Logistics start-up Shadowfax raises $22 mn from NGP Capital, others

Shadowfax will use the funds to scale up operations by connecting to 400,000 new businesses and delivery partners to its platform by 2021

Bengaluru-based logistics start-up Shadowfax has raised $22 million in Series C funding led by US-based NGP Capital, 

Qualcomm Ventures, Mirae Asset and existing investor, Eight Roads Ventures, also participated in the round.

The company will use the funds to scale up operations by connecting to 400,000 new businesses and delivery partners to its platform by 2021, up from the current 40,000 connections.

Shadowfax currently claims to fulfil 90,000 unique orders per day and has multiplied its capabilities three-times in the past 16 months alone and is projecting 150 per cent year-on-year growth for the next five years.

Upal Basu, Partner at NGP Capital, said, “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.”

The company had raised around $18.5 million in previous funding rounds. The current round raise takes the total funding raised by the start-up to over $40 million.

Currently present in over 80 cities, Shadowfax enables customers to make deliveries by instantly connecting businesses, e-tailers, and retailers with the network of over 30,000 delivery partners.

The company’s Chief Executive Officer, Abhishek Bansal, 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."