Walmart’s Flipkart has funded Indian start-up Shadowfax in a new Series D $60 million (£46m, €54m) financing round as the US retail giant aims to strengthen its logistics profile in the country.
Shadowfax is a four-year-old Bangalore-based start-up, operating a business-to-business logistics network spanning over 500 cities.
It works with neighbourhood stores to use their real estate to store inventory, and a large network of freelancers for the delivery and handling of goods in a range of categories including hot food, grocery, fashion, and e-commerce.
Existing investors of Shadowfax – Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund and World Bank-backed IFC – also participated in the round, bringing the start-up’s total raise to date to $100 million.
Shadowfax is now valued at around $250 million (£190m), with Flipkart alone contributing about $30 million to the round.
Nothing has been disclosed about the individual contribution of Shadowfax’s investors.
Companies such as Amazon, McDonald’s, Myntra, Paytm, and Vivo trust Shadowfax for delivery services in India.
Flipkart already owns a stake in a range of logistics firms including freight service operator Blackbuck, and parcel-delivery locker service QikPod.