After discussions with A91 Partners halted over value discrepancies and other restrictions, Shadowfax Technologies Ltd, a new-age logistics services provider, is looking for new finance at revised values, according to three persons with direct knowledge of the event.
The income of the social commerce firm accounts for nearly 45–50% of Shadowfax.
“The potential investors have asked Shadowfax to rebalance its order book from online retailer Meesho before it proceeds with any fundraising plan,” one of the three people said, requesting anonymity.
The second source, who also asked to remain anonymous, claimed that Shadowfax is trying to raise up to $75 million from new and current investors, valuing the firm at $450-500 million. “The investment round from A91 Partners has been put on hold, and the exclusivity period has ended,” he added.
Qualcomm Ventures, US investment firm NGP Capital, Mirae Asset Naver Fund, Flipkart, and Eight Roads Ventures are just a few of the investors that have contributed approximately $120 million to the company so far.
Shadowfax, a company founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, and Praharsh Chandra, provides logistical support to firms with an online focus.
Aside from managing less time-sensitive logistics for e-commerce enterprises, the company provides 30-minute delivery to fast commerce, pharmacy, and food delivery providers.
A third individual with knowledge claims that the firm grew by more than 30% in the most recent quarter, prompting management and the round’s creators to reconsider the valuations they originally proposed.
More than 15 lakh orders are filled daily through Shadowfax’s roster of 125,000 monthly transacting delivery partners in more than 1100 cities and towns.
