Shadowfax Bags $4M in Series F, Eyes $50M Amid IPO Plans

Abhishek Bansal, Shadowfax Co-Founder & CEO

Logistics firm Shadowfax has secured Rs 34.2 crore (around $4 million) in its Series F round. The development has come nearly 11 months after raising $100 million in its last funding round.

The board at Shadowfax has passed a special resolution to allot 5773 Series F compulsory cumulative preference shares at an issue price of Rs 59,320 each to raise Rs 34.2 crore or $4 million, its regulatory filing accessed from the Registrar of Companies shows.

Mirae Asset invested Rs 17.4 crore, while Nokia Growth Partners contributed Rs 16.79 crore in the round. Shadowfax is reportedly aiming to raise $50 million, with this investment being part of a larger raise.

According to Entrackr’s estimates, the Flipkart-backed company has been valued at around Rs 5,981 crore or $712 million post-allotment. The valuation might change with the flow of more funds.

Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users.

The Benglauru-based company has raised over $200 million to date. According to the startup data intelligence platform TheKredible, Eight Road Ventures is the largest external stakeholder followed by Flipkart, Newquest Asia and Nokia Growth Partners.

Shadowfax reportedly plans to raise Rs 2500-3000 Cr IPO in the second half of the ongoing calendar year and the company also tapped JM Financial, Morgan Stanley and ICICI Securities as  the lead bankers for the initial public offering.

Shadowfax has reported a 33.2% year-on-year growth to Rs 1,415 crore during the previous fiscal year ended March 2024. Moreover, the company has maanaged to reduced its by significantly by 91.7% to Rs 11.8 crore from Rs 142.6 crore in FY23.

In terms of competition, Delhivery, a publicly listed company, reported Rs 8,594 crore in revenue for FY24. Ecom Express posted Rs 2,609 crore in revenue for FY24 and has secured board approval for a Rs 2,600 crore IPO. Other key competitors for Shadowfax include XpressBees, Shiprocket, and Blue Dart.

Source: Entrackr