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 Shadowfax. “While all three categories will continue to contribute equally to our overall revenue, food and grocery is expected to grow at a faster pace.”
After this round, the total funding of the company so far has reached $41 million. Bengaluru-based Shadowfax is an on-demand delivery service platform that caters to grocery, fashion, pharmacy, furniture, and e-commerce sectors among others. The well-known clients of the company include Domino’s, Big Basket, Amazon, PayTM, Flipkart, Myntra, McDonald’s, 1MG, and several smaller restaurants, merchants, and retailers.
The firm claims to work with more than 30,000 delivery partners across more than 80 cities in India. At present, it offers more than 90,000 unique orders a day and focuses on delivering more than 10 lakh orders per day by 2021.
Also. the platform currently has 7,000-8,000 daily delivery executives and it expects to raise it by 4-5 times in the next 2-3 years.
Abhishek Bansal stated, “Shadowfax is continuously growing and delivering enviable results in a demanding and burgeoning O2O logistics sector where many other players have not been able to survive. Our technology, Frodo (an AI-based location stream processing engine), gives us the edge by driving cost optimisations and enabling us to achieve higher service levels.”
Apart from the current investors, Shadowfax has also received considerable investment from investors like Snapdeal Co-founders Kunal Bahl and Rohit Bansal, Toppr Founder Zishaan Hayath, and Limeroad Co-founder Prashant Malik.