E-commerce and hyperlocal focused B2B logistics platform Shadowfax has filed improved financial with over 2X growth in revenue and squeezing losses. The company reported Rs 76.3 crore revenue in FY18 from Rs 31.7 crore in the preceding fiscal.
The Nokia Growth Partners-backed firm also has controlled losses by 25 per cent to Rs 21.2 crore in FY18 from Rs 28.5 crore. Meanwhile, overall expenses increased by about 59 per cent to Rs 99 crore from Rs 62.6 crore.
Shadowfax claims to fulfill 100,000 deliveries a day across categories such as grocery, food, fashion and pharmacies, furniture, apparels, and electronics among others. The Bengaluru-based company had scooped up $22 million Series C round led by Nokia Group Partner (NGP) Capital.
So far, it had amassed about $40.5 million risk capital from aforementioned investors and a few angels. Currently, the firm has operations in over 90 cities across India.
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 the reverse logistics segment in the country.
Last year, it began aggregating bike, LMV and Kirana supplies. With an Uber-like model, bikers can join Shadowfax’s platform and engage in both e-commerce and O2O deliveries. The company also started light commercial vehicle and air-cargo business line.
It competes with the likes of Delhivery, Ecom Express, XpressBee, Vulcan along with Dunzo and few others.
The development was reported by TechCircle.