Liquidity Events
Flipkart, Eight Roads sell logistics co. Shadowfax’s shares worth Rs.1,654-Cr
Walmart-owned Flipkart and existing investor Eight Roads Ventures have divested their holdings in Bengaluru-based logistics company Shadowfax through a series of bulk deals. The transaction, which resulted in a cumulative exit of INR 1,654-Cr, marks a partial liquidation of shares by the company's early backers.Flipkart sold 3.37 Cr shares at an average price of INR 204.45, raising about INR 690-Cr. Simultaneously, Eight Roads Ventures offloaded 4.7 Cr shares across two bulk deals at average prices ranging between INR 204.62 and INR 204.88, totalling INR 964.4-Cr. This marks the second time this year that Flipkart has reduced its stake in the firm, following an initial share sale during the company’s IPO.Founded in 2015, Shadowfax provides services to e-commerce, quick commerce, and direct-to-consumer brands. The company, listed on the stock exchanges earlier this year, reported a net profit of INR 112-Cr and a revenue increase of 69.1% in FY26. The company claims to serve over 15,600 pin codes and plans to expand its network of dark stores from 15 to 100 during FY27 to bolster its quick commerce operations.
Eight Roads first invested in Shadowfax in Sep-2015, while Flipkart came on board in Dec-2019. The company went public in Jan-2026, as part of which, Flipkart and Eight Roads had made part exits. Eight Roads had also made a part exit via secondary sale in Jun-25.
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