Flipkart-backed Shadowfax nears $60 million funding led by TPG NewQuest - Beritaja

Indian logistics startup Shadowfax is finalizing a backing information of astir $60 million, much than a twelvemonth aft it began The backing deliberations, 2 sources acquainted pinch The matter said.

TPG’s NewQuest is positioning to lead The round, which besides includes immoderate secondary transactions, The sources said, requesting anonymity arsenic The deliberations are private. The Bengaluru-headquartered startup, which counts Flipkart among its backers, earlier engaged pinch A91 Partners for The backing but The talks didn’t materialize complete valuation mismatch, The sources said. Indian regular Economic Times earlier reported astir The A91 Partners talks.

A woody pinch NewQuest could adjacent arsenic soon arsenic this month, The sources said. Shadowfax didn’t respond to a petition for remark Tuesday.

The startup, 1 of The largest logistics services supplier to hyper-local, on-demand transportation businesses, has importantly pared its reliance connected its largest customer Meesho in caller months and has been profitable for astatine slightest The past 3 months, The sources said. Its over-reliance connected Meesho was a root of interest among galore of its investors, group acquainted pinch The matter said.

Shadowfax counts Myntra, Zomato-owned Blinkit, Decathlon, Flipkart, BigBasket and Practo among its customers. The startup’s losistics web reaches complete 9,500 zipcodes crossed India and it useful pinch complete 3 cardinal transportation personnels and processes 1.5 cardinal orders a day, according to its website.

TPG NewQuest didn’t instantly respond to a petition for comment. Shadowfax has raised astir $121 cardinal complete The years.