Tech-enabled logistics startup Shadowfax trims FY18 loss as revenue soars
Shadowfax Technologies Pvt. Ltd, which runs an eponymous business-to-business (B2B) tech-logistics startup, has narrowed its loss for the year through March 2018 as revenue grew at a much faster pace than expenses.
The Delhi-registered startup's standalone revenue from operations more than doubled to Rs 76.3 crore for 2017-18 from Rs 31.7 crore the previous year, its filings to the Registrar of Companies show.
Net loss shrank to Rs 21.2 crore from Rs 28.5 crore while total expenditure climbed 59% to Rs 99.4 crore from Rs 62.6 crore.
The company did not comment on the financials, saying only that co-founder and chief executive Abhishek Bansal “is traveling overseas and not reachable”.
Founded in May 2015 by Bansal and Vaibhav Khandelwal, Shadowfax provides intra-city logistics services to neighbourhood merchants, grocery shops, pharmacies and e-commerce companies. It was set up as a food-only delivery player, but has diversified across verticals.
In August this year, the startup raised $22 million (Rs 151 crore) in its Series C round of funding led by US-based investment firm NGP Capital. Qualcomm Ventures, Mirae Asset and existing investor Eight Roads Ventures also participated in the round.
That round of funding took the total capital raised by the company to a little over $40 million. Prior to this, the company had raised $18.88 million from Eight Roads Ventures, InnoVen Capital, Toppr founder Zishaan Hayath, and Snapdeal co-founders Kunal Bahl and Rohit Bansal, according to VCCEdge, the data research arm of VCCircle.
Shadowfax fulfils more than 90,000 orders a day for its customers. Domino’s Pizza, BigBasket, Amazon, Paytm, Flipkart, Myntra, McDonald’s and 1mg are among its clients.
As part of its inorganic growth strategy, Shadowfax had acquired the assets of e-commerce-focussed reverse logistics platform Nuvo Ex in October last year.