TPG-Backed NewQuest Offloads Another Rs 200 Crore Shadowfax Stake in a BSE Bulk Deal

TPG-Backed NewQuest Offloads Another Rs 200 Crore Shadowfax Stake in a BSE Bulk Deal

TPG-backed NewQuest Asia Fund IV has sold another 1.36% stake in logistics startup Shadowfax for around Rs 200 crore through a bulk deal on the BSE, marking its second such stake sale in just over a month.

Here's how the transaction played out. NewQuest sold 80 lakh shares at Rs 250.03 apiece, while Hong Kong-based hedge fund Oxbow Master Fund picked up 47.85 lakh of those shares at Rs 250 each, worth roughly Rs 119.6 crore, with the buyer of the remaining shares undisclosed. This follows a similar sale in August, when NewQuest offloaded 1.25 crore Shadowfax shares worth nearly Rs 300.6 crore, also largely absorbed by Oxbow.

The bigger picture here is a steady drawdown. As of June 2026, NewQuest held an 11.53% stake in Shadowfax, and across just these two transactions, it has now sold around 2.05 crore shares worth over Rs 500 crore, bringing its holding down to roughly 8.03% in the current quarter alone. Oxbow, on the other side, has been quietly building up a position, now holding close to a 2% stake in the company through these very same trades.

NewQuest isn't alone in trimming exposure either. Shadowfax has seen a wave of early-backer stake sales since its public listing earlier this year, Walmart-owned Flipkart sold shares worth nearly Rs 690 crore in a block deal, Eight Roads Ventures offloaded roughly Rs 964 crore across two separate bulk deals, and Qualcomm Asia Pacific sold shares worth Rs 184 crore as well.

Here's why the timing actually works in Shadowfax's favour. The company just posted strong Q1 FY27 numbers, operating revenue jumped 65% year-on-year to Rs 1,358 crore, while profit rose more than eightfold to Rs 65 crore, giving these exits a backdrop of genuine business momentum rather than concern. Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax now operates across more than 16,372 pincodes and plans to expand its dark store network from 47 to 100 by FY27-end as it strengthens its quick commerce push.

From early institutional backing to steady post-IPO exits, Shadowfax's story right now is less about investor confidence wavering and more about early money simply taking its returns while the business keeps compounding.

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— Sandeep Raiza