Mirae Asset Late Stage Opportunities Fund sold a 0.97% stake in logistics unicorn Shadowfax for nearly Rs 120 crore through a bulk deal on Wednesday.

BSE bulk deal data shows that Mirae Asset Late Stage Opportunities Fund sold 56.5 lakh shares of Shadowfax at Rs 212 apiece, taking the deal value to Rs 119.8 crore.

As of March 2026, Mirae Asset held a cumulative 6.73% stake in Shadowfax through multiple funds. The latest transaction represents around 0.97% of the company’s equity, reducing the asset manager’s overall holding in the logistics and quick-commerce delivery platform.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Gaurav Jaithliya and Praharsh Chandra, Shadowfax operates in the last-mile and hyperlocal logistics space, serving ecommerce marketplaces, D2C brands and quick commerce players. It competes with players such as Delhivery, XpressBees, Ecom Express and Ekart, in a segment marked by intense competition.

For Q4 FY26, Shadowfax reported a 74% year-on-year increase in operating revenue to Rs 1,237 crore from Rs 712 crore in the corresponding quarter last year. The company also turned profitable, posting a net profit of Rs 56 crore against a loss of Rs 10 crore in Q4 FY25.

Shadowfax had a muted debut on the stock exchanges earlier this year, with its shares listing at a 9% discount to the IPO price. However, the stock has nearly doubled over the past two months to Rs 230.50 apiece, pushing the company's market capitalization to Rs 13,484 crore.