TPG sells $23M Shadowfax stake as early backers cash out
What's the deal? TPG-backed NewQuestDealroom has a profile for this one. Try Dealroom → Asia Fund IV sold about Rs 200 crore worth of shares in logistics firm Shadowfax Technologies, offloading 80 lakh shares in the open market. According to BSE bulk-deal data, NewQuest sold at Rs 250.03 apiece on September 8, while Hong Kong-based Oxbow Master FundDealroom has a profile for this one. Try Dealroom → bought 47.85 lakh shares at Rs 250 each for roughly Rs 119.6 crore.
Why now? The sale takes NewQuest's total offloaded in the September quarter to nearly 3.5 percentage points, cutting its holding to around 8.03% from 11.53% at the end of June 2026. It follows an August deal in which NewQuest sold Shadowfax shares worth nearly Rs 300 crore.
What's the endgame? Shadowfax operates across e-commerce, direct-to-consumer, and quick-commerce logistics, listing coverage across more than 16,372 PIN codes. It is expanding a dark-store network to serve rising quick-commerce demand while keeping established delivery customers.
The stake sale comes after a strong quarter. Shadowfax reported consolidated net profit of Rs 65.4 crore for Q1 FY27, up from Rs 8 crore a year earlier, and operating revenue rose 65% year-on-year to Rs 1,358.1 crore.
On that strength, Shadowfax raised its FY27 revenue growth outlook to 38–40%, from earlier guidance of 28–30%.
The signal: Early backers are steadily cashing out of the recently listed company even as its numbers improve. Flipkart and Eight Roads together sold shares worth nearly Rs 1,654 crore in July, pointing to continued monetisation by founding investors while new institutional buyers like Oxbow step in.
Read more: businessmatters.in
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