USD 60 mln invested Shadowfax by Flipkart

Monday 9 December 2019 13:08 CET | News

Walmart’s Flipkart has invested USD 60 million in a financial round in India-based startup Shadowfax, as it works to strengthen its logistics network in the nation.

As per TechCrunch, existing investors including Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures,  Mirae Asset-Naver Fund, and World Bank-backed IFC also participated in the round. Moreover, the new round valued Shadowfax at about USD 250 million, with Flipkart alone contributed about USD 30 million. However, the startup declined to comment on the valuation and individual contribution of its investors. 

Shadowfax operates an unusually built business-to-business logistics network in over 300 cities in India, and it works with neighborhood stores in a bit to use their real estate to store inventory, and a large network of freelancers for the delivery. This logistics network handles goods in a range of categories, such as hot food, grocery, fashion, and ecommerce. Representatives of the retail company Flipkart consider that Shadowfax will help them to reduce delivery time and ‘provide superior customer experiences across product categories’.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Flipkart, investment, logistics, startup, Shadowfax, ecommerce, retail, inventory, grocery, fashion, food industry
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce