On 3 February 2025, Bengaluru-based logistics provider Shadowfax announced securing INR 34.24 crore (approximately USD 4 million) in its Series F funding round. This investment was contributed by existing investors Mirae Asset and Nokia Growth Partners, according to filings with the Registrar of Companies.
Shadowfax – Investment Details
The funding involved issuing 5,773 Series F cumulative compulsorily convertible preference shares at INR 59,320 each. Mirae Asset invested INR 17.44 crore, while Nokia Growth Partners added INR 16.79 crore. This follows a significant Series E round where Shadowfax raised USD 100 million (~INR 871 crore) led by TPG NewQuest, underscoring its robust financial strategy in a competitive sector.
Valuation and Market Position
Post-investment, Shadowfax’s valuation is pegged at about INR 5,981 crore (USD 712 million), though it aims to raise an additional USD 50 million (~INR 435 crore) in this round. This capital is earmarked for scaling operations, enhancing last-mile delivery, and expanding into the burgeoning e-commerce and quick-commerce markets in India.
Financial Health and Expansion
Shadowfax has shown notable financial growth, with operating revenue increasing by 33.2% to INR 1,885 crore in FY24 from INR 1,415 crore in FY23. Its net loss was drastically cut by 91.7%, from INR 142.6 crore to INR 11.8 crore. This performance highlights effective operational optimization and technological leverage for cost efficiency.
The acquisition of CriticaLog India has further bolstered Shadowfax’s capabilities in high-value logistics, particularly in sectors like healthcare and IT supply chains. This strategic move enhances its service spectrum and strengthens its market position.
Shadowfax IPO and Market Competition
Looking ahead, Shadowfax is preparing for an IPO, planning to raise between INR 2,500 crore to INR 3,000 crore in the latter half of 2025. With JM Financial, Morgan Stanley, and ICICI Securities as lead bankers, this move aims to offer liquidity to early investors and fund further market expansion.
In a competitive landscape with players like Delhivery and Ecom Express, Shadowfax’s focus on technological innovation, including AI for route optimization and automated warehousing, is critical. These advancements are essential as it compete with firms also eyeing significant market shares and IPOs.
Future Outlook
Founded in 2015, Shadowfax has grown from a food delivery logistics provider to a comprehensive service for e-commerce giants, operating in over 2,500 cities across 18,000 pin codes in India. The recent funding and acquisition position it well to expand further in hyperlocal and same-day delivery while venturing into quick commerce, aligning with consumer trends for faster delivery services.
With a clear vision for technological enhancement and market expansion, Shadowfax is poised to strengthen its role as a key player in India’s evolving logistics sector, leveraging its latest financial boosts to maintain a competitive edge and operational excellence.
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