Shadowfax Cofounders Invest Rs 65 Cr In IPO-Bound Startup

Logistics company ShadowFax, which is preparing for an IPO, has secured Rs 65.4 Cr (approximately $7.5 million) in funding from its cofounders, Vaibhav Khandelwal and Abhishek Bansal.

The funding values the company at $750 million (about Rs 6518.51 Cr). This investment is part of a larger funding round of about $50 million that Shadowfax is raising.

Of the total Rs 65.4 Cr, Bansal contributed Rs 37.3 Cr, while Khandelwal invested Rs 28.1 Cr.

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On March 4, the startup's board approved a plan to issue 21,358 Series Y1, Y2, and Y3 compulsory convertible preference shares (CCPS) to the co-founders at Rs 30,638 per share. This funding will help raise the INR 65.4 Cr.

Additionally, Shadowfax raised Rs 10.9 Cr from IMM India Fund by issuing 1,838 Series F CCPS. This was an extension of the Rs 96.2 Cr funding raised from investors like Edelweiss Discovery Fund, NewQuest Asia Fund IV (Singapore), and InCred Growth Partners Fund – I in February.

In February, Shadowfax also raised Rs 34.24 Cr (around $4 million) in a Series F round from existing investors, Mirae Asset and Nokia Growth Partners.

About Shadowfax 

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax offers fast, local delivery services to businesses and works with e-commerce platforms like Flipkart and Meesho.

In January, Shadowfax bought the transportation and logistics company CriticaLog India Private to expand its services. According to its website, the company now has a distribution network that covers over 2,500 cities and more than 18,000 pin codes.

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