Indian logistics startup Shadowfax is finalizing a investment spherical of about $60 million, greater than a 12 months after it all started the investment deliberations, two assets conversant in the subject mentioned.

TPG’s NewQuest is positioning to guide the spherical, which additionally contains some secondary transactions, the assets mentioned, soliciting for anonymity because the deliberations are non-public. The Bengaluru-headquartered startup, which counts Flipkart amongst its backers, previous engaged with A91 Companions for the investment however the talks didn’t materialize over valuation mismatch, the assets mentioned. Indian day-to-day Financial Instances previous reported in regards to the A91 Companions talks.

A take care of NewQuest may shut once this month, the assets mentioned. Shadowfax didn’t reply to a request for remark Tuesday.

The startup, probably the most biggest logistics services and products supplier to hyper-local, on-demand supply companies, has considerably pared its reliance on its biggest buyer Meesho in contemporary months and has been successful for a minimum of the previous 3 months, the assets mentioned. Its over-reliance on Meesho was once a supply of shock amongst a lot of its buyers, other folks conversant in the subject mentioned.

Shadowfax counts Myntra, Zomato-owned Blinkit, Decathlon, Flipkart, BigBasket and Practo amongst its shoppers. The startup’s losistics community reaches over 9,500 zipcodes throughout India and it really works with over 3 million supply personnels and processes 1.5 million orders an afternoon, consistent with its site.

TPG NewQuest didn’t straight away reply to a request for remark. Shadowfax has raised about $121 million over time.


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