Ecommerce platform Flipkart is likely to invest $40 million in logistics startup Shadowfax. Funding for artificial intelligence (AI) startups hits a record high.
Flipkart to invest $40 mn in logistics startup Shadowfax
Walmart-owned ecommerce platform Flipkart is close to wrapping a deal with Bengaluru-based logistics startup Shadowfax, The Economic Times reported.
Flipkart will invest $40 million in Shadowfax and the startup is likely to be valued at $200 million, the report said.
Flipkart had earlier invested in trucking platform BlackBuck and locker provider QikPod. This will be its third deal in the logistics segment.
Shadowfax, founded in 2015 by Indian Institute of Technology (IIT) Delhi alumni Abhishek Bansal and Vaibhav Khandelwal, offers hyperlocal, same-day and next-day delivery services. The startup is present across more than 150 cities and towns in India.
Flipkart shifts focus to core categories
Flipkart will focus on core categories like smartphones and electronics this festive season, The Economic Times reported.
The sales targets for the five-day festive period are double that of last year, the report said.
AI startups funding at record high
The second quarter of this year saw AI startups receive huge funding, The Economic Times reported, citing CB Insights.
AI startups raised $7.4 billion, which is the single highest amount ever in a quarter, the report said.
A total of 488 AI deals were reported in the second quarter. Intel Capital invested in 51 AI ventures while 500 Startups, a venture capital firm, has put their money behind 45 investments. Other notable investment firms like Y Combinator have backed 32 AI-centered startups, the report said.