IPO-bound logistics startup Shadowfax has raised INR 34.24 crore (approximately $4 million) in a Series F funding round from its existing investors, Mirae Asset and Nokia Growth Partners. The investment comes at a crucial time as the company gears up for its public listing, strengthening its financial position ahead of its market debut.
As per regulatory filings accessed by Inc42, Shadowfax’s board passed a special resolution on January 28 to issue 5,773 Series F cumulative compulsorily convertible preference shares (Series F CCPS). These shares, carrying a face value of INR 5,000 each and a premium of INR 54,320, were allotted to raise the capital. This fresh infusion of funds is expected to support the company’s expansion efforts, technology advancements, and operational enhancements in the hyperlocal and on-demand logistics segment.
Founded in 2015 by Vaibhav K. and Abhishek Bansal, Shadowfax has emerged as a key player in India’s logistics ecosystem. The company provides hyperlocal and last-mile delivery solutions for various businesses, catering to sectors like e-commerce, food delivery, and pharmaceuticals. It boasts an extensive client base, including major platforms such as Flipkart and Meesho, which rely on its services for seamless and efficient deliveries.
Shadowfax has been strategically expanding its service offerings, leveraging its proprietary technology to optimize delivery operations and enhance scalability. The company’s asset-light model and strong network of delivery partners have enabled it to achieve rapid growth in India’s booming logistics sector. With the increasing demand for quick and reliable deliveries, Shadowfax is well-positioned to capitalize on market opportunities.
As the company moves closer to its IPO, this latest funding round reinforces investor confidence in its business model and long-term vision. By strengthening its financial reserves and operational capabilities, Shadowfax aims to maintain its competitive edge in India’s evolving logistics landscape. The upcoming IPO is expected to provide further capital for growth while offering investors an opportunity to participate in the company’s journey as it scales new heights.