TPG Sells Shadowfax Stake for $36M in Bulk Deal

Private equity firm TPG has divested a portion of its holdings in the Indian logistics company Shadowfax, selling shares worth approximately ₹300.6 crore (around $36 million) in a bulk deal. The transaction, executed via TPG’s entity NewQuest Asia Fund IV (Singapore), involved the sale of 1.25 crore shares at ₹240.46 per share, according to data from the Bombay Stock Exchange (BSE).

Hong Kong-based hedge fund Oxbow emerged as a significant buyer, acquiring 69.3 lakh shares at ₹240.25 each for ₹166.5 crore. The buyers for the remaining shares were not immediately clear.

At the close of June 2026, TPG held an 11.53% stake, or 6.7 crore shares, in Shadowfax. This latest sale has reduced TPG’s shareholding by over 18%, adding to a trend of early backers exiting their positions in the logistics provider.

This divestment follows similar moves by other major investors. Last month, Flipkart, owned by Walmart, sold shares valued at nearly ₹690 crore, while Fidelity-backed Eight Roads offloaded shares worth ₹964.4 crore in separate transactions.

The increased selling activity coincides with a notable surge in Shadowfax’s stock price, which has risen over 9% in the past week and more than 43.5% in the last three months. This rally is attributed to the company’s strong financial performance in the recent quarter.

Shadowfax reported an eight-fold increase in its consolidated net profit for Q1 FY27, reaching ₹65.4 crore, up from ₹8 crore in the same quarter last year. Operating revenue grew by 65% year-on-year and 10% quarter-on-quarter to ₹1,358.1 crore for the June 2026 quarter.

Following these results, Shadowfax revised its revenue growth forecast for FY27 to 38-40%, a significant increase from the previous projection of 28-30%. Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax provides logistics services to e-commerce, quick commerce, and D2C brands and was listed on the stock exchanges earlier this year.