Shadowfax (IFC-41235)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bangalore and other 80 cities in India
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
SHADOWFAX TECHNOLOGIES PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 17, 2019

Disclosed by Bank Sep 17, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, "Shadowfax is an Indian technology based last-mile express logistics company serving clients across food, grocery, pharmacy and ecommerce. It is headquartered in Bangalore, India with regional offices in Delhi, Mumbai and Hyderabad. IFC funds are expected to be deployed for expansion to new cities and customers, sales and marketing, and to build new products and rolls out more API integrations with new/existing clients."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

*No investment information provided at the time of disclosure. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to IFC, the company was founded by Abhishek Bansal (currently serves as CEO, ex-Hay Group) and Vaibhav Khandelwal (currently serves as CTO, ex- System Two Advisors). Existing investors include Eight Roads Ventures, NGP Capital, Qualcomm Ventures and Mirae Asset Management. 


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Shadowfax Technologies Private Limited
Siddharth Jain
CEO’s office
+91-95821 48040
siddarth.jain@shadowfax.in
No. 135, 4th Floor, 1st Cross Rd, 5th Block, Koramangala, Bengaluru, Karnataka 560095, India
https://shadowfax.in/ 


ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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