India based logistics startup Shadowfax has raised $60 million in series D round funding from Flipkart, Eight Roads Ventures, and few others.
The new round funding led by Walmart-owned Flipkart has also seen the participation of Eight Roads Ventures, a venture capital arm of Fidelity, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Fund, and World Bank-backed International Finance Corporation (IFC).
Quoting to the people familiar with the update, Economic times, reported that, “With this new round funding, Shadowfax is now valued at $200-$250 million and is likely to see more new investors joining the board soon.”
Founded by Abhishek Bansal and Vaibhav Khandelwal in 2015, Shadowfax is an on-demand last-mile logistics network that offers one stop delivery solutions that connects delivery executives to e-commerce companies, and small and medium businesses, and have significant clients like Amazon, Swiggy, BigBasket, Nykaa, and Paytm.
In an interview with Economics Times, Abhishek Bansal, CEO of Shadowfax, said that “We will invest the funding in asset-light technologies like bringing Kirana on the platform to enable low cost and high NPS (net promoter score) for our clients.”
“We will also be investing in the large distribution centers across the top 10 cities to enable backward integration and provide end-to-end service to our clients,” he added.
Speaking more on the investment in Shadowfax, Kalyan Krishnamurthy, CEO, Flipkart Group, said that, “We have seen the strong synergies with Shadowfax through our existing engagement with them and their investment in tech-enabled innovations.”
“Which will allow us to reduce the delivery time and provide superior customer experiences across product categories,” Kalyan added.