Logistics Firm 'Shadowfax' raises Rs. 34. 2 crore Series F Funding
Logistics firm, Shadowfax has raised Rs. 34.2 crore (around $4 million) in its Series F funding round, nearly 11 months after securing $100 million in its previous round.
The company’s board approved a special resolution to issue 5,773 Series F compulsory cumulative preference shares at Rs. 59,320 per share, as per regulatory filings accessed from the Registrar of Companies. Mirae Asset contributed Rs. 17.4 crore, while Nokia Growth Partners invested Rs. 16.79 crore. This investment is part of a larger funding plan, with Shadowfax reportedly aiming to raise $50 million.
Post-allotment, Flipkart-backed company is valued at approximately Rs. 5,981 crore ($712 million), though this may change as more funds come in.
Founded in 2015, the company operates a vast logistics network, offering industry-leading turnaround times at competitive prices. It has a unique crowdsourcing model with 125,000 monthly active delivery partners and 3.5 million registered users.
The Bengaluru-based company has raised over $200 million to date, with Eight Roads Ventures as its largest external stakeholder, followed by Flipkart, Newquest Asia, and Nokia Growth Partners.
The company plans to launch an IPO worth Rs. 2,500 to Rs. 3,000 crore in the second half of 2024 and has appointed JM Financial, Morgan Stanley, and ICICI Securities as lead bankers.
In the previous fiscal year ending March 2024, Shadowfax reported a 33.2% revenue increase to Rs. 1,415 crore and significantly reduced its losses by 91.7%, from Rs. 142.6 crore in FY23 to Rs. 11.8 crore.
Shadowfax competes with Delhivery, which reported Rs. 8,594 crore in revenue for FY24, and Ecom Express, which earned Rs. 2,609 crore and received board approval for a Rs. 2,600 crore IPO. Other rivals include XpressBees, Shiprocket, and Blue Dart.
The company’s board approved a special resolution to issue 5,773 Series F compulsory cumulative preference shares at Rs. 59,320 per share, as per regulatory filings accessed from the Registrar of Companies. Mirae Asset contributed Rs. 17.4 crore, while Nokia Growth Partners invested Rs. 16.79 crore. This investment is part of a larger funding plan, with Shadowfax reportedly aiming to raise $50 million.
Post-allotment, Flipkart-backed company is valued at approximately Rs. 5,981 crore ($712 million), though this may change as more funds come in.
Founded in 2015, the company operates a vast logistics network, offering industry-leading turnaround times at competitive prices. It has a unique crowdsourcing model with 125,000 monthly active delivery partners and 3.5 million registered users.
The Bengaluru-based company has raised over $200 million to date, with Eight Roads Ventures as its largest external stakeholder, followed by Flipkart, Newquest Asia, and Nokia Growth Partners.
The company plans to launch an IPO worth Rs. 2,500 to Rs. 3,000 crore in the second half of 2024 and has appointed JM Financial, Morgan Stanley, and ICICI Securities as lead bankers.
In the previous fiscal year ending March 2024, Shadowfax reported a 33.2% revenue increase to Rs. 1,415 crore and significantly reduced its losses by 91.7%, from Rs. 142.6 crore in FY23 to Rs. 11.8 crore.
Shadowfax competes with Delhivery, which reported Rs. 8,594 crore in revenue for FY24, and Ecom Express, which earned Rs. 2,609 crore and received board approval for a Rs. 2,600 crore IPO. Other rivals include XpressBees, Shiprocket, and Blue Dart.
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