<article>On-demand delivery startup <a href="https://www.dealstreetasia.com/?s=Shadowfax" target="_blank" rel="noopener">Shadowfax Technologies Pvt Ltd</a> on Tuesday announced that it has raised $22 million in a Series C funding round led by <a href="https://www.dealstreetasia.com/?s=NGP Capital" target="_blank" rel="noopener">NGP Capital</a>.</article>

On-demand delivery startup <a href="https://www.dealstreetasia.com/?s=Shadowfax" target="_blank" rel="noopener">Shadowfax Technologies Pvt Ltd</a> on Tuesday announced that it has raised $22 million in a Series C funding round led by <a href="https://www.dealstreetasia.com/?s=NGP Capital" target="_blank" rel="noopener">NGP Capital</a>.
Qualcomm Ventures, the investment arm of Qualcomm, Mirae Asset and existing investor Eight Roads Ventures also joined the oversubscribed equity round, the company said in a statement.
The company will use the funds to scale up operations. By 2021, it aims to connect four lakh new businesses and delivery partners to its platform, up from 40,000 currently, it said. Present in 80+ cities across India, the company also plans to increase coverage to 100+ locations in the next three months.
&#8220;We are ready to take multiple steps forward towards our mission of connecting the next million micro entrepreneurs and suppliers in logistics using a singular platform to bridge the information gap and eradicate inefficiencies across the value chain,&#8221; Abhishek Bansal, CEO, Shadowfax, said.
Founded by IIT Delhi alumni Bansal and Vaibhav Khandelwal in 2015, Shadowfax enables customers to make deliveries by connecting them with more than 30,000 delivery partners. It currently claims to fulfil 90,000 unique orders per day across food, grocery, fashion, pharmacy, furniture, e-commerce and traditional business sectors.
The company services a wide variety of clients including Domino&#8217;s, Big Basket, Amazon, Paytm, Flipkart, Myntra, McDonald’s and many others including smaller restaurants, merchants and retailers, it said.
Upal Basu, Partner at NGP Capital, said, &#8220;The rise in Indian consumers’ expectations for door-step deliveries at a time of their convenience has created a critical need for a national last-mile, independent logistics provider that can serve the needs of these demanding consumers and diverse suppliers at scale.&#8221;
Last year, Shadowfax had acquired the assets of Gurgaon-based Nuvo Logistics Pvt Ltd for an undisclosed amount. Nuvo Logistics shut down its hyperlocal delivery business PepperTap in 2016 in one of the most prominent startup demises. PepperTap had raised over $50 million in funding from investors such as Russia’s ru-Net, Japanese private equity firm JAFCO, BeeNext Ventures, Sequoia India and SAIF Partners.
Shadowfax raised $10 million in a Series B round led by existing investor Eight Road Ventures in December 2016. In November 2015, Shadowfax had acquired smaller rival Pickingo Logixpress Pvt. Ltd in a cash-and-stock deal.
With over $1 billion in assets under management, US-based NGP Capital invests in companies at their growth stage. Its other notable Indian investment is self-drive car rental startup Zoomcar.

Qualcomm Ventures, Mirae Asset and existing investor Eight Roads Ventures also joined the oversubscribed equity round.

Logistics startup Shadowfax raises $22m Series C round led by NGP Capital

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Logistics startup Shadowfax raises $22m Series C round led by NGP Capital

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