NewQuest trims Shadowfax stake by US$15.6M in fourth sale since July
What's the deal? TPG-backed NewQuestDealroom has a profile for this one. Try Dealroom → Asia Fund IV has sold 40 lakh shares in logistics firm Shadowfax Technologies for US$15.6M. The fund priced the shares at US$3.9 each, equal to about 0.68% of Shadowfax's paid-up equity.
Why now? This is NewQuest's fourth sale in three months. It divested 1.25 crore shares for roughly US$40.8M in August, 80 lakh shares for close to US$27.2M in September, and another 40 lakh shares for US$15.4M on September 30.
The bigger picture: NewQuest has now offloaded 2.85 crore shares since July, cutting its stake by about 4.86 percentage points. It held 11.53% of Shadowfax as of June 2026.
What's the context? The sales come as Shadowfax posts strong growth. Consolidated net profit rose more than eightfold to US$8.88M in Q1 FY27, up from US$1.09M a year earlier, while operating revenue climbed 65% year-on-year to US$184.4M.
What does Shadowfax do? Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, it provides logistics for e-commerce, quick-commerce, and direct-to-consumer firms. It operates across more than 16,000 pincodes and is expanding its quick-commerce network in last-mile delivery.
The numbers: Shadowfax listed earlier this year at an IPO price of US$1.68 per share. Its stock traded at US$3.91 during the session, giving it a market capitalisation of US$2.29B.
The signal: Early backers are steadily cashing out as Shadowfax's post-IPO shares trade well above their listing price. The repeated sales suggest NewQuest is locking in gains while demand holds in India's growing last-mile delivery market.
Read more: startupsuperb.com
Image credit: Generated with Gemini
