Walmart’s Flipkart has supported Indian startup Shadowfax in a current $60 million funding round as the retail giant runs to strengthen its logistics network in the country.
Information About The Investment
Flipkart started the Series D funding round for the four-year-old Bangalore-based startup.
Current investors Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset-Naver Fund, and World Bank-backed IFC too partook in the round, which takes the startup’s total amount till date to $100 million.
The latest round estimated Shadowfax at around $250 million.
Flipkart solely provided around $30 million to the round.
The startup refused to comment on the estimate and personal contribution of its investors.
More About Shadowfax
Shadowfax runs an unusually formed business-to-business logistics network in more than 300 cities in India.
The startup operates with neighborhood stores to utilize their real estate to stock inventory and a vast network of freelancers for the delivery.
Shadowfax’s Bansal said that anyone with a bicycle or a bike or a truck could enter their platform and deliver items for them.
The startup, which additionally has set up its personal warehouses and fulfillment centers, currently processes more than 10 million deliveries every month.
Flipkart, which is one of Shadowfax’s “thousands” of customers, said it would examine ways to work more intimately with the startup moving forward strategically.
Flipkart chief executive Kalyan Krishnamurthy told that Shadowfax would support the company significantly lessen delivery time and give superior customer experiences over product categories.
Flipkart has a stake in a range of logistics firms, including freight service operator Blackbuck plus parcel-delivery locker service QikPod.
E-commerce firms over the globe are frequently striving to find better control over their logistics.
Shadowfax’s Previous Investments
Chinese giant Alibaba announced last month it was elevating an additional $3.3 billion into Cainiao, a logistics firm it co-founded.
In current years, it has raised its stake in other logistics firms, including STO Express, ZTO, YTO, and Best Logistics.
Shadowfax’s Bansal stated that the startup would utilize this new capital to develop its network across India, particularly in smaller cities and towns.
The startup further aims to expand its team and tech infrastructure, and raise the number of clients it attends to manage more than 100 million shipments a month.
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