# Shadowfax funding: rounds and investors > Shadowfax has raised $38M across 3 rounds since 2016. Investors include Eight Roads Ventures, Flipkart and International Finance Corporation. Source: https://millionrounds.com/company/shadowfax (Millionrounds; every figure on the page links to its filing or article) India · [Series D startup](https://millionrounds.com/companies) # Who invested in *Shadowfax* 3 rounds we have observed, with the 8 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Internet Logistics Valuation: $600M, Oct 2024 Funding summary Updated 26 Oct 2026 **$38M** raised across 3 rounds since 2016, from 3 sources **$10M** Series B **$22M** Series C **$6.0M** Series D - **Latest round:** Series D, $6.0M Dec 2019 - **Led by:** Flipkart - **Biggest round:** $22M Series C · Aug 2018 - **Investors:** 8 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2017 2018 2019 **$10M** Series B **$22M** Series C **$6.0M** Series D - **First round:** Series B, $10M - **Biggest round:** $22M - **Usual gap between rounds:** 20 months ## The rounds - **Dec 2019** Series D **$6.0M** *5 new* *1 returning* [Flipkart](https://millionrounds.com/fund/flipkart-ventures) Lead [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) [Qualcomm Ventures](https://millionrounds.com/fund/qualcomm-ventures) [Eight Roads Ventures](https://millionrounds.com/fund/eight-roads) [Nokia Growth Partners](https://millionrounds.com/fund/nokia-growth-partners) Mirae Asset-Naver Fund Reported by TechCrunch - **Aug 2018** Series C **$22M** *2 new* *1 returning* [Eight Roads Ventures](https://millionrounds.com/fund/eight-roads) [Mirae Asset](https://millionrounds.com/fund/mirae-asset) NGP Capital/ Qualcomm Reported by FinSMEs - **Dec 2016** Series B **$10M** *1 new* [Eight Roads Ventures](https://millionrounds.com/fund/eight-roads) Reported by VCCircle ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Series B** 2016 **Series C** 2018 **Series D** 2019 [Eight Roads Ventures](https://millionrounds.com/fund/eight-roads) [Flipkart](https://millionrounds.com/fund/flipkart-ventures) L [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) [Qualcomm Ventures](https://millionrounds.com/fund/qualcomm-ventures) [Nokia Growth Partners](https://millionrounds.com/fund/nokia-growth-partners) [Mirae Asset](https://millionrounds.com/fund/mirae-asset) Mirae Asset-Naver Fund NGP Capital/ Qualcomm ## Everyone who backed them [Eight Roads Ventures](https://millionrounds.com/fund/eight-roads) VC firm **3** rounds [Flipkart](https://millionrounds.com/fund/flipkart-ventures) Corporate VC **1** round, led 1 [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) Government **1** round [Qualcomm Ventures](https://millionrounds.com/fund/qualcomm-ventures) Corporate VC **1** round [Nokia Growth Partners](https://millionrounds.com/fund/nokia-growth-partners) VC firm **1** round [Mirae Asset](https://millionrounds.com/fund/mirae-asset) VC firm **1** round Mirae Asset-Naver Fund no record of our own yet **1** round NGP Capital/ Qualcomm no record of our own yet **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=shadowfax). ## Also claim to have backed them These 2 firms list Shadowfax as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [NewBuild Venture Capital](https://millionrounds.com/fund/newbuild-venture-capital) VC firm Per its own site [TR Capital](https://millionrounds.com/fund/tr-capital-group) Private equity Per its own site ## Quick answers about Shadowfax ### Who invested in Shadowfax? Shadowfax's investors include Eight Roads Ventures, Flipkart, International Finance Corporation, Qualcomm Ventures and Nokia Growth Partners, and 3 more on record. Flipkart led its latest round. ### How much has Shadowfax raised? Shadowfax has raised $38M across 3 rounds since 2016. ### When did Shadowfax last raise? Shadowfax's most recent round was a Series D of $6.0M in Dec 2019, led by Flipkart. ### What was Shadowfax's biggest round? Shadowfax's largest round on record is $22M (Series C), in Aug 2018. ### Who backed Shadowfax first? Shadowfax's first round on record, in Dec 2016, was backed by Eight Roads Ventures. ### What stage is Shadowfax at? Shadowfax's latest named round is a Series D, in Dec 2019. ### Where is Shadowfax based? Shadowfax is based in India. ### Who led Shadowfax's rounds? Flipkart led the Series D in 2019. ## Companies like Shadowfax In the same sector, and raised in the last eighteen months. 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