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Logistics service provider Shadowfax on Tuesday announced the closing of its Series E funding round, securing $100 million in investments.

TPG NewQuest led the round, with participation from existing investors, including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.

"Our ability to capture a greater share of the market, even in a tough economic climate, is a testament to the core strength of our business," Abhishek Bansal, CEO of Shadowfax, said in a statement.

Eight Roads Ventures, the company’s first institutional investor having invested in Shadowfax’s Series A round in 2015, made a partial exit.

"We have been impressed with the tech stack they have built. This helps with the delivery of superior service metrics and allows them to quickly adapt their services to client’s changing needs at the lowest price," said Amit Gupta, Partner and Head of India and Southeast Asia, TPG NewQuest.

Over the next 18 months, the company said that Shadowfax will utilise the raised funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pin codes across India.

Part of the raised funds will be used to develop state-of-the-art services for Direct-to-Consumer (D2C) brands leveraging cutting-edge technologies and further enhancing Shadowfax’s express delivery network, it added.