On-demand hyper-local delivery startup Shadowfax has raised $10 million in Series B round led by existing investor Eight Road Ventures. The funds raised will be used for building out its network, consolidate market position and stabilize performance in existing cities, the company said.
“Since our initial investment, Shadowfax has demonstrated growth with attractive unit economics across its key markets. The company has built a differentiated technology platform and diversified from being a food-only delivery player to now delivering for grocery, pharmacy and e-commerce clients. The team has been outstanding at execution to emerge as the leading player in this segment,” said Kabir Narang, partner and head of technology, Eight Road Ventures.
Shadowfax was founded by IIT-Delhi alumni Abhishek Bansal and Vaibhav Khandelwal in April 2015. Started as a food-only delivery player, the company has now transformed and diversified across multiple verticals. It claims to complete over 30,000 deliveries per day and has more than 1,200 riders.
In 2015, Shadowfax acquired rival Pickingo in a cash and stock deal, and in the same year, it also raised $8.5 million in its Series A round of funding led by Eight Roads Ventures.