Indian logistics firm Shadowfax raises $100 million in TPG-led funding round

BENGALURU (Reuters) - Indian logistics firm Shadowfax on Tuesday said it raised $100 million in a funding round led by U.S. private equity firm TPG to extend last-mile delivery services.

The company declined to disclose the valuation at which it raised the funds. It was last valued at $632 million, as of April 2022, per data from investment tracker Tracxn.

Besides TPG, existing investors, including Walmart -owned e-commerce platform Flipkart, fund house Mirae Asset, and International Finance Corp, also participated in the funding round, according to a statement.

Early investor Eight Roads Ventures sold some of its stake in Shadowfax, the statement said, without specifying details.

"This round encompasses a blend of primary, secondary and venture debt financing," Shadowfax said.

Logistics firms such as Shadowfax, Delhivery and DHL-owned Blue Dart Express have hugely benefited as Indians increasingly shop online for everything from electronics to fashion.

Annual e-commerce shipment volumes in India are expected to grow at least five-fold to 20 billion by 2030 from 3.9 billion in 2022, according to a report by consultancy firm Redseer.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)