Walmart-owned Flipkart led a $60 million funding round in logistics startup Shadowfax as the e-commerce firm plans to strengthen its delivery service and take on Amazon Prime.
The deal will give Flipkart “a significant minority stake” in the company, Abhishek Bansal, co-founder of Shadowfax, told BloombergQuint over the phone.
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Existing investors, including NGP Capital, Qualcomm Ventures, Mirae Asset Financial Group, Eight Roads Ventures, the investment arm of Fidelity International, and World Bank-backed International Finance Corporation participated in the Shadowfax funding round.
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This is the third investment by Flipkart in a logistics startup. The online retail giant has backed business-to-business logistics firm Blackbuck and locker service provider, QikPod. Besides, the e-commerce firm has its own supply chain subsidiary, Ekart.
The Shadowfax investment comes at a time when Flipkart is expected to launch a two-hour delivery service for its grocery business and same-day deliveries across categories by early next year, one of the persons privy to the plans told BloombergQuint, requesting anonymity.
Founded in 2015, Shadowfax runs a technology platform that connects delivery executives to e-commerce companies and small and medium businesses in about 300 cities. The platform claims it has a crowdsourced network of about 100,000 people registered on the platform who deliver goods for the company. “We have 20,000-25000 daily active partners who do deliveries on the platform,” Bansal said.
The Bengaluru-based firm said that it aims to use the funds to expand its network, strengthen its tech platform and increase the number of shipments to more than 100 million a month.
“We have seen strong synergies with Shadowfax through our existing engagement with them, and their investments in tech-enabled innovations will help us significantly reduce delivery time and provide superior customer experiences across product categories,” Kalyan Krishnamurthy, chief executive officer at Flipkart, said in a statement.
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