Our partner company Shadowfax, a trailblazer in the logistics and delivery sector in India, today announced its $100 million Series E financing round led by TPG NewQuest, with participation from existing investors, including Mirae Asset Management, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.

Eight Roads was the company’s first institutional investor, leading its Series A round in 2015. Today, we’re delighted to also announce a partial exit, a move that underscores Shadowfax’s growth and track record of creating value for shareholders and investors.

Commenting on the longstanding partnership with Shadowfax, Shweta Bhatia, Partner & Head of Technology, Consumer & Financial Services Investments India, Eight Roads Ventures, said: “Our partnership with Abhishek, Vaibhav, Praharsh and Gaurav spans nearly a decade and we at Eight Roads Ventures have been fortunate to witness Shadowfax’s scaleup journey right from the early days when 3PL for new-age commerce was beginning to take root. As the market evolves, we are excited for the company’s continued success as the preferred partner of choice for e-commerce and express logistics on the back of its industry-leading tech innovation and operational excellence.”

Over the next 18 months, Shadowfax will deploy the new funds towards reinforcement of its middle-mile network and extend its last-mile delivery services to cover all 20,000 pincodes across the country. The company also plans to utilize the funding to develop state-of-the-art services for direct-to-consumer (D2C) brands leveraging cutting-edge technologies and enhance its express delivery network.

Abhishek Bansal, CEO of Shadowfax, said: "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 a marquee investor on board only adds to our confidence in what we're building."

Shadowfax’s transition to a full-stack parcel business model has led to consistent EBITDA profits, with three consecutive quarters of profitability in the current financial year from April to December 2023. As Shadowfax celebrates these milestones, it remains committed to its vision for the future and is on track to achieve its first full financial year of positive EBITDA in FY24.

Read more about the fundraise here.