Exclusive: Shadowfax begins new round at $600 Mn valuation
Summary
On demand logistics firm Shadowfax has kicked off a new round from existing investors. The fresh round has come for the company after a gap of more than 30 months.Shadowfax has issued 16,919 Series D2 CCPS at an issue price of Rs 56,338 per share to raise Rs 95.32 crore or $12 million, regulatory filings with RoC show.Flipkart spearheaded the round by infusing Rs 77.56 crore or $9.75 million whereas Trifecta Venture and Qualcomm joined the round with Rs 10 crore and Rs 7.76 crore respectively.According to Entrackrs sources, the Series E round is an ongoing one and the company will raise another $50 million in the coming weeks.As per Fintrackrs estimates, Shadowfax has raised the fresh funds at a post-money valuation of $600 million. The company was estimated to be valued at $250 million during Series D round. As of now, the company has raised $100 million excluding this round.Founded in 2015, Shadowfax was an e-commerce-focused logistics company but the company evolved into a full-fledged logistics solution covering hyperlocal and quick commerce capabilities.It competes with the likes of Delhivery, Rapido, Dunzo and other traditional logistics companies.While Delhivery had recently gone public and currently has a market capitalisation of $5.38 billion, Rapido cornered $180 million round led by Swiggy at a valuation of $800 million in April this year. Reliance had acquired 26% stake in Dunzo for $200 million in January.Shadowfax is yet to file its annual financial statement for FY22, however, it demonstrated strong growth in FY21.