On-demand logistics firm Shadowfax has kicked off a new round from existing investors. The fresh round has come for the company after a gap of more than 30 months.

Shadowfax has issued 16,919 Series D2 CCPS at an issue price of Rs 56,338 per share to raise Rs 95.32 crore or $12 million, regulatory filings with RoC show.

Flipkart spearheaded the round by infusing Rs 77.56 crore or $9.75 million whereas Trifecta Venture and Qualcomm joined the round with Rs 10 crore and Rs 7.76 crore respectively.

According to Entrackr’s sources, the Series E round is an ongoing one and the company will raise another $50 million in the coming weeks.

As per Fintrackr’s estimates, Shadowfax has raised the fresh funds at a post-money valuation of $600 million. The company was estimated to be valued at $250 million during the Series D round. As of now, the company has raised $100 million excluding this round.

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Founded in 2015, Shadowfax was an e-commerce-focused logistics company but the company evolved into a full-fledged logistics solution covering hyperlocal and quick commerce capabilities.

It competes with the likes of Delhivery, Rapido, Dunzo and other traditional logistics companies.

While Delhivery had recently gone public and currently has a market capitalisation of $5.38 billion, Rapido cornered a $180 million round led by Swiggy at a valuation of $800 million in April this year. Reliance had acquired a 26% stake in Dunzo for $200 million in January.

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Shadowfax is yet to file its annual financial statement for FY22, however, it demonstrated strong growth in FY21. Its operating revenue grew 43.7% to Rs 463.8 crore for the fiscal year ending March 2021 from Rs 322.8 crore in FY20, as per Fintrackr’s analysis. Meanwhile, the company’s annual losses also surged 53.5% to Rs 132.87 crore in FY21 from Rs 86.56 crore in FY20.