NewQuest Asia Fund IV (Singapore), part of the TPG group and managed by TPG NewQuest, has sold another 40 lakh shares of logistics company Shadowfax Technologies for approximately ₹114.8 crore through an open-market bulk deal, continuing its gradual reduction of its stake in the company.
According to exchange bulk-deal data, the transaction took place on October 6, with shares sold at ₹287 apiece. The sale represented approximately 0.68% of Shadowfax’s paid-up equity capital and followed several rounds of share disposals by the investor since August 2026.
The latest transaction adds to a series of stake reductions that have significantly lowered NewQuest’s ownership in the Bengaluru-based logistics company. The investor held 6,74,86,916 shares, equivalent to 11.53% of Shadowfax, at the end of June 2026.
NewQuest Continues to Reduce Its Shadowfax Holding
NewQuest began a series of substantial share sales in August, according to regulatory disclosures. Between August 3 and August 6, the investor sold 1,33,24,824 shares through open-market transactions, reducing its holding from 11.53% to 9.26%, or 5,41,62,092 shares.
The August transactions included a major bulk deal on August 6, when NewQuest sold 1.25 crore shares at ₹240.46 apiece. The transaction was valued at approximately ₹300.58 crore.
The investor continued its stake reduction in September, selling another 1,50,00,396 shares across transactions conducted on September 1, 4, 7, 8 and 30. These disposals reduced its holding to 3,91,61,696 shares, equivalent to 6.69% of Shadowfax’s equity, by the end of the month.
The September transactions included the sale of 80 lakh shares on September 8 at ₹250.03 apiece, amounting to approximately ₹200.02 crore. On September 30, NewQuest sold another 40 lakh shares at ₹284.03 each, generating proceeds of around ₹113.61 crore.
Including the latest October 6 transaction, NewQuest has sold approximately 3.23 crore Shadowfax shares between August 3 and October 6, based on the disclosed disposals. Four major bulk deals during this period — on August 6, September 8, September 30 and October 6 — accounted for approximately ₹729 crore in combined transaction value.
The continued sell-down reflects a substantial reduction in NewQuest’s ownership position, although the supplied information does not specify the investor’s holding following the October 6 transaction.
Shadowfax Reports Strong Revenue and Profit Growth
The stake sales have taken place alongside strong financial growth at Shadowfax. The company reported consolidated profit after tax of ₹65.40 crore for the first quarter of FY2026-27, compared with ₹8.02 crore in the corresponding period a year earlier.
Consolidated revenue from operations increased 64.9% year-on-year to ₹1,358.12 crore from ₹823.54 crore. The increase in revenue and profitability highlights the company’s recent business momentum amid growing demand for logistics services across e-commerce, quick commerce and direct-to-consumer businesses.
Following its first-quarter performance, Shadowfax raised its revenue growth guidance for FY2026-27 to 38–40%, compared with its earlier projection of 27–30%.
The improved outlook points to the company’s expectations of continued business expansion during the financial year. Its performance will also be watched in the context of increasing competition and the operational requirements associated with serving a growing number of online retailers and consumer brands.
Expanding Logistics and Quick-Commerce Infrastructure
Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax is a technology-led third-party logistics company providing delivery and logistics services to e-commerce, quick-commerce and D2C businesses.
The company listed its shares on the BSE and NSE on January 28, 2026. Its network currently serves more than 16,372 PIN codes across India, according to the supplied information.
Shadowfax is also expanding its quick-commerce infrastructure through the development of dark stores, which support localised inventory storage and faster order fulfilment. As of June 30, the company had 47 operational dark stores, with another 20 in the process of becoming operational.
The company has set a target of reaching 100 dark stores during FY2026-27, reflecting its efforts to strengthen its presence in the rapidly developing quick-commerce segment.
The expansion of its logistics network and quick-commerce capabilities comes as the company seeks to support rising delivery volumes and broader customer requirements. Its ability to sustain revenue growth while managing operational costs will remain important as it expands across additional markets and service categories.
For NewQuest, the latest bulk deal marks another step in its reduction of exposure to Shadowfax. For the logistics company, continued financial growth and network expansion remain central to its next phase of development.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements/disclosures for further details.
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