Flipkart picks up stake in Shadowfax to expand delivery network
today Dec 5, 2019
Indian e-commerce major Flipkart has bought a minority stake in logistics platform Shadowfax for around $50 million (Rs 356 crore), as it looks to strengthen its delivery network across India.
Shadowfax will utilise the funds on talent acquisition, technology and plans to expand to 1,000 Indian cities in the coming months.
With Shadowfax’s deep-delivery capabilities and technology, Flipkart is looking to make inroads into a dynamic, hyperlocal consumer market in India.
Commenting on the investment, Kalyan Krishnamurthy CEO of Flipkart in a statement said: “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.”
Speaking on the investment, Abhishek Bansal, CEO of Shadowfax added: “This strategic integration with Flipkart and its global best practices will not only unlock huge opportunities for Shadowfax, but will also enable us to innovate with the largest online platform in India and build core capabilities.”
Founded in 2015, Shadowfax currently enables delivery of 10 million monthly shipments across product segments like fashion, electronics, and other items.
Currently, the Shadowfax platform has more than 100,000 registered partners.
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