India-based transportation company Shadowfax has raised $100 million in its Series E funding round led by TPG, according to a statement.
TPG NewQuest, the US private equity giant’s APAC-focused secondaries platform, led the funding round, while existing investors Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital participated.
Eight Roads Ventures, the company’s first institutional investor having invested in its Series A round in 2015, made a partial exit.
Over the next 18 months, Shadowfax will utilise the raised funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pincodes across India.
Part of the raised funds will also be used to develop services for direct-to-consumer (D2C) brands to enhance Shadowfax’s express delivery network.
“Our ability to capture a greater share of the market, even in a tough economic climate, is a testament to the core strength of our business. Now having another marquee investor on the board only adds to our confidence in what we’re building,” said Abhishek Bansal, CEO of Shadowfax.
Founded in 2015, Shadowfax connects customers with delivery partners.
Walmart-owned e-commerce company Flipkart led the firm’s Series D funding round in 2019, while Eight Roads Ventures, the venture capital arm of Fidelity; Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund, and the International Finance Corporation participated.