Shadowfax, the Bangalore-based logistic startup has secured a Series C funding from US-based NGP Capital. The funding round which saw the infusion of $22 million (Rs 151 crore) was also joined by Qualcomm Ventures, Mirae Asset along with the existing investor, Eight Roads Ventures.
The total funds raised by the company now stands a little over $40 million from the likes of Eight Road Ventures, InnoVen Capital, Toppr founder Zishaan Hayath, and Snapdeal co-founders Kunal Bahl and Rohit Bansal. The company through a statement said that the freshly raised capital will help them expand their operations. Currently, the company has connected around 40,000 businesses with the delivery partners but it plans to increase that number to 400,000 by 2021.
Abhishek Bansal and Vaibhav Khandelwal started the company in 2015 which now has likes of Amazon, Myntra, Urban Ladder and 1Mg as their clientele. It offers intracity delivery services to small food chains, grocery shops, pharmacy firms and e-commerce companies. The firm currently has their wings in 80 cities across the country. The firm also offers their services to the food-delivery companies like McDonald's, KFC and Dominos and Burger King.
Bansal, the CEO of the company commenting on the development 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."
NGP Capital's Upal Basu, a partner at the firm said that “The rise in Indian consumers’ expectations for doorstep deliveries at a time of their convenience has created a critical need for a national last-mile, independent logistics provider. The team at Shadowfax has demonstrated its ability to scale and serve customers using sophisticated mobile technologies and strong execution capabilities to create India’s last-mile logistics leader.”
Image Courtesy : shadowfax