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Logistics Platform Shadowfax Raises $60 Million from Flipkart & Others

9Dec By NitishNo Comments

FUNDING

Logistics Platform Shadowfax Raises $60 Million from Flipkart & Others

Bengaluru, Dec 9, 2019: Flipkart, India's leading eCommerce platform now owned by US-based Walmart has led a $60 million Series D investment round in logistics platform Shadowfax. The investment come as a part of their strategy to expand hyperlocal delivery capabilities. Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund and World Bank backed IFC investment group also participate in this round. Flipkart already partnered with Shadowfax to fulfil its logistics requirements across various categories in its e-commerce business. "At Flipkart, we are focused on redefining customer experience, and hyperlocal is a key element to enable this transformation," said Kalyan Krishnamurthy, Chief Executive Officer, Flipkart. "We have seen strong syne...

Logistics Provider Shadowfax Secured $22 Million in Series C Funding

Shadowfax, India's largest logistics provider for local businesses has raised an amount of $22 million in Series C funding round. This financial round was led by Nokia Growth Partners. The round also saw the participation of Qualcomm Ventures, Mirae Asset and existing investor Eight Roads Ventures. This particular investment is likely to value the logistics provider at around $87-97 million, as stated by two people familiar with details of the development. The company is planning to utilize these funds to scale up its operations and is looking forward to connecting 400,000 delivery, business partners to its platform by 2021. “We will be doubling and tripling down our business in these three categories—food, grocery and ecommerce fashion,” said Abhishek Bansal, chief executive of Sha...

Hyperlocal Logistics Startup ShadowFax Raises 68 Crore Funding

Shadowfax, one of India’s largest express delivery platform has raised $10 million (Rs 68 crore) in Series B funding led by existing investor Eight Roads Ventures, an investment arm of Fidelity International Ltd. The investment will use to build its network, consolidate its market position and stabilise performance in existing cities, Eight Roads said in a statement. The company provides logistics support for intra city movement across multiple segments such as F&B, grocery, and e-tailing in 15 cities. It has recently launched low cost express delivery in an additional 10 cities. The latest expansion takes its total pin code coverage to more than 1500 adding cities like Ahmedabad, Indore, Faridabad, Kolkata, Chandigarh, Vadodra, Vishakhapatnam, Nagpur, and Lucknow. The startup will ...