India's Shadowfax raises $22m Series C
Shadowfax, an Indian online-to-offline (O2O) logistics provider focused on hyperlocal delivery, has raised a $22 million Series C round led by Nokia Growth Partners (NGP).
Existing investor Eight Roads Ventures, the proprietary investment arm of Fidelity International, also participated in the funding round, as did Qualcomm Ventures and Mirae Asset Management. The company will use the new capital to expand its customer roster, with the goal of adding 400,000 new businesses and delivery partners to the platform by 2021.
Shadowfax operates a logistics gateway to connect online merchants with last-mile delivery options. The company has more than 30,000 delivery partners across 80 cities and towns in India, and claims to fulfill 90,000 unique orders per day across a range of segments including food and grocery, fashion, pharmacy, and furniture. Prominent clients include Dominoes, Amazon, McDonald’s, Flipkart, and Big Basket.
The new funding round brings Shadowfax’s total capital raised since its founding in 2015 to $40.5 million. Prior to this round Eight Roads was the company’s sole external investor: the firm committed $8.5 million to Shadowfax in 2015, and another $10 million in 2016.
“The rise in Indian consumers’ expectations for door-step deliveries at a time of their convenience has created a critical need for a national last-mile, independent logistics provider,” said Upal Basu, a partner at NGP, in a statement. “The team at Shadowfax has demonstrated its ability to scale and serve customers using sophisticated mobile technologies and strong execution capabilities.”
NGP was founded in 2004 to back growth stage and revenue-generating technology companies, with a focus on the mobile internet industry where it could leverage the expertise of its limited partners Nokia and Bell Labs. The firm currently has over $1 billion in assets under management, and invests principally in the US, Europe, India, and China.
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