Walmart’s Flipkart has led a $60 million (roughly Rs. 428 crores) financing spherical in logistics platform Shadowfax as the net retailer seems to be to increase hyperlocal supply capabilities.
This funding is a part of a Series D funding that Shadowfax has obtained from Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund and World Bank-backed IFC.
Flipkart has an current partnership with Shadowfax to fulfil logistics necessities throughout numerous classes in its e-commerce enterprise.
“At Flipkart, we’re targeted on redefining buyer expertise, and hyperlocal is a key factor to allow this transformation,” Kalyan Krishnamurthy, Chief Executive Officer, Flipkart, stated in an announcement on Thursday.
“We have seen strong synergies with Shadowfax through our existing engagement with them, and their investments in tech-enabled innovations will help us significantly reduce delivery time and provide superior customer experiences across product categories,” Krishnamurthy added.
Founded in 2015, Shadowfax presently permits supply of 10 million month-to-month shipments throughout various segments starting from scorching meals to grocery to trend, electronics and different e-commerce objects.
The firm will use the funds to reinforce the tech capabilities of the platform, recruit expertise, enhance the variety of shipments to 100 million a month and increase its geographical presence to 1,000 Indian cities, Flipkart stated.
“With the new round of capital infusion, Shadowfax plans to invest extensively in building long-term capabilities which are essential to developing an efficient and superior service quality ecosystem in Indian logistics,” stated Abhishek Bansal, CEO, Shadowfax.