New Delhi, Sept.12 (ANI): Delhi based, on-demand delivery service start-up ShadowFax recently received $8.5 million in ‘Series A’ funding from Fidelity’s proprietary investment arm, Eight Roads Ventures.
The funding will enable ShadowFax to rapidly scale-up and expand across several cities. Started by IIT-Delhi graduates, ShadowFax raised seed funding earlier this year from leading angel investors like Kunal Bahl and Rohit Bansal of Snapdeal.
Launched in April 2015, the company follows a hyper-local model with service-delivery restricted to six to eight kms in Delhi-NCR, Mumbai and Bengaluru. With its services, the company intends to replace the existing model of service-delivery in the country.
“Delivery-boy attrition rate is quite high in the country – a 100 percent in every six months. Plus, keeping in-house staff for deliveries adds to the managerial hassle. That’s where we help,” said Abhishek Bansal, ShadowFax’s CEO and co-Founder.
He adds that the company is trying to build the fastest and most efficient delivery network to meet the market requirements across categories. Currently, the company caters to areas like restaurants, groceries, pharmacy and flowers.
“In-house personnel for any of these service-industries are able to get six to eight deliveries per day. While we ensure our staff completes 18-25 deliveries per day. With ShadowFax, utilisation of resources increases.
Plus, we also offer, 100 percent delivery commitment to all our business clients,” said Abhishek.
The company has also developed an app through which they track the movement of their delivery-boys and ensure timely delivery of services. At present, the company guarantees a 15-minute delivery time to the service provider.
“We are able to complete 99 percent of our orders this way,” he added. (ANI)
By: Kirti Arora