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On-demand logistics services provider Shadowfax Technology has pared down losses after taxes by 19% for FY23 to Rs 142.63 crore from the year-ago period, according to documents filed with the Registrar of Companies. 

The Bengaluru-based company increased its income from revenue and other sources by 42.6% for the financial year ended March 31, 2023 at nearly Rs 1,423 crore, up from Rs 997.3 crore in the previous year. The company’s total expenditure too rose by 33.4% for FY23 on the back of unspecified expenses which grew to Rs 1,314.8 crore from Rs 972.3 crore in FY22. Employee benefit expense rose by 22.67% for the financial year to Rs 213.7 crore. 

The company has to date granted 72,565 options under its Employee Stock Ownership Plan, of which 5,765 options were granted during FY23. Of the total options, 15,360 have been awarded to key managerial personnel and 48,254 have been vested. 

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Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax was last valued at $632 million in April 2022, according to data and research platform Tracxn. In August this year, the company was said to be in talks to raise $60 million in a Series D round of funding led by Asia-Pacific-focused secondary market and private equity player TPG NewQuest. 

The startup, which is backed by the likes of Flipkart, Mirae Asset, IFC, and Eight Roads Ventures, among others, works with players across ecommerce, grocery, medicine and food delivery to service multi-city ecommerce fulfilment and reverse logistics. Shadowfax claims to work with over 1.3 lakh delivery partners, servicing over 10,000 pincodes. The company, which started out as a hyperlocal logistics delivery player, has also expanded its fulfilment centres to service direct-to-consumer brands and small merchants.