 "Delivery service Shadowfax raises $300,000")
Gurgaon-based Shadowfax, an on-demand hyperlocal merchant delivery service, has received an investment of around $300,000 in an angel round led by top Indian entrepreneurs such as Kunal Bahl and Rohit Bansal of Snapdeal, Zishaan Hayath of Powai Lake Ventures, and Prashant Malik of Limeroad.
"Improving the last mile delivery and hyperlocal logistics would enable all future business growth. At Shadowfax, we are looking to build India's most formidable, credible and fastest merchant delivery service,'' says Abhishek Bansal, co-founder & CEO, Shadowfax.
Shadowfax has invested in technology that uses multiple modes of communication in order to provide relevant solutions in the Indian context. It employs integrated GPS tracking functions and algorithms in its product to improve the efficiency of the network.
Since its launch in May 2015, Shadowfax has had an average delivery volume processing of approximately 3,000 orders a day and 120-150 outlets that are currently utilising its service for last mile delivery in the Delhi-NCR region. The growth of the company has been driven through referrals.
"We have already created a niche for our services in Delhi-NCR and are looking to strengthen our present team of 35-plus employees and 350-plus riders and expand into 10 more cities within the next one year," said Bansal.
"With the recent investment, technology maturity and endorsement from our partners we are well poised to achieve that goal," he added.