Flipkart-backed Shadowfax has filed a confidential DRHP with SEBI to raise ₹2,000–2,500 crore through a mix of fresh issue and OFS. The Bengaluru-based logistics startup aims for a ₹5,500–6,000 crore valuation. Known for last-mile e-commerce delivery, Shadowfax posted ₹1,885 crore revenue in FY24, narrowing losses by 91%. ICICI Securities, JM Financial, and Morgan Stanley are advising the issue.