Company Name : ShadowFax
Funding Amount : $8.5mn
Investor(s) Fidelity International’s Proprietary Investment Arm .
Delhi-based hyperlocal technology startup ShadowFax has raised $8.5M Series A round by Fidelity’s proprietary investment arm, Eight Roads Ventures.
ShadowFax is an on demand delivery service focused on intra-city deliveries, serving the local delivery requirements of neighbourhood merchants.
The funding will enable ShadowFax to rapidly scale-up and expand across several cities. Started by IIT Delhi graduates, ShadowFax, which raised seed funding earlier this year from leading angel investors including Kunal Bahl and Rohit Bansal of Snapdeal, has seen multi-fold month-over-month transaction growth.
With an initial focus on the restaurant industry, the Company aims to diversify into other verticals such as grocery, bakery, pharmaceuticals and e-commerce. ShadowFax has experienced rapid growth in a short time span and has spread across 3 cities within the first 4 months.
With the key focus on service quality, Shadowfax claims to deliver 95% of the orders in less than 15 minutes from pick up.