PE Fund Investments
Hyperlocal logistics player ShadowFax raises Rs.34-Cr from Mirae Asset, Nokia
Bengaluru-based logistics company ShadowFax has raised INR 34.24 crore (around USD 4 million) in a Series F funding round from existing investors Mirae Asset (INR 17.44 crore) and Nokia Growth Partners (INR 16.79 crore). The company is looking to raise USD 50 million in this round.Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax offers hyperlocal and on-demand deliveries to businesses. E-commerce platforms Flipkart and Meesho are claimed to be its clients.The firm managed to narrow its net loss by nearly 92% to INR 11.8 crore in FY24 from INR 142.6 crore in the previous year. Its operating revenue grew 33.19% to INR 1,884.8 crore during FY24 from INR 1,415.1 crore in the previous year.
Between Sept 2015 and Dec 2023, Shadowfax had raised about USD 235 M from Eight Roads Ventures, InnoVen Capital, Mirae Asset Global Investments, Nokia Growth Partners, Qualcomm Ventures, and others.For FY24, Shadowfax had reported about INR 1,884 Cr in Operating Income and about INR 11 Cr in Net Loss.
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