New-Delhi based Logistics company Shadowfax announced that the company is closing its Series E funding round at $100 million.

TPG NewQuest led the financing round, with existing investors such as Mirae Asset Venture Investments, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participating.

The financing of primary, secondary, and venture debt took place in this round. The first institutional investor of the company, Eight Roads Ventures, has also completed a partial exit.

As Shadowfax was valued at around $600 million in the first stage of Series E, this latest capital has boosted its status to a unicorn.

In the next 18 months, Shadowfax will use the funds to strengthen its middle-mile network and extend its last-mile delivery service on Logistics to cover all 20,000 pin codes in India, the company said in a statement.

In addition, a part of the funding will be spent on developing services for D2C brands and enhancing Shadowfaxs express delivery service.

In this regard, Amit Gupta, Partner, and Head of India and Southeast Asia, TPG NewQuest says, "We have been impressed with the tech stack they have built. This helps with the delivery of superior service metrics and allows them to quickly adapt their services to clients 'changing needs at the lowest price".