Flipkart-backed Shadowfax nears $60 million funding led by TPG NewQuest

the Indian logistics startup Shadowfax finalizing a funding round of about $60 million. Key points include:

• TPG's NewQuest is positioning to lead the funding round.
• The round may also include some secondary transactions.
• Shadowfax previously engaged with A91 Partners for funding but talks didn't materialize.
• A deal with NewQuest could close this month.
• Shadowfax has reduced its reliance on its largest customer, Meesho, and has been profitable for the past three months.
• Shadowfax's customers include Myntra, Blinkit, Decathlon, Flipkart, BigBasket, and Practo.
• The startup's logistics network covers over 9,500 zip codes in India and works with over 3 million delivery personnel.
• Shadowfax has raised about $121 million in total.