E-commerce platform Flipkart has announced a strategic minority investment in Shadowfax, a cross-category, full-stack logistics platform.
This investment is part of a $-60 million Series D funding that Shadowfax has received from Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund and World Bank backed IFC.
Shadowfax currently enables the delivery of 10 million monthly shipments across segments from grocery to fashion, electronics and other e-commerce items. Led by a strong founding team, the company has seen a six times growth in the last two years.
The Shadowfax platform has over 1,00,000 registered partners and its tech-enabled crowdsourcing platform helps delivery partners maximise their earnings as they work across categories.
Flipkart has an existing partnership with Shadowfax to fulfill logistics requirements across various categories in its e-commerce business.
Kalyan Krishnamurthy, Chief Executive Officer, Flipkart, said: “At Flipkart, we are focussed on re-defining customer experience, and hyperlocal is a key element to enable this transformation.”
He added, “We have seen strong synergies with Shadowfax through our existing engagement with them, and their investments in tech-enabled innovations will help us significantly reduce delivery time and provide superior customer experiences across product categories. 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.”
The company will use the funds to enhance the tech capabilities of the platform, recruit talent, increase the number of shipments to 100 million a month and expand its geographical presence to 1,000 Indian cities.
Source: The Hindu