The on-demand logistics company, Shadowfax Technologies has raised $22 million in a Series C funding round led by NGP Capital, Qualcomm Ventures, Mint reported on Tuesday.
The Bangaluru-based start-up, which provides door-to-door delivery service, plans to use the capital for rapid expansion, and aims to connect 400,000 delivery and business partners to the platform by 2021 from the current 40,000, the report said.
“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,” Upal Basu, partner at NGP Capital said told Mint.
Shadowfax, whose clientele list has names like McDonalds, KFC and Dominos to Burger King said, it bets on its Frodo technology, an artificial intelligence (AI) based location stream processing engine which enables decision-making and in turn provides better services in delivery, the report said.
First Published: Aug 8, 2018 9:38 AM IST
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