ShadowFax, the Delhi-based on-demand hyperlocal delivery startup which raised a $300K seed round just a while back, has raised another $8.5 million in Series A round of funding from Eight Roads Ventures, an investment arm of Fidelity. With this deal, Kabir Narang, MD of Eight Roads Ventures has joined ShadowFax’s Board of Directors.
Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, ShadowFax is an on demand delivery services startup which is currently focused on intra-city deliveries and serves the local delivery requirements of neighborhood merchants.
Currently focusing on food-delivery, the company is planning to diversify its offerings into other verticals like grocery, bakery, pharmaceuticals and e-commerce. It employs integrated GPS tracking functions and automated algorithms in its product to improve the efficiency of the network. It claims to deliver 95% of the orders in less than 15 minutes from pick up.
Since its launch, the startup claims to have an average delivery volume processing of approximately 3,000 orders per day, with 120-150 outlets currently utilizing its service in the Delhi-NCR region. It employs a team of more than 35 employees and over 350 riders. It is planning on expanding into 10 more cities within the next one year.
The startup which has witnessed multi-fold month-over-month transaction growth, had raised seed funding of $300,000 last month from the founders of Snapdeal – Kunal Bahl and Rohit Bansal along with Zishaan Hayath among others.
ShadowFax, now armed with a decent $8.5 Million, will primarily take on Grofers — the most funded Indian startup in this space.