IPO-Bound Shadowfax Nets INR 34 Cr In Series F Funding Round

IPO-Bound Shadowfax Nets INR 34 Cr In Series F Funding Round

SUMMARY

While Mirae Asset invested INR 17.44 Cr, Nokia Growth Partners infused INR 16.79 Cr in Shadowfax’s latest funding round

The logistics company is looking to raise INR 2,500 Cr to INR 3,000 Cr through its IPO

IPO-bound Shadowfax reported a net loss of INR 11.8 Cr in FY24 on operating revenue of INR 1,884.8 Cr

IPO-bound logistics company ShadowFax has raised INR 34.24 Cr (around $4 Mn) in a Series F funding round from existing investors Mirae Asset and Nokia Growth Partners.

The board of Shadowfax passed a special resolution on January 28 to allot 5,773 Series F cumulative compulsorily convertible preference shares (Series F CCPS) with a face value of INR 5,000 each and a premium of INR 54,320 to raise the sum, its regulatory filing with the Registrar of Companies accessed by Inc42 showed.

While Mirae Asset infused INR 17.44 Cr, Nokia Growth Partners invested INR 16.79 Cr in the Flipkart-backed company.

This comes just days after Shadowfax acquired transportation and logistics business CriticaLog India Private Limited to further expand its offerings for an undisclosed amount.

Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax provides hyperlocal and on-demand deliveries to businesses. It counts ecommerce platforms like Flipkart and Meesho among its clients. 

Shadowfax is among the growing list of new-age tech companies looking to go public amid the boom in startup IPOs in the country. The Bengaluru-based company plans to raise INR 2,500 Cr to INR 3,000 Cr via its initial public offering (IPO) at a valuation of INR 5,000-8000 Cr. 

The latest round appears to be part of a bigger fundraiser. In October 2024, it was reported that the startup was in advanced discussions to raise INR 350 Cr to INR 400 Cr (around $45 Mn to $50 Mn) in a fresh funding round.

Shadowfax last raised $100 Mn in its Series E funding round, led by TPG NewQuest, in February last year.

Prior to the latest round, the logistics services startup had bagged a total funding of about $212 Mn. It counts Flipkart, Mirae Asset Venture Investments (India), and Qualcomm among its backers.

Shadowfax locks horns with the likes of Delhivery, Ecom Express, XpressBees, Shiprocket LoadShare, Ripple, and Pickrr in the country’s logistics market.

The startup managed to narrow its net loss by nearly 92% to INR 11.8 Cr in the financial year ended March 31, 2024 (FY24) from INR 142.6 Cr in FY23.

Operating revenue jumped 33.19% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in the previous year. 

 

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IPO-Bound Shadowfax Nets INR 34 Cr In Series F Funding Round-Inc42 Media
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