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#News(Startup) [ via IoTGroup ]
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Flipkart leads $60 million round in hyperlocal logistics startup Shadowfax
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Walmart-owned Flipkart has led a $60 million (about Rs 429 crore) investment round in logistics startup Shadowfax , as India’s largest online retailer looks to enable faster 2-hour delivery using a hyperlocal network, and also launch newer on-demand categories.Eight Roads Ventures, the venture capital arm of Fidelity, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund, and World Bank-backed International Finance Corporation (IFC) also participated in the Series D fund raising round.“This capability enables us to do on-demand categories from delivering smartphones, fashion to grocery in less than 120 minutes…
It also opens up the potential to build newer categories like dairy, meat, fruits, vegetables, and pharmacy using Shadowfax’s technology, as well as Kirana network,” Sandeep Karwa, Vice President, Flipkart told ET in an interview.ET was the first to report on August 30 that Flipkart was likely to back the logistics startup , its third investment in the logistics space after earlier investing in trucking platform BlackBuck and locker provider QikPod.The companies did not disclose the transaction value, but sources briefed on the matter told ET that the investment valued Shadowfax at about $200-$250 million, and is also likely to see other new investors join in.”We will continue to invest in asset-light technologies like bringing Kirana on the platform to enable low cost and high NPS (net promoter score) for our clients…
“We believe, considering the depth of the India market and potential, we can grow 10X in the next 4 years and take the company public,” Bansal said.Investing in the Bengaluru-headquartered logistics company will give Flipkart access to technology and additional fleet to boost strategic initiatives like hyper-local grocery and pharma delivery while building capabilities for other on-demand logistics use cases in top cities
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