Funds to be utilised for rapid expansion; aims to connect 4 lakh partners to the platform by 2021
Shadowfax, an Online-2-Offline (O2O) logistics platform, has closed $22 million in Series C funding led by NGP Capital. Qualcomm Ventures (the investment arm of Qualcomm Incorporated), Mirae Asset and existing investor, Eight Roads Ventures, also joined the oversubscribed equity round.
Shadowfax’s platform makes delivery for diverse categories of products like grocery, food, fashion and electronics. The company currently fulfils 90,000 orders per day. It has multiplied its capabilities three-times in the last 16 months alone and is projecting 150% year-on-year growth for the next five years.
The company will use the funds for a concentrated 360° scale-up and by the year 2021 it aims to connect 4 lakh new businesses and delivery partners to its platform, up from the current 40,000 connections.
Speaking on the funding, Abhishek Bansal, CEO, Shadowfax, said, “This latest funding is a manifestation of the investors’ faith in us and our technology. We are ready to take multiple steps forward towards our mission of connecting the next million micro entrepreneurs and suppliers in logistics using a singular platform to bridge the information gap and eradicate inefficiencies across the value chain.”
Shadowfax previously raised funds amounting to $18.5 million from Eight Roads Ventures in 2015 and 2016.
Founded in 2015, Shadowfax’s unique Frodo technology, an AI based location stream processing engine enables high frequency decision-making which in turn drives cost optimisation and enables the highest service levels in the industry. Currently present in 80+ cities across India, the company plans to increase coverage to 100+ locations in the next three months. Some of its clients include Domino’s Pizza, BigBasket, Amazon, Paytm, Flipkart, Myntra, McDonald’s and 1mg among others.
Last year, Shadowfax acquired the assets of e-commerce-focussed reverse logistics platform Nuvo Ex. In November 2015, it had acqui-hired Gurugram-based reverse e-commerce logistics startup Pickingo Logixpress Pvt. Ltd. The company competes with the likes of Ecom Express, Delhivery, XpressBee and Vulcan among others.
Source: BW Disrupt