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B2B logistics startup Shadowfax raises Series C funding of $22M

B2B logistics startup Shadowfax, has raised Series C funding of $22 million led by US-based NGP Capital. Qualcomm Ventures, Mirae Asset and existing investor, Eight Roads Ventures, also participated in the round. Founded in 2015, Bangalore-based Shadowfax was established by two IIT Delhi alumni --  Abhishek Bansal and Vaibhav Khandelwal-- offers hyperlocal logistics to the businesses. It operates on a plug-and-play format, offers an on-demand delivery service platform to its clients. The company initially started as a food delivery service, but over a period of time, it diversified across verticals. The company will use the fresh funds for scaling up its business and aims to connect 4 lakh new businesses and delivery partners by 2021, up from the current 40,000 connections. The company claims that it does about 90,000 orders per day across categories like food, grocery, fashion, pharmacy, furniture, e-commerce and traditional business sectors. The company has clients like Dominos, Big Basket, Amazon, PayTM, Flipkart, Myntra, McDonald’s, 1MG, and others including smaller restaurants, merchants, and retailers. It is currently present in 80+ cities across India, and the company plans to increase coverage to 100+ locations in the next three months. It also aims to deliver 10 lakh orders per day by 2021 and estimates a year-on-year growth of 150% for the next five years. Shadowfax previously raised funds amounting to $ 18.5 million from Eight Roads Ventures in 2015 and 2016. In 2017, it raised Series B funding from Eight Road Ventures. Logistic Segment A number of ventures in the logistics…

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