Indian e-commerce giant Flipkart has led a USD 60 million investment in logistics firm Shadowfax.
Eight Roads Ventures, NGP Capital, Qualcomm Ventures, Mirae Asset Naver Fund, and the World Bank-backed International Finance Corp also participated in the Series D funding round.
Shadowfax is India's largest crowdsourced B2B last mile delivery services platform. Flipkart has an existing partnership with Shadowfax for logistics across various categories for its e-commerce business.
“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. By leveraging kirana stores and the deep delivery capabilities of Shadowfax and other Flipkart-led innovations, we are building a strong foundation to make inroads into a dynamic hyperlocal consumer market," said Flipkart chief executive officer (CEO) Kalyan Krishnamurthy.