Shadowfax Launches Series F Funding Round Valued at $712 Million

Logistics firm Shadowfax has successfully raised Rs 34.2 crore (approximately $4 million) in its Series F funding round. This funding comes about 11 months after it secured $100 million in its previous funding round.

The board of Shadowfax has approved a special resolution to issue 5,773 Series F compulsory cumulative preference shares at a price of Rs 59,320 each, in order to generate Rs 34.2 crore, as per its regulatory filing with the Registrar of Companies.

Mirae Asset has invested Rs 17.4 crore, while Nokia Growth Partners has contributed Rs 16.79 crore during this funding round. Shadowfax reportedly has plans to raise $50 million overall, with this investment being a part of that larger goal.

Estimates from Startup Superb suggest that the Flipkart-backed company is valued at approximately Rs 5,981 crore (around $712 million) after this allotment. This valuation may fluctuate as additional funds are acquired.

Shadowfax offers services to a broad network of clients, showcasing industry-leading Turnaround Time (TAT) at competitive pricing. The company operates a distinctive crowdsourcing network, featuring 125,000 active delivery partners each month and 3.5 million registered users.

Based in Bengaluru, Shadowfax has raised over $200 million in total funding so far. According to various sources, the largest external stakeholder is Eight Road Ventures, followed by Flipkart, Newquest Asia, and Nokia Growth Partners.

Shadowfax is reportedly looking to achieve an IPO valued between Rs 2,500-3,000 crore in the latter half of this calendar year, and has engaged JM Financial, Morgan Stanley, and ICICI Securities as lead advisors for the initial public offering.

The company experienced a year-on-year growth of 33.2%, reporting revenue of Rs 1,415 crore for the fiscal year ending March 2024. Additionally, it has managed to significantly reduce its net loss by 91.7%, decreasing from Rs 142.6 crore in FY23 to Rs 11.8 crore.

In the competitive landscape, Delhivery, a publicly listed competitor, reported revenue of Rs 8,594 crore for FY24. Ecom Express achieved Rs 2,609 crore in revenue for FY24 and has gained board approval for a proposed IPO worth Rs 2,600 crore. Other notable competitors for Shadowfax include XpressBees, Shiprocket, and Blue Dart.