Gurgaon-based on-demand hyperlocal delivery services startup, Shadowfax, has raised $8.5 Mn in its Series A round of funding led by Fidelity’s proprietary investment firm Eight Roads Ventures.
With this financing, Kabir Narang, MD at Eight Roads Ventures has joined ShadowFax’s Board of Directors.
Launched in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is an on demand delivery services startup that takes care of delivery requirements of local businesses. With its hyper-local delivery network and logistics technology, merchants can deliver to their customers in cost effective and hassle free way.
It offers features like automatic rider scheduling, seamless app communication, instant feedback, geo-based tracking, and location-based rider allocation; it also ensures 100% product delivery assurance.
Just last month, Shadowfax raised about $300K in an angel round led by Kunal Bahl, Rohit Bansal, Zishaan Hayath (Powai Lake Ventures) & Prashant Malik (Limeroad).
The startup has seen multi-fold month-over-month transaction growth. Few of its merchants include, YoChina, Chaayos, Dana Choga’s Kitchen and Pind Baluchi.
The raised capital will be used to scale-up and expand across several cities. Besides restaurant industry, the company also aims to diversify into other segments such as grocery, bakery, pharmaceuticals and ecommerce.
ShadowFax has services spread across 3 cities within the first 4 months. With the key focus on service quality, the company claims to deliver 95% of the orders in less than 15 minutes from pick up, reported BS.
Few other players serving in this segment include Papertap, Grofers, Pickingo, Zopper and Zopnow.
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