Shadowfax, one of many largest logistics service suppliers to hyper-local and on-demand supply companies in India, has raised $100 million in a brand new funding spherical because it clocks an yearly development of 35%.

TPG NewQuest led Shadowfax’s Collection E financing spherical, which incorporates some secondary transactions, the startup mentioned on Tuesday. TechCrunch reported final yr that TPG NewQuest was evaluating an funding in Shadowfax.

Current backers together with the e-commerce big Flipkart, Mirae Asset Enterprise Investments, IFC, Nokia Progress Companions, Qualcomm, Eight Roads Ventures and Trifecta Capital additionally participated within the new funding, the startup mentioned.

Shadowfax is tackling the nation’s extremely fragmented last-mile supply infrastructure. India’s shopper supply networks are sometimes inefficient and battle with advanced city environments and inconsistent service high quality. This results in delays, elevated prices, and frustration particularly for small companies that in any other case don’t have refined supply capabilities.

The Bengaluru-headquartered startup is making an attempt to streamline logistics operations by unifying disparate components in India’s last-mile ecosystem.

Shadowfax’s community in the present day reaches over 2,500 cities and greater than 15,000 zip codes. Shadowfax says it makes over 2 million packages supply every day and has amassed over 3.5 million registered customers.

“As a third-party logistics group, we’ve got gained market share tremendously over the past 24 months. And we’ve got finished so whereas remaining worthwhile,” Abhishek Bansal, co-founder and chief government of Shadowfax, instructed TechCrunch in an interview.

Shadowfax operates a logistics and supply community of over 125,000 month-to-month lively supply personnels, and works with quite a few corporations together with Flipkart, Meesho and lots of direct-to-consumer manufacturers. The startup hasn’t misplaced one buyer in 5 years, Bansal mentioned.

Bansal attributed the expansion to the broader adoption of quick-commerce in India, which he mentioned has helped the startup develop at a 35% price.

“We’ve got a hyper-local arm as effectively and that has an enormous publicity to quick-commerce corporations. We’re working with all quick-commerce corporations, and any model that should ship the identical day or the day after,” he added.

Based in 2015, Shadowfax has raised greater than $220 million in major and secondary transactions.

In a press release, Amit Gupta, Companion and Head of India and Southeast Asia at TPG NewQuest, mentioned Shadowfax is “revolutionizing” the e-commerce logistics sector in India.

Shadowfax is Mirae Asset’s first funding in India and the enterprise agency has participated in every subsequent spherical.

“We consider that logistics is key to ecommerce and hyperlocal commerce and that it permits the expansion of those markets. Abhishek and Vaibhav along with their group have constructed a extremely scalable platform and have continued to ship even throughout difficult durations,” Ashish Dave, CEO of Mirae Asset Enterprise Investments (India), mentioned in a press release.

“All through the final 5 years, they’ve invested in rising the community and the group whereas additionally delivering on the correct monetary metrics.”