Logistics firm Shadowfax has raised around Rs 430 crore in a funding round led by e-commerce player Flipkart.
Eight Roads Ventures, NGP Capital, Qualcomm Ventures, Mirae Asset Naver Fund and the World Bank-backed IFC also participated in the funding round, a joint statement by Shadowfax and Flipkart said.
Flipkart has an existing partnership with Shadowfax for delivery of products and the investment is part of Flipkart’s strategy to build hyperlocal ecosystem by bringing offline ‘kirana’ stores within the fold of its business, the statement said.
“By leveraging kirana stores and the deep delivery capabilities of Shadowfax and other Flipkart-led innovations, we are building a strong foundation to make inroads into a dynamic hyperlocal consumer market,” Flipkart CEO Kalyan Krishnamurthy said.
Shadowfax CEO Abhishek Bansal said with this capital infusion, Shadowfax plans to invest extensively in building long-term capabilities which are essential to developing an efficient and superior service quality ecosystem in Indian logistics.
“This strategic integration with Flipkart and its global best practices will not only unlock huge opportunities for Shadowfax but will also enable us to innovate with the largest online platform in India and build core capabilities that can be democratized for the larger logistics ecosystem,” Bansal said. PTI PRS ANU