Bengaluru: Gurgaon-based on-demand logistics service Shadowfax raises $8.5 million in its Series A fundraising led by Fidelity’s Investment Arm – Eight Roads Ventures. The company plans to increase its business operations and foray into new cities using the fresh capital. Post this deal, Kabir Narang, MD, Eight Roads Ventures will be joining Shadowfax’s Board of Directors. This is the company’s second fundraising this year. Prior to this, the company had raised $300,000 in an angel funding round led by Snapdeal Co-Founders – Kunal Bahl and Rohit Bansal, Zishaan Hayath of Powai Lake Ventures and Prashant Malik of Limeroad.
Founded in May this year by Abhishek Bansal (IIT-Delhi alumnus) and Vaibhav Khandelwal (Ex-Microsoft employee), Shadowfax is an on-demand logistics service which caters to the delivery needs of the local businesses. Through its hyper-local delivery network and logistics technology, the business owners can deliver the products to their customers, cost-effectively and conveniently.
The company uses GPS tracking functions and algorithms in its product delivery service to improve the efficiency of its delivery network. Since its inception, the company has been processing over 3,000 orders each day and claims to have 120-150 outlets that are using its services for last mile delivery in the Delhi-NCR region.
Shadowfax charges its customers on a pay-per-delivery basis, keeping in mind the required service quality and distance to be covered. It provides the customers merchants a flexible, technology-based framework incorporating features like automatic rider scheduling, seamless app communication, instant feedback, GPS-based tracking and location-based rider allocation.