December 09, 2019: Flipkart is expected to have invested $30 million in Shadowfax as part of its $60 million Series D funding, as told by sources.
Existing investors Eight Roads Ventures, NGP Capital, Qualcomm Ventures, Mirae Asset Naver Fund and World Bank-backed IFC also participated in the round, which brings the startup’s total raise to $100 million to date.
Commenting on strengthening the partnership, Abhishek Bansal, co-founder & CEO, Shadowfax told ITLN, “We focus on building a sustainable hyperlocal ecosystem and are working towards bringing the offline Kirana stores into the fold of e-commerce.
Whereas, Flipkart’s hyperlocal approach intent at placing inventory closer to the customers, leveraging the existing investments in space and working capital of Kirana stores, which in turn can accelerate delivery timelines for consumers.
Shadowfax has 20,000-25000 daily active partners who do deliveries on the platform.
As its network grows, the company is already beginning to think of ways to expand its business and one of those things is just disrupting how fast an item could be delivered to a customer.
