September 11, 2023
3 min

Flipkart-backed Shadowfax nears $60 million funding led by TPG NewQuest - TechCrunch

Indian logistics startup Shadowfax is finalizing a $60 million funding round led by TPG's NewQuest. The round also includes some secondary transactions. Previously, Shadowfax engaged with A91 Partners for funding, but talks didn't materialize due to a valuation mismatch. The deal with NewQuest could close this month. Shadowfax has reduced its reliance on its largest customer, Meesho, and has been profitable for the past three months. The startup's clients include Myntra, Zomato-owned Blinkit, Decathlon, Flipkart, BigBasket, and Practo. Shadowfax operates in over 9,500 zip codes in India, with a network of 3 million delivery personnel processing 1.5 million orders daily.

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Adhikansh Gupta
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Writer and editor who covers the latest trends and innovations in the software-as-a-service (SaaS) industry