NGP Capital, the venture capital firm formed and spun out by communications technology provider Nokia, has co-led a $22m series C round for India-based logistics services platform Shadowfax.
Qualcomm Ventures, the corporate venturing vehicle for mobile semiconductor producer Qualcomm, also took part in the round, as did Eight Roads Ventures, which functions as a venture capital branch of investment group Fidelity, and fund manager Mirae Asset.
Founded in 2015, Shadowfax operates a logistics platform that delivers goods on demand for businesses in industries such as food, groceries, furniture, pharmaceuticals and e-commerce, making use of some 30,000 delivery partners spread across more than 80 Indian cities.
The company raised an initial $300,000 in a 2015 seed round that was followed by an $8.5m investment by Eight Roads Ventures a month later. Eight Roads returned to lead its $10m series B round in October 2016.
Varsha Tagare, Qualcomm Ventures India’s managing director, said: “We were impressed by Shadowfax’s ability to deliver efficiencies in the hyperlocal segment by harnessing the power of mobile.
“We look forward to supporting the company through our investment and enabling collaborations with technical experts, who have domain expertise in mobile, to help the company’s quest towards delivering enhanced user experiences.”