Logistics startup Shadowfax raises $22 mn from NGP Capital, others
It will use the fund for scaling up the business. It is targeting a ten-fold growth in its merchant base which is currently 40,000 by 2021.
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Moneycontrol News
Shadowfax Tuesday raised $22 million in Series C round of funding led by NGP Capital. Qualcomm Ventures, Mirae Asset. Existing investor, Eight Roads Ventures also participated in the round.
It will use the fund for scaling up the business. It is targeting a ten-fold growth in its merchant base which is currently 40,000 by 2021.
Shadowfax claims to be fulfilling 90,000 unique orders per day. It has multiplied its capabilities three-times in the last 16 months and is targeting 150 percent year-on-year growth for the next five years.
"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," said Abhishek Bansal, Chief Executive Officer, Shadowfax.
"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 that can serve the needs of these demanding consumers and diverse suppliers at scale. 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," said Upal Basu, Partner at NGP Capital.
The company last raised $10 million from existing investor Eight Roads Ventures and others in December.
Shadowfax was founded in 2015 and is currently present in over 80 cities across India. It plans to expand to touch over 100 cities in the next three months.
Original Source: https://www.moneycontrol.com/news/business/startup/logistics-startup-shadowfax-raises-22-mn-from-ngp-capital-others-2815791.html