Shadowfax Technologies, a Bengaluru, Karnataka, India-based on-demand delivery startup, raised $22m in Series C funding.
The round was led by NGP Capital, with participation from Qualcomm Ventures, the investment arm of Qualcomm, Mirae Asset and existing investor Eight Roads Ventures.
The company intends to use the funds to scale up operations. According to a post, Shadowfax is projecting a 150% year-on-year growth for the next five years with the goal to connect 4 lakh new businesses and delivery partners by 2021, up from the current 40,000 connections.
Co-founded by Abhishek Bansal, CEO and Vaibhav Khandelwal in 2015, Shadowfax aims to connect micro entrepreneurs and suppliers in logistics using a singular platform/IOTs to bridge the information gap and eradicate inefficiencies across the value chain.
The platform, which uses an AI-based location stream processing engine called Frodo to take fast decisions in the direction to optimize costs and offer high service levels, allows customers across for grocery, food, fashion and electronics to make deliveries by connecting them with a crowd-sourced network of more than 30,000 delivery partners.
The company, which says they deliver more than 90,000 unique orders everyday, previously raised $18.5M from Eight Roads Ventures in 2015 and 2016. Last year, it had acquired hyperlocal delivery business company Nuvo Logistics Pvt Ltd.