Shadowfax, a logistics services startup, has raised $100 million (INR 828.78 crore) in its Series E funding round led by TPG NewQuest, with existing investors including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.

The investment also resulted in a partial exit for Eight Roads Ventures, the startup’s initial institutional investor from 2015.

The business stated that it would utilise the funds to strengthen its middle-mile network and expand its last-mile delivery capabilities.

“Shadowfax is revolutionising the e-commerce logistics sector in India. We have been impressed with the tech stack they have built. This helps with the delivery of superior service metrics and allows them to quickly adapt their services to client’s changing needs at the lowest price,” TPG NewQuest’s India and SEA head Amit Gupta said.

As of November, the business claimed to operate in 15,000 pin codes across the country, processing 15 lakh orders daily. With the new capital, the business hopes to expand its operations across India, covering all 20,000 pincodes.

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“Our ability to capture a greater share of the market, even in a tough economic climate, is a testament to the core strength of our business. Now having another marquee investor on the board only adds to our confidence in what we’re building,” Shadowfax’s CEO Abhishek Bansal said.

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