Flipkart and Eight Roads sell Shadowfax shares worth $200 million
Walmart-owned Flipkart and investment firm Eight Roads Ventures have sold shares in logistics company Shadowfax for approximately $200 million in bulk deals. This divestment follows a period of strong financial performance for Shadowfax.
Walmart-owned e-commerce giant Flipkart, along with investment firm Eight Roads Ventures, has offloaded shares in Indian logistics company Shadowfax through bulk deals, totaling approximately ₹1,654 crore ($200 million USD).
Flipkart sold its stake for approximately ₹690 crore (about $83 million USD), while Eight Roads Ventures divested its holdings for about ₹964 crore (around $117 million USD). The identities of the buyers were not disclosed in the exchange data.
This marks the second time this year Flipkart has reduced its holding in Shadowfax, having previously sold shares worth ₹400 crore during the company's initial public offering. The recent transaction is part of a broader trend of partial exits by Flipkart from several of its investments since November of last year.
Shadowfax has reported a robust financial year, with a 69.1% increase in annual revenue and a net profit of ₹112 crore, signifying a turn to profitability. The company, founded in 2015 and listed earlier this year, is expanding its services beyond e-commerce deliveries into quick commerce and fulfillment infrastructure.