Shadowfax, an online-to-offline (O2O) logistics company based out of Bangalore, has closed Series C funding round by raising $22 million, led by NGP Capital. Qualcomm Ventures, Mirae Asset and existing investor, Eight Roads Ventures, also joined equity round.
Prior to this funding round, Shadowfax has raised $18.8 million in three funding rounds, including $10 million Series B (December 2016), $8.5 million Series A(September 2015) and $300,000 angel round (August 2015).
Aditya Gurunath Systla, Principal at Eight Roads Ventures, said,
Eight Roads Ventures’ backing of Shadowfax in this third funding round reflects our belief in the Shadowfax model and its ability to deliver outstanding results to customers. It’s been a fascinating ride so far, and we are excited to see the next chapter of the Shadowfax story unfold.
The company will use the newly raised funds for a concentrated 360 scale-up and by the year 2021, it aims to connect four lakh new businesses and delivery partners to its platform from the current 40,000 connections.
Abhishek Bansal, CEO, Shadowfax, said,
Our technology, Frodo, gives us the edge by driving cost optimisations and enabling us to achieve higher service levels. The unique Shadowfax platform works on the concept of flattening the demand curve across the day which also ensures a much higher earning for our rider partners.
Shadowfax was founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, with an aim to make instant deliveries a reality in India. Its logistics gateway for businesses, operating on a plug-and-play format, offers an on-demand delivery service platform to its clients.
The company claims to have been edging on its competitors with its unique Frodo technology, an AI-based location stream processing engine. It claims to be fulfilling 90,000 unique orders per day and is projecting 150% year-on-year growth for the next five years.