B2B logistics enabler Shadowfax bags $22 Mn Series C round led by NGP Capital

E-commerce and hyperlocal focused B2B logistics platform Shadowfax has raised $22 million in Series C funding led by Nokia Group Partner (NGP) Capital. Qualcomm Ventures, Mirae Asset and existing investor Eight Roads Ventures also participated in the round.

The Bengaluru-based company claims to fulfil 90,000  deliveries a day across categories such as grocery, food, fashion and electronics amongst others. It will deploy proceeds towards scaling up operations and engage with 400K new businesses and delivery partners.

With this round, it had amassed about $40.5 million risk capital from aforementioned investors and a few angels.

Currently, Shadowfax has operations in over 80 cities across India. It plans to increase coverage to 20 more locations in the next three months, the company said in a statement.

Importantly, the company was also in talks with  Chinese e-commerce major JD.com for raising Series C round.

Shadowfax claims to be the largest crowdsourced delivery platform. With the acquisition of Sequoia-backed Nuvo Ex last year, Shadowfax has been claiming a leadership position in reverse logistics segment in the country.

Shadowfax revenue had increased by 248 per cent during FY17 as compared to the preceding fiscal. It posted a revenue of Rs 34.07 crore, up from Rs 9.80 crore in during FY16.

Meanwhile, its losses stood at Rs 28.51 crore in FY17.

It’s yet to file financial statements for the last fiscal. Shadowfax competes with the likes of Delhivery, Ecom Express, XpressBee and Vulcan amongst several others.