Walmart Inc.-owned Flipkart Online Services Pvt. Ltd. has led a $60 million funding round for Indian crowdsourced logistics startup Shadowfax Technologies Pvt. Ltd., according to a Dec. 5 blog post by Shadowfax.
Other investors, including Eight Roads Ventures India, NGP Capital, QUALCOMM Ventures, Mirae Asset-Naver Asia Growth Pvt. Equity Fund and World Bank-backed International Finance Corp., also took part in the series D financing for the full-stack logistics platform.
Shadowfax, which was founded in 2015, offers an artificial intelligence-based location processing engine that powers the delivery of about 10 million shipments every month. The startup said it has grown sixfold in the last two years and has more than 100,000 registered partners to date.
Flipkart's investment in Shadowfax builds on their existing partnership. Shadowfox helps the e-commerce company fulfill logistics requirements across its business.
The startup intends to use the funds it raised from the funding round to boost its tech capabilities, hire more people and increase the number of shipments to more than 100 million a month.