TPG-backed NewQuest Offloads Rs 200 Crore Shadowfax Stake in a Bulk Deal, Second Sale in Two Months
TPG-backed NewQuest Asia Fund IV has offloaded another 1.36% stake in logistics startup Shadowfax for around Rs 200 crore through a bulk deal on the BSE, selling 80 lakh shares at Rs 250.03 apiece. Hong Kong-based Oxbow Master Fund picked up 47.85 lakh of those shares at Rs 250 each, worth around Rs 119.6 crore, with the buyer of the remaining shares undisclosed.
Here's why this particular sale stands out. This is actually NewQuest's second stake sale in Shadowfax in as many months, it had already sold 1.25 crore shares worth roughly Rs 300.6 crore back in August at Rs 240.46 apiece. Put the two transactions together, and NewQuest has sold around 2.05 crore shares worth over Rs 500 crore since August, while Oxbow alone has picked up close to a 2% stake across both deals. As of June 2026, NewQuest held an 11.53% stake in Shadowfax, and this latest sale trims that holding down to roughly 8.03%.
The timing here matters, this isn't a distressed exit. Shadowfax posted Q1 FY27 operating revenue growth of 65% year-on-year to Rs 1,358 crore, with profit rising more than eightfold to Rs 65 crore in the same quarter. The company currently operates across more than 16,372 pincodes and plans to expand its dark-store network from 47 to 100 locations by March 2027 as it pushes deeper into quick commerce.
The bigger pattern is what makes this genuinely interesting. Shadowfax has seen a steady stream of early-backer stake sales since its public listing earlier this year, Qualcomm sold shares worth Rs 184 crore, Walmart-owned Flipkart offloaded a stake worth nearly Rs 690 crore, and Eight Roads Ventures sold shares worth about Rs 964.4 crore across two separate bulk deals. Shares closed largely flat at Rs 249.75 after this latest transaction, suggesting the market is reading these repeated sell-downs as routine post-IPO liquidity events rather than a red flag on the business itself.
From early-stage conviction to steady post-listing profit-booking, NewQuest's exit path in Shadowfax is becoming a textbook case of how venture capital cashes out after an Indian startup goes public.
#StartupNews #Shadowfax #NewQuest #TPG #Logistics #IndianStartups #BulkDeal
— Sandeep Raiza