ICCK

South Korea’s financial conglomerate Mirae Asset Financial Group has invested $5 million in Indian food delivery service startup Shadowfax, betting on the growth potential of the world’s second most populated market. 

According to industry sources on Sunday, Mirae Asset Group has joined a $22 million funding round for Shadowfax with offshore investors Nokia and Qualcomm. The Korean investors chipped in $5 million through its two separate funds dedicated to investing in emerging technologies and businesses. 

Shadowfax is a last-mile delivery service provider in India, where the market is estimated to grow to $3.9 billion next year from $700 million last year. It has gaining attention from investors as the company with top brains in the management level has the largest local delivery network with partners ranging from franchise names such as McDonald’s and Pizza Hut to online grocery stores including BigBasket. 

Read More :https://www.mk.co.kr/news/english/view/2019/05/312899/