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.
A number of ventures in the logistics space have scored funding off late.
In June, Mumbai-based e-commerce logistics startup Wow Express raised series A funding of $4.5 Million to expand its geographical presence, strengthen its technology and hire senior management executives.
In the same month, Bangalore-based logistics management platform Locus raised pre-Series B funding of $4 Million from Rocketship.vc, Recruit Strategic Partners, pi Ventures and Hemendra Kothari of DSP Group, with participation from previous investors like Blume Ventures, Exfinity Venture Partners, BeeNext and growX ventures.
Besides, there are players Cogoport, BlackBuck, Ecom Express, FarEye, Alibaba-backed XpressBees, Delhivery, Rivigo, Loadshare, NSE-listed Gati etc. Other than this, big e-commerce players have their own logistics solutions like Flipkart, has eKart, Amazon India has Amazon Transportation Services (ATS) etc.
See our Logistics coverage here.