Shadowfax speeds forward with $100M funding as quick shipping enhance fuels enhance | TechCrunch

Shadowfax, one amongst the largest logistics service providers to hyper-local and on-query shipping companies in India, has raised $100 million in a new funding spherical as it clocks an yearly enhance of 35%.

TPG NewQuest led Shadowfax’s Sequence E financing spherical, which contains some secondary transactions, the startup said on Tuesday. TechCrunch reported final year that TPG NewQuest became evaluating an funding in Shadowfax.

Original backers including the e-commerce giant Flipkart, Mirae Asset Mission Investments, IFC, Nokia Mumble Companions, Qualcomm, Eight Roads Ventures and Trifecta Capital also participated in the new funding, the startup said.

Shadowfax is tackling the country’s extremely fragmented final-mile shipping infrastructure. India’s person shipping networks are usually inefficient and fight with complicated metropolis environments and inconsistent service quality. This outcomes in delays, elevated prices, and frustration critically for small companies that otherwise don’t like subtle shipping capabilities.

The Bengaluru-headquartered startup is attempting to streamline logistics operations by unifying disparate formulation in India’s final-mile ecosystem.

Shadowfax’s community presently reaches over 2,500 cities and extra than 15,000 zip codes. Shadowfax says it makes over 2 million packages shipping everyday and has accrued over 3.5 million registered customers.

“As a Third-celebration logistics group, now we like won market fragment vastly over the final 24 months. And now we like done so while final worthwhile,” Abhishek Bansal, co-founder and chief executive of Shadowfax, told TechCrunch in an interview.

Shadowfax operates a logistics and shipping community of over 125,000 month-to-month crammed with life shipping personnels, and works with more than a couple of corporations including Flipkart, Meesho and so a lot of enlighten-to-person brands. The startup hasn’t lost one buyer in five years, Bansal said.

Bansal attributed the expansion to the broader adoption of snappily-commerce in India, which he said has helped the startup grow at a 35% rate.

“Now we like a hyper-local arm as successfully and that has a colossal publicity to snappily-commerce corporations. We are working with all snappily-commerce corporations, and any set that needs to impart the same day or the day after,” he added.

Basically based in 2015, Shadowfax has raised extra than $220 million in vital and secondary transactions.

In an announcement, Amit Gupta, Partner and Head of India and Southeast Asia at TPG NewQuest, said Shadowfax is “revolutionizing” the e-commerce logistics sector in India.

Shadowfax is Mirae Asset’s first funding in India and the endeavor agency has participated in every subsequent spherical.

“We judge that logistics is known to ecommerce and hyperlocal commerce and that it permits the expansion of those markets. Abhishek and Vaibhav along with their crew like built a extremely scalable platform and like persisted to impart even at some level of demanding classes,” Ashish Dave, CEO of Mirae Asset Mission Investments (India), said in an announcement.

“All the very best method throughout the final 5 years, they’ve invested in rising the community and the group while also turning in on the moral financial metrics.”