On-demand logistics services provider Shadowfax Technology has raised $100 million in Series E funding round. TPG NewQuest led the round, with participation from existing investors, including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital. This round encompasses a blend of primary, secondary and venture debt financing.

Eight Roads Ventures, the company’s first institutional investor having invested in Shadowfax’s Series A round in 2015, also made a partial exit.

Over the next 18 months, Shadowfax will utilise the raised funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pincodes across India. A part of the raised funds will be used to develop services for direct-to-consumer (D2C) brands leveraging cutting-edge technologies and further enhance Shadowfax’s express delivery network. Such expansion and innovation initiatives are pivotal in solidifying Shadowfax’s competitive edge.

The Bengaluru-headquartered startup is attempting to streamline logistics operations by unifying disparate elements in India’s last-mile ecosystem.

“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,” said Abhishek Bansal, CEO of Shadowfax.

The e-commerce service provider and hyperlocal company, currently has a distribution network that stretches across 2,500+ cities and covers over 15,000 pin codes. It delivers 2 million packages daily.

“Shadowfax is revolutionizing 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. We are excited to be partnering with them,” said Amit Gupta, Partner and Head of India and Southeast Asia, TPG NewQuest.

Founded in 2015, Shadowfax has raised more than $220 million in primary and secondary transactions.