Domestic e-commerce giant Flipkart led the recent funding round in support of logistics firm Shadowfax which saw it generating Rs 430 crore. Other major participants in the funding round included Qualcomm Ventures, Mirae Asset Naver Fund and the World Bank-backed IFC.
Flipkart already has an existing partnership with Shadowfax and the investment is meant to help Shadowfox take its hyperlocal partnerhip model with offline kirana stores to the next level. “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.
“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,” added Abhishek Bansal, CEO, Shadowfox.