Indian logistics firm Shadowfax raises $100 mln in TPG-led funding round

Delhivery

27/02/2024 12:08

BENGALURU, Feb 27 (Reuters) - Indian logistics firm
Shadowfax on Tuesday said it raised $100 million in a funding
round led by U.S. private equity firm TPG  TPG.O  to extend
last-mile delivery services.
    The company declined to disclose the valuation at which it
raised the funds. It was last valued at $632 million, as of
April 2022, per data from investment tracker Tracxn.
    Besides TPG, existing investors, including Walmart
 WMT.N -owned e-commerce platform Flipkart, fund house Mirae
Asset, and International Finance Corp, also participated in the
funding round, according to a statement.
    Early investor Eight Roads Ventures sold some of its stake
in Shadowfax, the statement said, without specifying details.
    "This round encompasses a blend of primary, secondary and
venture debt financing," Shadowfax said.
    Logistics firms such as Shadowfax, Delhivery  DELH.NS  and
DHL-owned Blue Dart Express  BLDT.NS  have hugely benefited as
Indians increasingly shop online for everything from electronics
to fashion.
    Annual e-commerce shipment volumes in India are expected to
grow at least five-fold to 20 billion by 2030 from 3.9 billion
in 2022, according to a report by consultancy firm Redseer.


 (Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia
Cheema)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))