On-demand logistics companies supplier Shadowfax Technology has raised $100 million in Series E funding spherical. TPG NewQuest led the spherical, with participation from present traders, together with Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital. This spherical encompasses a mix of main, secondary and enterprise debt financing.

Eight Roads Ventures, the corporate’s first institutional investor having invested in Shadowfax’s Series A spherical in 2015, additionally made a partial exit.

Over the following 18 months, Shadowfax will utilise the raised funds to strengthen its middle-mile community and prolong its last-mile supply companies to cowl all 20,000 pincodes throughout India. Part of the raised funds will likely be used to develop companies for direct-to-consumer (D2C) manufacturers leveraging cutting-edge applied sciences and additional improve Shadowfax’s specific supply community. Such growth and innovation initiatives are pivotal in solidifying Shadowfax’s aggressive edge.

The Bengaluru-headquartered startup is making an attempt to streamline logistics operations by unifying disparate parts in India’s last-mile ecosystem.

“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,” mentioned Abhishek Bansal, CEO of Shadowfax.

The e-commerce service supplier and hyperlocal firm, presently has a distribution community that stretches throughout 2,500+ cities and covers over 15,000 pin codes. It delivers 2 million packages day by day.

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

Founded in 2015, Shadowfax has raised greater than $220 million in main and secondary transactions.