The Competition Commission of India (CCI) has granted approval to Seoul, South Korea-based Mirae Group's proposal to acquire a minority stake in logistics firm Shadowfax. Mirae Group, using its 'Late Stage Opportunities Fund,' will also earn the right to appoint a representative to Shadowfax's board.
Shadowfax is also set to finalize a USD 60 million investment led by TPG NewQuest.
Established in 2015, Shadowfax serves as a third-party logistics platform catering to hyperlocal and delivery businesses, including Meesho, Blinkit, Decathlon, Flipkart, and BigBasket.
From the Venture Intelligence PE-VC Deal Database: Between Sep 2015 and Jul 2022, Shadowfax had raised over USD 113 M from Trifecta Capital, Mirae Asset Global Investments, Flipkart, Nokia Growth Partners, Qualcomm Ventures, Eight Roads Ventures and IFC (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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