Shadowfax has onboarded Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors to its board ahead of its IPO
The new additions will boost the company’s governance framework and further strengthen its position in the evolving ecommerce and direct-to-business (D2C) landscape
The development comes on the heels of the Flipkart-backed startup’s plans to go for an initial public offering (IPO) to raise INR 2,500 – 3,000 Cr
Last mile delivery startup ShadowFax
has roped in Bijou Kurien, Ruchira Shukla and Pirojshaw Sarkari as independent directors to its board ahead of its IPO.
According to the company statement, the new additions will boost its governance framework and further strengthen its position in the evolving ecommerce and direct-to-business (D2C) landscape.
“The new appointments will bring deep industry experience and strategic insights that align with our vision to redefine third party logistics (3PL) in India. Their guidance will be invaluable as we continue to lead the logistics sector,” said Abhishek Bansal, cofounder and CEO of Shadowfax.
The newly appointed independent directors at Shadowfax come from a diverse background coupled with domain expertise in the logistics sector. Kurien has more than 35 years of experience in the FMCG, consumer durables, and retail sector. He is also one of the founding members of Titan Industries and Reliance Retail. Currently he is a professional advisor for private equity funds and startups.
Shukla is currently the cofounder and managing partner at STEM-focussed venture capital firm Synapses. She carries more than two decades of experience in venture capital, private equity, strategy consulting, and investment banking across India, US and Europe. Her expertise spans over climate tech, consumer internet, B2B ecommerce, health tech and edtech.
Sarkari brings his expertise in the logistics space on the table as he has formerly served as the MD and CEO of Gato Allcargo. Currently, he is an angel investor with Inflection Point Ventures. He also held the position of CEO at Mahindra Logistics.
Founded in 2015 by Bansal and Vaibhav Khandelwal, Shadowfax provides last mile delivery services to ecommerce platforms and D2C brands. Apart from that it also offers value added services to its clients which includes reverse logistics services, parcel exchange and quick delivery options to its clientele. It includes Mamaearth, Nykaa, Flipkart, Meesho and other as its clients.
The development comes on the heels of the Flipkart-backed startup’s plans to go for an initial public offering (IPO) to raise INR 2,500 – 3,000 Cr which it announced last year. The startup is looking at a valuation of INR 5,000 – 8,000 Cr through its public listing.
Yesterday (February 3), the IPO-bound startup raised INR 34.24 Cr from its existing investors Mirae Asset and Nokia Growth Partners. The company is backed by the likes of Eight Road Ventures, International Finance Corporation, Qualcomm Ventures along with others and has raised a total of $213 Mn in total from the day of its inception.
Last week, the Bengaluru-based startup acquired transportation and logistics business CriticaLog India Private Limited to further expand its offerings by rolling out comprehensive and customisable delivery services across the country.
The startup slashed its net losses by nearly 92% to INR 11.8 Cr in the financial year ended March 31, 2024 (FY24) from INR 142.6 Cr in FY23. Operating revenue jumped 33.19% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in the previous year.
