Less than a year-old hyperlocal technology start-up ShadowFax has raised $8.5 million in Series A round from Fidelity’s proprietary investment arm, Eight Roads Ventures. The new funding will be used to scale up operations and expansion in other cities; currently it is present in three cities.
The Delhi-based start-up launched by IIT Delhi alumni, Abhishek Bansal and Vaibhav Khandelwal is an on demand delivery service focused on intra-city deliveries, serving the local delivery requirements of neighbourhood merchants.
Kabir Narang, managing director at Eight Roads Ventures said, “We have been actively looking at opportunities in logistics tech and are excited to partner with ShadowFax and its exceptional management team. ShadowFax provides a unique and compelling value proposition to local merchants and helps them reach consumers by reliable delivery support. ShadowFax is an early mover and is well positioned to dominate the market.”