Flipkart is in the process of investing about $40 million in Indian logistics startup Shadowfax while LenDenClub has raised $1 million in a pre-Series A funding round.
Flipkart eyes Shadowfax
The funding is expected to value Shadowfax at $200 million, the Economic Times reported.
The deal, if fructifies, will be Flipkart’s third investment in the logistics space after BlackBuck and locker provider QikPod. Shadowfax last raised $22 million in a Series C funding round led by NGP Capital in August 2018.
Artha Venture backs LenDenClub
Several family offices like the UAE-based Transworld Group and angel investors including Shuchi Kothari, Livspace co-founder Ramakant Sharma, and Narendra Karnavat also participated in the financing round.
The startup plans to use the funding proceeds for product enhancements and to expand its existing operations and lending footprint in over 500 cities. It is also looking to ramp up its senior management team.