Indian logistics startup Shadowfax is finalizing a funding spherical of about $60 million, greater than a 12 months after it started the funding deliberations, two sources acquainted with the matter stated.
TPG’s NewQuest is positioning to steer the spherical, which additionally contains some secondary transactions, the sources stated, requesting anonymity because the deliberations are personal. The Bengaluru-headquartered startup, which counts Flipkart amongst its backers, earlier engaged with A91 Companions for the funding however the talks didn’t materialize over valuation mismatch, the sources stated. Indian day by day Financial Instances earlier reported concerning the A91 Companions talks.
A take care of NewQuest may shut as quickly as this month, the sources stated. Shadowfax didn’t reply to a request for remark Tuesday.
The startup, one of many largest logistics companies supplier to hyper-local, on-demand supply companies, has considerably pared its reliance on its largest buyer Meesho in current months and has been worthwhile for no less than the previous three months, the sources stated. Its over-reliance on Meesho was a supply of concern amongst a lot of its traders, folks acquainted with the matter stated.
Shadowfax counts Myntra, Zomato-owned Blinkit, Decathlon, Flipkart, BigBasket and Practo amongst its clients. The startup’s losistics community reaches over 9,500 zipcodes throughout India and it really works with over 3 million supply personnels and processes 1.5 million orders a day, in response to its web site.
TPG NewQuest didn’t instantly reply to a request for remark. Shadowfax has raised about $121 million through the years.
