Shadowfax, the Bengaluru-headquartered logistics startup, raised $100 million in a Series E funding round led by TPG NewQuest.

The round, which is a blend of primary, secondary, and venture debt transactions, also saw participation from existing investors, including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.

In a press statement, the company said its first institutional investor in 2015, Eight Roads Ventures, has made a partial exit.

Shadowfax will use the capital for expansion activity to cover all pin codes in India, including building specialised services for D2C brands.

Founded in 2015 by IIT-Delhi Alumni—Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya—Shadowfax last raised $60 million in funding in August 2023.

“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," Shadowfax CEO Abhishek Bansal said.

At present, Shadowfax has a network across 2,500 cities and over 15,000 pin codes delivering more than two million packages daily. It has 125,000 monthly active delivery partners and 3.5 million registered users.

Speaking on the investment into the logistics startup, Amit Gupta, Partner and Head of India and Southeast Asia, TPG NewQuest, said, "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 client’s changing needs at the lowest price. We are excited to be partnering with them.”

Shadowfax claimed it has maintained EBITDA profits for three consecutive quarters of the current financial year, and said it is on track to achieve its first full financial year of positive EBITDA in FY24 after accounting for ESOP costs.

Edited by Suman Singh