Bengaluru-based online-to-offline (O2O) logistics startup Shadowfax has closed ₹150 crores ($22 million) in series C funding led by US-based NGP Capital. The oversubscribed equity round was also joined by Qualcomm Ventures (the investment arm of Qualcomm Incorporated), Mirae Asset, along with existing investor Eight Roads Ventures.
The funds raised will be used to boost expansion plans as the startup looks to connect 4 lakh partners on the platform from the current 40,000 by 2021.
The startup had previously raised a total of $18.5 million from its existing investor Eight Roads Ventures in 2015 and 2016.
Shadowfax was founded by Abhishek Bansal and Vaibhav Khandelwal, both IIT-Delhi alumni, in 2015. It aims to make instant deliveries a reality in India through its logistics gateway for business, operating on a plug-and-play format, by offering an on-demand delivery service platform its clients.
Talking on the investment, Abhishek Bansal, Chief Executive Officer, Shadowfax, said, “We are extremely glad that the market has recognized our work and our potential. 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.”
The startup uses its unique Frodo technology, an AI-based location stream processing engine, to enable high-frequency decision making to optimize costs and deliver high service levels in the industry. It fulfills orders across a variety of sectors including food, grocery, fashion, furniture, e-commerce, among others.
It claims to fulfill more than 90,000 orders in a single day through its extensive network of over 30,000 delivery partners across more than 80 cities. Its vast clientele consists of Dominos, Big Basket, Amazon, Paytm, Flipkart, 1mg, among many others including smaller restaurants, merchants, and retailers.