhatia, Accomplice & Head of Know-how, Shopper & Monetary Companies Investments India, Eight Roads Ventures.
Ashish Dave, CEO of Mirae Asset Enterprise Investments (India), stated that the Shadowfax group has constructed a extremely scalable platform and has continued to ship even throughout difficult durations.
Shadowfax’s transition to a full-stack parcel enterprise mannequin has led to constant Ebitda income, with three consecutive quarters of profitability within the present monetary 12 months from April to December 2023. The agency stated it’s on monitor to attain its first full monetary 12 months of constructive Ebitda in FY24 (after accounting for ESOP prices).
First Printed: Feb 28 2024 | 12:32 AM IST
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