Delhi-based ShadowFax, a hyperlocal logistics startup, has raised $8.5 million in a Series A round of funding from Fidelity International’s investment arm Eight Roads Ventures. The platform will use the funds to scale up its services and expand to other cities. ShadowFax also raised seed funding from angel investors including Kunal Bahl and Rohit Bansal earlier this year. Founded earlier this year by Abhishek Bansal and Vaibhav Khandelwal the platform currently operates in Mumbai, Delhi and Bangalore and offers logistics for the restaurant industry. It claims to provide logistics support for local businesses and to deliver 95% of the orders in less than 15 minutes after pick up. The company offers a real time monitoring system to share delivery status with its client’s customers and API integration for asking for delivery vehicles in its fleet. It charges its customers on a pay-per-delivery model based on distance and required service quality. ShadowFax mentions that it eventually plans to expand to other verticals like ecommerce, grocery and pharmaceuticals. As of now the platform counts Pizza Hut, Wendy’s, Subway, Faasos, Speedy Chow, baskin robbins, Speedy Chow, Pind Balluchi and Yo!China among its clients. The company also mentions that 120-150 business outlets are currently utilising its service for last mile delivery in the Delhi-NCR region. Competition: - Last month, Pickingo raised $1.3 million in funding from Rehan Yar Khan of Orios Venture Partners and participation from Zishaan Hayath. Earlier this month the company, along with Grab, raised funds in a strategic investment from Zomato in order to…
