Flipkart, Eight Roads Offload Shadowfax Shares Worth ₹1,654 Cr in Bulk Deal as Logistics Startup Turns Profitable

Walmart-owned Flipkart and existing investor Eight Roads Ventures have sold a combined 8.07 crore shares of listed logistics company Shadowfax through bulk deals, raising ₹1,654.4 crore. The transaction represents the second partial exit for Flipkart this year following the company’s initial public offering, and comes after Shadowfax reported a strong financial performance in FY26.

According to National Stock Exchange data, Flipkart offloaded 3.37 crore shares at an average price of ₹204.45 apiece, netting about ₹690 crore. Eight Roads Ventures sold 4.7 crore shares across two separate bulk deals at average prices of ₹204.62 and ₹204.88 per share, raising approximately ₹964.4 crore. The exchange data does not disclose the identities of the buyers.

The stake sale follows Shadowfax’s public listing earlier this year. Flipkart, an early backer of the company, had previously sold shares worth ₹400 crore during the IPO. Since November last year, the ecommerce major has also offloaded holdings in BlackBuck, Flying Machine and Aditya Birla Lifestyle Brands.

Shadowfax reports sharp turnaround in FY26

Shadowfax reported a net profit of ₹112 crore for the full financial year 2026, compared to a loss in the previous year, while annual revenue rose 69.1%. In the March quarter alone, the company’s revenue jumped 73.6% year-on-year to ₹1,237 crore, and net profit stood at ₹55.8 crore against a loss of ₹9.9 crore in the same quarter of FY25.

The logistics network, founded in 2015, has been expanding beyond ecommerce deliveries into quick commerce, same-day shipping, premium freight and fulfillment infrastructure. It currently operates across more than 15,600 pin codes, supported by 2.6 lakh delivery partners.

Quick commerce push and dark store expansion

Shadowfax plans to increase its network of dark stores from 15 to 100 during FY27 to strengthen its quick commerce business. The company serves ecommerce, quick commerce and direct-to-consumer brands, and is positioning itself as a key player in India’s third-party logistics market.

Datos clave

Metric	Detail
Total shares sold	07 crore
Total transaction value	₹1,654.4 crore
Flipkart’s share sale	37 crore shares, approx ₹690 crore
Eight Roads’ share sale	7 crore shares, approx ₹964.4 crore
Shadowfax FY26 revenue growth	1%
Shadowfax Q4 FY26 net profit	₹55.8 crore (vs loss of ₹9.9 crore YoY)

What this means for the startup ecosystem

The bulk deal indicates that early investors in high-growth logistics startups are choosing to monetise after public market listings, even as the companies continue to scale. Shadowfax’s profitability and expansion into quick commerce underline the growing demand for last-mile and same-day delivery infrastructure in India.

For Coruja readers tracking the Indian startup and logistics technology space, the transaction provides a real-world data point on exit trends and sector performance. The company’s dark store buildout and pin code reach also reflect the operational scale required to compete in the quick commerce segment.

Source: Inc42 – https://inc42.com/buzz/flipkart-eight-roads-offload-shadowfax-shares-worth-%e2%82%b91654-cr-in-bulk-deal/