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 US$27.2M 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 US$3.4 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 US$3.4 each for roughly US$16.2M.
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 US$40.7M.
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 US$8.88M for Q1 FY27, up from US$1.09M a year earlier, and operating revenue rose 65% year-on-year to US$184.4M.
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 US$224.6M 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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