At the start of 2025, markets were brimming with confidence and optimism about the IPOs of new-age tech companies, as 13 such companies got listed on the bourses last year and cumulatively raised INR 29,070 Cr via their public listing.
From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X.
Tailwinds favouring the startup IPO frenzy at the outset of the year were aplenty – India’s strong position in the equities market over the last few years, the investor interest in new-age tech companies, more rationalised valuations sought by startups, and renewed focus on profitability and sustainable growth.
So, it was only natural that industry watchers expected the momentum to percolate well into 2025 as well. However, the picture perfect story of startup IPO mania went south barely months into the year.
Despite 26 new-age tech companies filing their draft red herring prospectuses (DRHPs) with SEBI and many receiving regulatory nod, only seven listings have materialised so far.
While Smartworks’ July IPO saw enthusiastic response from markets, Ather Energy’s May listing turned out to be a muted debut. B2B ecommerce platform ArisInfra, workspace solutions provider IndiQube and new-age jewellery brand BlueStone, too, saw lacklustre debuts.
So, what happened to India’s startup IPO frenzy in 2025? Largely, it was unseen forces that played a spoilsport. The Indian equities markets saw a correction in the first few months of 2025 due to geopolitical tensions, high valuations, tariff war, macroeconomic factors like fears of recession and inflation, and more.
Then, there were also fundamental challenges faced by new-age tech companies. The public market investors want potential listees to be profitable and differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.
“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” said Lightbox Ventures founder and MD Sandeep Murthy.
Nevertheless, it would be interesting to see what lies in store for the startup ecosystem as the year approaches its end. To keep an eye on this, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape:
Latest Updates:
- Making a stellar market debut, Urban Company shares listed at INR 161 on the BSE, a premium of 56.3% to the issue price of INR 103
- Coworking space provider DevX had a lacklustre IPO as its stock listed at INR 61.30 on the BSE, marginally above its issue price of INR 61
- Groww has filed its updated DRHP with SEBI for its INR 7,000 Cr IPO, which will comprise a fresh issue of INR 1,060 Cr and an OFS of up to 57.4 Cr shares
The companies have been listed in an alphabetical order | Data has been sourced from Inc42, respective DRHPs, MCA filings and other media reports | Asterisk (*) specifies reported numbers.
| Name | Founded In | Sector | Total Funding | Key Investors | Revenues | DRHP Status | IPO Size [₹Cr] | Potential Valuation [₹Cr] | Book Running Lead Managers |
| AceVector | 2010 | Ecommerce | – | SoftBank, eBay, Nexus Venture Partners | ₹379.8 Cr (FY24) | Filed | ₹500 Cr | NA | |
| Aequs | 2016 | Deeptech | $81 Mn | Avansa Capital, Amicus Capital, Steadview Capital, Catamaran, Sparta Group | ₹988.3 Cr (FY24) | Filed | ₹1,728 Cr* | NA | NA |
| Amagi | 2008 | SaaS | $320 Mn | General Atlantic, Accel, Norwest Venture Partners, Avataar Ventures, Premji Invest | ₹1,162.6 Cr (FY25) | Filed | ₹3,200 Cr* | NA | Kotak Mahindra Capital, Citigroup, IIFL Capital, Goldman Sachs |
| ArisInfra | 2021 | Ecommerce | $25 Mn | Siddharth Shah, Think Partners, Logx Venture Partners, Karbonite Ventures | ₹696.84 Cr (FY24) | Listed | ₹600 Cr | ₹1,799 Cr | JM Financial, IIFL Securities, Nuvama |
| Ather Energy | 2013 | Electric Vehicles | $431 Mn | Hero MotoCorp, GIC, Tiger Global | ₹2,255 Cr (FY25) | Listed | ₹2,980 Cr | ₹14,123 Cr | Axis Capital, Nomura, HSBC Securities and Capital, JM Financial Markets |
| Avanse Financial Services | 2013 | Fintech | $212 Mn | Warburg Pincus, Kedaara Capital, International Finance Corporation, Mubadala | ₹2,347 Cr (FY25) | Refiled | ₹3,500 Cr | NA | Kotak Mahindra Capital, Avendus Capital, JP Morgan, Nomura, Nuvama Wealth Management, SBI Capital Markets |
| Aye Finance | 2014 | Fintech | $485 Mn | Google, ABC Impact, FMO | ₹1,459.7 Cr (FY25) | Filed | ₹1,450 Cr | NA | Axis Capital, IIFL Capital Services, Nuvama, JM Financial |
| BlueStone | 2011 | D2C | $200 Mn | Accel, Kalaari Capital, Deepinder Goyal, and Nikhil Kamath | ₹1,770 Cr (FY25) | Listed | ₹1,540.65 Cr | ₹7,823 Cr | Axis Capital, IIFL Capital, Kotak Mahindra Capital |
| boAt | 2016 | D2C | $177 Mn | Qualcomm Ventures, Warburg Pincus | ₹3,118 Cr (FY24) | Filed | ₹2,000 Cr* | NA | ICICI Securities, Goldman Sachs, Nomura |
| Capillary Technologies | 2008 | SaaS | $239 Mn | Avataar Ventures, Filter Capital, Peak XV Partners | ₹598.3 Cr (FY25) | Filed | ₹2,250 Cr* | ₹4,321 Cr – ₹8,600 Cr | NA |
| Captain Fresh | 2019 | D2C | $172 Mn | Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest | ₹1,395 Cr (FY24) | Filed | ₹3,530 Cr | ₹11,192 Cr- ₹12,914 Cr | Axis Capital, Bank of America |
| CarDekho | 2008 | Auto tech | $692 Mn | Google Capital, Hillhouse Capital, Peak XV Partners, HDFC Bank | ₹2,250.43 Cr (FY24) | Yet To File | ₹4,100 Cr | ₹17,219 Cr- ₹21,524 Cr | NA |
| Cult.fit | 2016 | Ecommerce | $650 Mn | Zomato, Accel, Tata Digital, Temasek, Kalaari Capital | ₹926.6 Cr (FY24) | Yet To File | ₹2,500 Cr | ₹17,200 Cr | Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, JM Financial |
| Curefoods | 2020 | Foodtech | $175 Mn | Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance | ₹745.8 Cr (FY25) | Filed | ₹2,582 Cr- ₹3,443 Cr | NA | NA |
| DevX | 2017 | Coworking | $13.3 Mn | Kalpesh Harakhchand Gala, Unmaj Corporation, Bidiwala Family Office | ₹158.9 Cr (FY25) | Listed | ₹143.35 | ₹550.1 Cr | Pantomath Capital Advisors |
| Droom | Auto Tech | $300 Mn | Lightbox, 57 Stars, Seven Train Ventures | ₹85.4 Cr (FY24) | Yet To File | ₹1,000 Cr | ₹10,331 Cr- ₹12,914 Cr | NA | |
| Flipkart | 2007 | Ecommerce | NA | Walmart, Google | ₹20,493 Cr (B2C) (FY25) | Yet To File | Yet To Be Decided | NA | NA |
| Fractal | 2000 | SaaS | $685 Mn | TPG Capital, Khazanah Nasional, Apax Partners | ₹ 2,765.4 Cr (FY25) | Yet To File | ₹4,900 Cr | ₹25,828 Cr | NA |
| Groww | 2017 | Fintech | $393 Mn | Y Combinator, Tiger Global Management, Ribbit Capital, Alkeon, Steadfast | ₹3,145 Cr (FY24) | Filed | ₹8,600 Cr | ₹60,260 Cr- ₹68,877 Cr | Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi, Motilal Oswal* |
| Imarticus Learning | 2012 | Edtech | $11.7 Mn | Global Ivy Ventures, Capian, BLinC Invest | ₹159 Cr (FY24) | Yet To File | ₹750 Cr | ₹5,000 Cr- ₹6,000 Cr | NA |
| InCred | 2016 | Fintech | $318 Mn | FMO, KKR, Paragon Partners, Varanium Capital | ₹1,270 Cr (FY24) | Yet To File | ₹4,000 Cr- ₹5,000 Cr | ₹15,000 Cr- ₹22,500 Cr | NA |
| IndiQube | 2015 | Coworking | $45 Mn | WestBridge Capital, MMPL Trust, Konark Trust | ₹1,059.3 Cr (FY25) | Listed | ₹700 Cr | ₹4,977 Cr | ICICI Securities, JM Financial |
| Infra.Market | 2016 | Ecommerce | $415 Mn | Tiger Global, Accel, Nexus Ventures | ₹14,530 Cr (FY24) | Yet To File | ₹4,304 Cr- ₹6,000 Cr | Yet To Be Decided | Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies |
| InMobi | 2007 | SaaS | $320 Mn | Sherpalo Ventures, SoftBank, Kleiner Perkins | ₹587 Cr (FY23) | Yet To File | ₹8,609 Cr | ₹68,877 Cr- ₹ 86,096 Cr | NA |
| Innoviti | 2002 | Fintech | $87 Mn | Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India | ₹105.6 Cr (FY24) | Yet To File | Yet To Be Decided | Yet To Be Decided | NA |
| Kissht | 2015 | Fintech | $140 Mn | Vertex Growth, Zodius, Brunei Investment Agency, Endiya Partners | ₹1,337.5 Cr (FY25) | Filed | ₹1,000 Cr | ₹7,748 Cr- ₹9,470 Cr | ICICI Securities, UBS Securities, Motilal Oswal* |
| LEAP India | 2013 | Logistics | $184 Mn | KKR, Sixth Sense Ventures | ₹466.4 Cr (FY25) | Filed | ₹2,400 Cr | NA | UBS, Avendus Capital, IIFL, JM Financial |
| Lenskart | 2010 | Ecommerce | $1.78 Bn | SoftBank, ADIA, Temasek, Fidelity Investments, ChrysCapital | ₹6,652.5 Cr (FY25) | Filed | ₹2,150 Cr | ₹60,200 Cr-₹68.800 Cr | Kotak Mahindra Bank, Morgan Stanley |
| Licious | 2015 | Ecommerce | $555 Mn | Temasek, 3one4 Capital, Innoven Capital, Amansa Capital | ₹685.05 Cr (FY24) | Yet To File | NA | ₹17,200 Cr | NA |
| Meesho | 2015 | Ecommerce | $1.36 Bn | Tiger Global Management, Peak XV Partners, Meta, Locus Ventures, Y Combinator | ₹7,615 Cr (FY24) | Filed | ₹6,049 Cr-₹6,914 Cr | ₹17,200 Cr | Morgan Stanley, Kotak Mahindra Capital, Citi* |
| Moneyview | 2016 | Fintech | $190 Mn | Accel India, Nexus Ventures. | ₹1,012 Cr (FY24) | Yet To File | ₹3,457 Cr | NA | Axis Capital, Kotak Mahindra Capital Company |
| Navi | 2018 | Fintech | $677 Mn | Gaja Capital | ₹2,271.2 Cr (FY25) | Yet To File | NA | NA | NA |
| NoPaperForms | 2017 | SaaS | $4.5 Mn | Info Edge | ₹70 Cr (FY24) | Yet To File | ₹500 Cr- ₹600 Cr | ₹2,000 Cr | IIFL Capital, SBI Capital |
| OfBusiness | 2015 | Ecommerce | $879.61 Mn | Tiger Global, Norwest, Softbank, Matrix Partners, Falcon Edge | ₹19,296.3 Cr (FY24) | Yet To File | ₹6,360 Cr- ₹8,480 Cr | ₹51,650 Cr- ₹77,400 Cr | Axis Capital, Morgan Stanley, JPMorgan, Citigroup, Bank of America* |
| Ola Consumer | 2011 | Mobility | $3.84 Bn | SoftBank, Vanguard, Accel, Bessemer Venture Partners | ₹2,011.9 Cr (FY24) | Yet To File | ₹4,300 Cr | ₹43,000 Cr | NA |
| OYO | 2013 | Travel Tech | $3.47 Bn | Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company | ₹5,388.7 Cr (FY24) | To Be Refiled | ₹6.680 Cr* | NA | NA |
| PayNearby | 2016 | Fintech | $4 Mn | The Gain, BetaPlus Capital | ₹355 Cr (FY24) | Yet To File | NA | NA | NA |
| PayU India | 2002 | Fintech | NA | Prosus | $444 Mn (FY24) | Yet To File | ₹4,321 Cr* | Yet To Be Decided | Goldman Sachs, Morgan Stanley, Bank of America* |
| PhonePe | 2015 | Fintech | $2.29 Bn | Walmart, General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds | ₹5,725 Cr (FY24) | Yet To File | Yet To Be Decided | NA | JP Morgan, Citi India, Morgan Stanley, Kotak Mahindra Capital* |
| Physics Wallah | 2020 | Edtech | $312 Mn | Hornbill Capital, Lightspeed, GSV Ventures, WestBridge Capital | ₹2,886.6 Cr (FY25) | Filed | ₹3,280 Cr | ₹24,107 Cr | Kotak Mahindra Capital, JP Morgan, Axis Bank, Goldman Sachs |
| Pine Labs | 1998 | Fintech | $1.59 Bn | Peak XV Partners, Temasek, Vitruvian Partners, Nordmann, Alpha Wave Global, SBI | ₹1,309.6 Cr (FY24) | Filed | ₹2,600 Cr (excluding OFS of up to 14.78 Cr shares) | ₹51,657 Cr | Axis Capital, Morgan Stanley, Citigroup, JP Morgan, Jefferies India* |
| Pure EV | 2015 | Electric Vehicles | $14 Mn | Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises | ₹131.3 Cr (FY23) | Yet To File | Yet To Be Decided | NA | NA |
| Purple Style Labs | 2015 | D2C | $78 Mn | Alchemy Capital Management, Bajaj Holdings and Investment, Minerva Ventures | ₹507.8 Cr (FY24) | Yet To File | ₹750 Cr (excluding OFS) | NA | NA |
| Razorpay | 2014 | Fintech | $816 Mn | Peak XV Partners, Z47, Lone Pine Capital, Alkeon Capital Management, TCV | ₹2,475 Cr (FY24) | Yet To File | NA | NA | NA |
| Rebel Foods | 2011 | Foodtech | $563 Mn | Coatue Management, Lightbox, Peak XV Partners | ₹1,420.2 Cr (FY24) | Yet To File | Yet To Be Decided | NA | NA |
| Servify | 2015 | Consumer Services | $130 Mn | BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars | ₹754 Cr (FY24) | Yet To File | ₹3,400 Cr – ₹4,300 Cr | ₹12,914 Cr | NA |
| Shadowfax | 2015 | Logistics | $212 Mn | Flipkart, Mirae India, IFC, Nokia Growth Partners, Qualcomm | ₹1,884.8 Cr (FY24) | Filed | ₹2,500 Cr – ₹3,000 Cr | ₹5,000 Cr – ₹8,000 Cr | ICICI Securities, JM Financial, Morgan Stanley* |
| Shiprocket | 2017 | Logistics | $323 Mn | Temasek, Bertelsmann, Tribe Capital, Lightrock | ₹1,316 Cr (FY24) | Filed | ₹2,000 Cr – ₹2,500 Cr | NA | NA |
| Smartworks | 2016 | Coworking | $41 Mn | Ananta Capital, Keppel Land, Plutus Capital | ₹1,039.3 Cr (FY24) | Listed | ₹582.56 Cr | ₹5,080 Cr | JM Financial, BOB Capital Markets, IIFL Securities, Kotak Mahindra Capital |
| Square Yards | 2014 | Proptech | $200 Mn | Reliance Group, ADM Capital, BCCL, Genkai Capital | ₹1,400 Cr (FY25) | Yet To File | ₹2,000 Cr | ₹8,827 Cr | NA |
| Table Space | 2017 | Coworking | $407 Mn | Hillhouse Capital, Rava Partners, Alta Capital | ₹898 Cr (FY24) | Yet To File | NA | NA | NA |
| Tonbo Imaging | 2012 | Deeptech | $59 Mn | Artiman Ventures, Celesta Capital, Qualcomm Ventures | ₹460 Cr (FY25) | Yet To File | ₹800 Cr – ₹1,000 Cr | NA | IIFL Securities, JM Financial |
| Turtlemint | 2015 | Fintech | $197 Mn | Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, Nexus Venture Partners | ₹674.5 Cr (FY25) | Filed | ₹1,700 Cr- ₹2,150 Cr | NA | Motilal Oswal, JM Financials, ICICI Securities, Jefferies |
| Urban Company | 2014 | Consumer Services | $646 Mn | Tiger Global, Prosus, Steadview Capital | ₹1,144.5 Cr (FY25) | Listed | ₹1,900 Cr | ₹14,790 Cr | Kotak Mahindra Capital, Goldman Sachs, Morgan Stanley |
| Wakefit | 2016 | D2C | $100 Mn | Peak XV Partners, Investcorp, Verlinvest, SIG | ₹986.35 Cr (FY24) | Filed | ₹468 Cr (excluding OFS of up to 5.8 Cr shares) | NA | Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley* |
| WeWork India | 2017 | Coworking | NA | Ariel Way Tenant | ₹1,665.14 Cr (FY24) | Filed | OFS Comprising 4.3 Cr shares | NA | JM Financial, ICICI Securities, Kotak Mahindra Capital, Jefferies India, 360 ONE WAM |
| WonderChef | 2009 | D2C | $30 Mn | Sixth Sense Ventures, Amicus Capital, Godrej Family Office, Malpani Group | ₹377 Cr (FY24) | Yet To File | NA | ₹1,800 Cr | NA |
| Zappfresh | 2015 | D2C | $14.5 Mn | SIDBI Venture Capital, Gyan Dairy, ah! Ventures | ₹90 Cr (FY24) | Filed | Fresh Issue Of 59.06 Lakh shares | NA | Narnolia Financial Services |
| Zepto | 2021 | Quick Commerce | $1.60 Bn | Y Combinator, Goodwater Capital, Glade Brook Capital, General Catalyst, Dragon Fund | ₹4,454.52 Cr (FY24) | Yet To File | ₹6,914 Cr-₹8,600 Cr | Yet To Be Decided | Morgan Stanley, Goldman Sachs |
| Zetwerk | 2018 | Ecommerce | $793 Mn | Greenoaks Capital, Lightspeed, Mars Growth Capital, Peak XV Partners | ₹11,448.6 Cr (FY24) | Yet To File | ₹3,456 Cr-₹4,320 Cr | ₹43,209 Cr | Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase, Kotak Mahindra Bank |
Now, let’s take a detailed look at the list:
Startups That Have Taken The IPO Plunge In 2025 ArisInfraFounded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.
Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and CEO Siddharth Shah, and Karbonite Ventures, the company has bagged more than $25 Mn in funding to date.
In August 2024, the company kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue was to comprise solely a fresh issue of shares, with no OFS.
Later, the company first trimmed the size of the fresh issue to INR 579.6 Cr and then to INR 499.6 Cr. It received approval from the market regulator for its public listing in November 2024.
In the run up to its IPO, ArisInfra raised INR 224.8 Cr from anchor investors, including the likes of Astorne Capital VCC, Niveshaay Hedgehogs Fund, and Nexus Global Opportunities Fund. Its public issue closed with an oversubscription of 2.65X, with investors bidding for 3.47 Cr shares as against 1.31 Cr shares on offer.
The company made a lacklustre stock market debut on June 25. ArisInfra’s shares listed at INR 205 on the NSE, a 7.65% discount over its issue price of INR 222. On the BSE, the stock debuted at INR 209, a 5.81% discount over its issue price.
ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in FY24, while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review. The company reported a net loss of INR 0.51 Cr in Q4 FY25, down 97% YoY, on an operating revenue of INR 221.1 Cr, up 7% YoY.
Ather EnergyAther became the first listed Indian new-age tech company of 2025 to go public after it listed on the exchanges on May 6. The EV maker’s public issue saw a muted response as the shares opened at INR 328 on the NSE, a mere 2.18% premium over its IPO price of INR 321.
On the BSE, the stock opened at INR 326.05, a 1.57% premium over the IPO price. With this, it became the second EV startup in the country to go public, after Ola Electric.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather is one of the biggest players in the Indian electric two-wheeler segment. It manufactures and services escooters and operates its own charging infrastructure.
The EV major raised more than $431 Mn in funding prior to its stock market debut from the likes of Hero MotoCorp, GIC, Tiger Global, among others.
The Bengaluru-based company’s public issue closed with an oversubscription of 1.43X in late-April 2025. The IPO received bids for 7.65 Cr shares as against 5.34 Cr shares on offer.
This marked the culmination of Ather’s year-long efforts to get listed on the exchanges. In September 2024, it filed its DRHP. As per its draft IPO papers, Ather’s public issue was to comprise a fresh issue of shares worth INR 3,100 Cr and an OFS component of up to 2.2 Cr equity shares.
In December 2024, the company received SEBI’s approval to go ahead with its IPO plans. Four months later in April 2025, the EV major filed its RHP with SEBI and trimmed the size of its IPO.
Ahead of the opening of the IPO, the company raised INR 1,340 Cr from 36 anchor investors, including SBI, ADIA, Invesco, Franklin Templeton, among others, at INR 321 apiece.
Ather managed to trim its net loss by 17% to INR 234.4 Cr in Q4 FY25 from INR 283.3 Cr in the year-ago period. Revenue from operations rose 29% to INR 676.1 Cr in the quarter under review from INR 523.4 Cr in the same period last year.
BlueStoneFounded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery brand that sells rings, pendants, earrings and other products. Backed by Prosus, Steadview Capital and Think Investments, the startup has raised more than $184 Mn in funding till date.
Kicking off its IPO proceedings in August 2024, the jewellery startup raised INR 900 Cr as part of a pre-IPO funding round that catapulted its valuation to $970 Mn. Just four months later in December, the omnichannel jewellery brand filed its DRHP for an INR 1,000+ Cr IPO.
SEBI issued its observation letter to BlueStone to go ahead with the IPO on April 1, 2025.
Subsequently, the company filed its RHP, in which it trimmed the size of its fresh issue to INR 820 Cr from INR 1,000 Cr previously. It also slashed the size of its OFS component to 1.4 Cr shares from 2.4 Cr shares earlier.
The new-age jewellery brand had set a price range of INR 492 to INR 517 for its IPO. Subsequently, its public issue closed with an oversubscription of 2.7X.
However, BlueStone had a lacklustre stock market debut on August 19 and its shares listed at INR 508.80 apiece, a discount of 1.5% to the issue price of INR 517. On the NSE, the stock opened 1.3% lower from the issue price at INR 510.
On the financial front, BlueStone’s net loss widened 56% to INR 221.8 Cr in FY25 from INR 142.2 Cr in the previous year. Operating revenue zoomed 39.9% to INR 1,770 Cr during the fiscal under review from INR 1,265.8 Cr in FY24.
DevXFounded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others.
Backed by Kalpesh Gala, Unmaj Corporation, and Bidiwala Family Office, DevX operates coworking spaces in 11 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Surat, among others. It claims to cater to 250 clients including Zomato, Tim Hortons, Deakin University, among others.
The coworking company initially filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. However, in February 2025, SEBI returned the DRHP for unspecified reasons. Subsequently, the company refiled its DRHP with the markets regulator in April 2025.
It received SEBI’s nod for an IPO in August 2025. Its IPO solely comprised a fresh issue of 2.35 Cr shares. The startup set a price band of INR 56 to INR 61 per share for its public issue.
Ahead of the public issue, the coworking space provider raised INR 63.2 Cr by allotting over 1 Cr equity shares to 11 anchor investors. Subsequently, its public issue closed with an oversubscription of 63.97X as investors bid for 84.1 Cr shares as against 1.32 Cr shares on offer.
Eventually, the coworking space provider’s shares made a muted debut on the stock exchanges, listing at INR 61.30 on the BSE compared to its issue price of INR 61. On the NSE, the stock listed flat at INR 61.
DevX clocked a net profit of INR 1.7 Cr in FY25, a 3X jump from INR 43.3 Lakh in the previous fiscal year. Meanwhile, operating revenue jumped 47% to INR 158.9 Cr from INR 108.1 Cr in FY24.
IndiQubeFounded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a coworking space provider that offers workspace design, interior build out and other B2B and B2C-focussed services.
Backed by WestBridge Capital, Aravali Investment Holdings, and Konark Trust, IndiQube raised more than $45 Mn in funding across multiple rounds before it came out with its IPO.
Kicking off its IPO proceedings, the Bengaluru-based company turned into a public limited company in December 2024. Initially, it filed its DRHP with SEBI for an INR 850 Cr IPO. In March 2025, SEBI greenlit the coworking space startup’s IPO.
Subsequently, in its RHP, the company trimmed the size of its public issue by INR 150 Cr to INR 700 Cr. The IPO comprised a fresh issue of shares worth INR 650 Cr and an OFS of INR 50 Cr.
Ahead of the IPO, the workspace solutions provider raised INR 314 Cr by allotting 1.3 Cr equity shares to anchor investors INR 237 apiece. Subsequently, its public issue closed with an oversubscription of 12.4X, with investors bidding for 21.2 Cr shares as against 1.71 Cr shares on offer.
However, IndiQube had a lacklustre market debut. Shares of the workspace solutions provider listed at INR 218.7 apiece on the BSE, down 7.7% from the issue price of INR 237. On the NSE, it listed at INR 216, a discount of 8.8% over its issue price.
IndiQube’s net loss declined 60% to INR 139.6 Cr in FY25 from INR 341.5 Cr in the previous fiscal. However, revenue from operations jumped 28% to INR 1,059.3 Cr during the year under review from 830.6 Cr in FY24.
SmartworksFounded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider that offers customisable coworking solutions for enterprises. The startup has raised $41 Mn in funding till date and is backed by the likes of Ananta Capital, Keppel Land and Plutus Capital.
Taking the first step towards its IPO, the startup turned into a public company in July 2024 and then filed its DRHP with SEBI for INR 550 Cr IPO in August 2024. It received approval from the markets regulator for its listing in December 2024.
More than seven months after the market regulator’s nod, Smartworks filed its RHP in July 2025. The coworking startup trimmed the size of its fresh issue to INR 445 Cr from INR 550 Cr previously. It also almost halved the size of the OFS component to up to 33.79 Lakh shares from 67.49 Lakh shares earlier.
Smartworks raised INR 173.64 Cr from anchor investors. Its public issue closed with an oversubscription of 13.45X, with investors bidding for 13.9 Cr shares as against 1.04 Cr shares on offer.
Subsequently, on July 17, Smartworks made its stock market debut. The stock debuted at INR 436.10 on the BSE, a premium of 7.14% over the issue price of INR 407. On the NSE, shares of the company opened at INR 435, a 6.88% premium over the issue price.
On the financial front, the company’s net loss jumped 26.5% to INR 63.2 Cr in FY25 from INR 49.9 Cr in the previous year. Operating revenue jumped 32.3% to INR 1,374.1 Cr during the year under review from INR 1,039.3 Cr in FY24.
Urban CompanyFounded in 2014 by Abhiraj Singh Bahl, Raghav Chandra, and Varun Khaitan, Urban Company is a hyperlocal services startup that offers a range of services such as home cleaning, appliance salon and massage, repair services, painting, among others.
Backed by Tiger Global, Prosus and Steadview Capital, the Delhi NCR-based startup has raised more than $646 Mn in funding to date.
In February 2025, the Gurugram-based home services marketplace’s board approved a resolution to turn the company into a public entity. In April 2025, the company filed its draft red herring prospectus for INR 1,900 Cr public issue. It received SEBI’s approval for its IPO in August.
The IPO, which opened on September 10, comprised a fresh issue of shares worth INR 472 Cr and an OFS component of INR 1,428 Cr. The consumer services unicorn set a price band of INR 98 to INR 103 for its IPO.
The public issue closed on September 12 with an oversubscription of a whopping 103.63X, receiving bids for 1,106.45 Cr shares against 10.67 Cr shares on offer.
The company made a stellar debut on the bourses on September 17, listing 56.3% above their issue price at INR 161 apiece on the BSE. On the NSE, the stock listed at INR 162.25 per share, a premium of 57.5% over the issue price of INR 103.
On the financial front, Urban Company minted a net profit of INR 239.7 Cr in FY25 against a net loss of INR 92.7 Cr in the year ago fiscal. Operating revenue rose 38% YoY to INR 1,144.5 Cr during the year under review.
Meanwhile, the company clocked a profit of INR 6.9 Cr in Q1 FY26 on an operating revenue of INR 367.3 Cr.
Startups That Have Filed DRHP AceVectorA brainchild of Kunal Bahl and Rohit Bansal, AceVector’s genesis lies in the founding of ecommerce platform Snapdeal in 2010. Since then, the umbrella entity has grown to also include listed ecommerce enablement platform Unicommerce and house of brands platform Stellaro Brands.
The three entities were consolidated under a single group brand, AceVector, in 2022. Three years later, AceVector now wants to go public.
In July 2025, the consolidated entity filed its DRHP for an INR 500 Cr IPO, which will primarily comprise a fresh issue of shares.
As per Tofler, AceVector clocked revenue to the tune of INR 379.8 Cr in FY24, up a marginal 2.1% from INR 372 Cr in the previous year. It managed to trim its net loss by 43% to INR 160.4 Cr in the fiscal under review compared to INR 282.2 in FY23.
AequsA brainchild of Aravind Melligeri, Aequs is a contract manufacturing company that offers a range of integrated high-precision engineering services including forging, precision machining, surface treatment and aerostructure assembly and testing for the aerospace industry as well as consumer electronics companies.
Founded in 2016, it operates a diversified and vertically-integrated manufacturing platform, which is focussed on exports. It caters to giants like Apple, Airbus, Boeing, Safran, Dassault, Collings Aerospace, among others. Alongside, it also claims to have built India’s first global-scale toys manufacturing ecosystem, the Koppal Toy Manufacturing Cluster, in Karnataka.
Till date, Aequs has raised more than $81 Mn in funding and is backed by the likes of Avansa Capital, Amicus Capital, Steadview Capital, Catamaran (the family office of Infosys founder Narayana Murthy), Sparta Group, among others.
Kicking off its IPO proceedings, Aequs’ board, in April 2025, gave its nod to change the name of the company to ‘Aequs Limited’ from ‘Aequs Private Limited’. In the run up to the public listing, Aequs’ board also approved the appointment of Melligeri as the executive chairman and CEO of the company for five years till May 2030.
In June 2025, the Karnataka-based contract manufacturing company filed its DRHP with SEBI via the confidential pre-filing route for a $200 Mn IPO. Prior to this, the company also raised INR 128 Cr via a rights issue. The round was led by its holding company Aequs Manufacturing Investments Pvt Ltd, with participation from existing backers like Amicus Capital, Steadview Capital, Amansa Investments, and others.
On the financial front, the aerospace parts maker narrowed its consolidated net loss by 89% to INR 12.1 Cr in FY24 from INR 108.7 Cr in the previous fiscal. Meanwhile, total revenue grew more than 18% to INR 988.3 Cr during the fiscal year under review from INR 836.2 Cr in FY23.
AmagiFounded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming TV platforms.
It claims to support over 800 content brands, 800 playout chains and 5,000 channel deliveries via its platforms in over 150 countries, and has presence in cities such as New York, Los Angeles, Toronto, London, among others.
The SaaS unicorn’s IPO plans first came to light in January 2025 when a report claimed that the company had roped in Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment bankers to helm its public issue.
Subsequently in May 2025, it converted into a public entity after the company’s board passed a special resolution to change its name to “Amagi Media Labs Limited” from “Amagi Media Labs Private Limited” previously.
After much ado, the media-focused SaaS unicorn filed its DRHP in July 2025 for its IPO, which will comprise a fresh issue of shares worth up to INR 1,020 Cr and an OFS component of up to 3.41 Cr shares.
On the financial front, Amagi’s consolidated net loss declined 72% to INR 68.7 Cr Cr in FY25 from INR 245 Cr in the previous fiscal year. Revenue from operations jumped 32.2% to INR 1,162.6 Cr from INR 879 Cr in FY24.
Avanse Financial ServicesFounded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India.
The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.
In July 2024, SEBI returned the non-bank lender’s DRHP on “technical grounds”. A month later, the company refiled its draft IPO papers with the market regulator. Subsequently, SEBI gave its nod to the NBFC for the IPO in October 2024.
In August 2025, it was reported that the NBFC was mulling delaying its IPO plans amid slowing loan demand due to stricter US visa rules.
Backed by the likes of Warburg Pincus, International Finance Corporation (IFC), Mubadala Investment Company and Kedaara Capital, the startup has reportedly raised more than $299 Mn in funding to date.
The NBFC clocked a net profit of INR 502 Cr in FY25, up 46.6% from INR 342.4 Cr in the previous fiscal year. Operating revenue also grew to INR 2,347 Cr in the fiscal under review from INR 1,727 Cr in FY24.
Aye FinanceA brainchild of Sanjay Sharma and Vikram Jetley, Aye Finance was founded in 2014. The NBFC’s unique selling proposition (USP) lies in its AI-powered credit assessment algorithms that it leverages to offer loans to small businesses across the country.
The NBFC has secured $500 Mn in funding to date and counts the likes of Google, ABC Impact, Dutch entrepreneurial development bank FMO, among others, as investors. In the run up to its IPO
In December 2024, the NBFC filed its draft red herring prospectus with the SEBI for a public listing. The markets regulator greenlit the NBFC’s IPO plans on April 3, 2025.
As per the DRHP, Aye Finance’s IPO will comprise a fresh issue of shares worth INR 885 Cr and an OFS component of INR 565 Cr.
The IPO-bound NBFC’s net profit declined about 50% YoY to INR 30.6 Cr in Q1 FY26, while revenue from operations grew 21% YoY to INR 407 Cr during the quarter under review.
boAtFounded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C brand that sells products such as headphones, smart watches and speakers.
The startup has raised more than $171 Mn across multiple rounds from marquee names such as Warburg Pincus,Qualcomm Ventures, Malabar Investments, Innoven Capital, Fireside Ventures, among others.
boAt has been planning its IPO for some years now. In 2022, it filed its DRHP with SEBI in 2022 for an INR 2,000 Cr public issue but later shelved the plan amid adverse macroeconomic conditions.
Kicking off its IPO plans once again in November 2024, boAt reportedly finalised ICICI Securities, Goldman Sachs and Nomura as the bankers to helm its public listing.
The boAt board, in late-February 2025, greenlit plans to amend the company’s articles of association (AoA) and raise up to INR 500 Cr via fresh issue of shares during the IPO. Subsequently, the company’s parent Imagine Marketing filed its DRHP via the confidential pre-filing route.
The company received SEBI’s approval for its IPO on August 1.
Meanwhile, on the financial footing, boAt swung back to the black in FY25 and reported a net profit of INR 60.4 Cr as against a loss of INR 73.7 Cr in the previous fiscal. Its operating revenue, however, declined a marginal 1% to INR 3,073.3 Cr in the fiscal under review from INR 3,117.7 Cr in FY24.
Capillary TechnologiesFounded in 2008 by Aneesh Reddy, Capillary Technologies is a SaaS startup that offers end-to-end customer engagement tools for brands to increase customer retention via personalised omnichannel communication. It also offers a customer data platform and reward network.
With presence spanning India, Southeast Asia, MENA, and the US, the company has raised more than $239 Mn in funding to date. It is backed by the likes of marquee names such as Avataar Ventures, Filter Capital, Peak XV Partners, among others.
The SaaS startup first attempted to list on the exchanges in 2021, when it filed its DRHP to raise $114 Mn via its market debut. However, the company later postponed the plans amid roiling market volatility and the onset of funding winter.
In May 2025, the SaaS startup received approval from its board to raise INR 2,250 Cr through its IPO. A month later in June 2025, the company refiled its DRHP with the SEBI to list on NSE and BSE.
As per the DRHP, Capillary’s IPO will consist of a fresh issue of INR 430 Cr and an OFS component of 18.3 Mn shares. Under the OFS, investors including Ronal Holdings, Trudy Holdings, Filter Capital India, Sripathi Venkata Ramana Reddy, among others will offload their stakes.
The SaaS platform plans to utilise the proceeds from the IPO to build up its cloud infrastructure, invest in research, design and development of its products and platform, purchase computer systems, acquire companies and for general corporate purposes.
The IPO-bound SaaS company turned profitable after a span of three fiscal years in FY25 with a profit after tax (PAT) of INR 13.3 Cr against a loss of INR 59.4 Cr in FY24. It clocked an operating revenue of INR 598.3 Cr during the year under review, up 14% from INR 525.1 Cr in FY24.
Captain FreshFounded in 2019 by Utham Gowda, Captain Fresh is a B2B startup that exports and sells fish and seafood. Besides operating a marketplace for fisherfolk to sell their catch, it also offers an end-to-end operations management tool for retail outlets and supermarket chains for sale of seafood.
Backed by the likes of Tiger Global, Prosus and British International Investment (BII), the B2B startup has raised more than $172 Mn in funding to date.
Taking the first official step towards its public listing, Captain Fresh, in July 2025, turned into a public entity after its board approved a resolution to drop the word “private” from its name. Subsequently, in October, it was reported that Captain Fresh had roped in Axis Capital and Bank of America (BofA) as bankers to helm its planned IPO in the second half of 2025.
In August 2025, Inc42 reported that the B2B seafood startup filed its DRHP via the confidential pre-filing route for a $400 Mn IPO. The public issue will comprise a fresh issue of $200 Mn and an offer for sale of $150 Mn to $200 Mn. Previous reports suggested that the startup was eyeing a valuation of $1.3 Bn to $1.5 Bn for the IPO.
Captain Fresh had posted a revenue of INR 1,395 Cr in FY24 and posted a loss of INR 229 Cr. Meanwhile, sources said that the startup turned profitable and clocked a net profit of INR 40 Cr on a revenue of INR 3,200 Cr in FY25.
CurefoodsFounded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen unicorn that operates a diverse portfolio of brands including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle.
It claims to manage more than 200 cloud kitchens and offline outlets across 15 cities in India, offering over 10 cuisines. The startup has raised more than $175 Mn in funding to date and is backed by names such as Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance, among others.
In May 2025, the Bengaluru-based cloud kitchen startup converted into a public entity ahead of its IPO. Its board passed a resolution to change its name to ‘Curefoods India Limited’ from ‘Curefoods India Private Limited’.
In late-June 2025, the company filed its DRHP with SEBI to list on the exchanges. As per its draft IPO papers, Curefoods’ public issue will comprise a fresh issue of shares worth up to INR 800 Cr and an OFS of up to 4.85 Cr equity shares.
Existing backers Iron Pillar, Crimson Winter, Accel, Chiratae Ventures, Global eCommerce Consolidation Fund, Alteria Capital and others will sell their shares via the OFS.
The startup will utilise the fresh proceeds from the IPO to set up new cloud kitchens, bolster and expand presence, purchase new machinery and equipment, pay debt and make lease payments, and step up sales and marketing efforts.
Notably, as per the DRHP, cloud kitchen major is also facing multiple criminal cases and allegations of child labour.
On the financial front, the company’s net loss remained flat at INR 169.9 Cr in FY25 as against INR 172.6 Cr in the previous fiscal year. Meanwhile, operating revenue rose 27.4% to INR 745.8 Cr during the fiscal year under review from INR 585.1 Cr in FY24.
Fractal AnalyticsFounded in 2000 by Srikanth Velamakanni, Pranay Agrawal and Ashwath Bhat, Fractal is a SaaS unicorn that offers AI and advanced analytics solutions to enterprises globally.
Backed by TPG Capital, Khazanah Nasional and Apax Partners, it has raised $685 Mn in funding till date. It turned unicorn in 2022 and was last valued at over $2 Bn.
As per Fractal’s annual report for FY24, it converted into a public company from a private company in May 2024.
In August 2025, the 3, which will comprise a fresh of shares worth up to INR 1,279.3 Cr and an OFS component of up to INR 3,620.7 Cr.
It plans to utilise the fresh proceeds from the IPO to repay or prepay the borrowings of its US-based subsidiary, set up a new office in India, fuel R&D and boost sales and marketing initiatives.
As per its DRHP, Fractal reported a net profit of INR 220.6 Cr in FY25 as against a net loss of INR 54.7 Cr in the previous year. Operating revenue jumped nearly 26% to INR 2,765.4 Cr during the year under review from INR 2,196.3 Cr in FY24.
GrowwFounded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks, ETFs and other financial instruments.
In preparation for its IPO, Groww shifted its domicile back to India in March 2024. It also paid a hefty INR 1,340 Cr in taxes to US authorities to reverse flip back to India.
In January 2025, reports surfaced that Groww had finalised five investment banks – Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal – to helm its public listing. A few months later in May 2025, the investment tech major filed its draft IPO papers with markets regulator SEBI via the confidential pre-filing route.
The company received approval from SEBI to float its public issue in August 2025.
In September 2025, the fintech unicorn filed its updated DRHP with SEBI for its INR 7,000 Cr IPO, which will comprise a fresh issue of shares worth up to INR 1,060 Cr and an offer-for-sale (OFS) component of up to 57.4 Cr shares.
Investors such as Peak XV, Tiger Global, Ribbit, among others, will participate in the OFS.
On the financial front, Groww turned profitable in FY25 and reported a net profit of INR 1,824.4 Cr in FY25 compared to a loss of INR 805.5 Cr in the previous fiscal. Operating revenue jumped 50% to INR 3,901.7 Cr from INR 2,609.3 Cr in FY24.
Meanwhile, the company’s net profit rose 11% YoY to INR 378.4 Cr in Q1 FY26 against an operating revenue of INR 904.4 Cr, down 10% YoY.
KisshtFounded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a digital lending platform which offers personal and business loans of up to INR 5 Lakh. It leverages AI and machine learning algorithms to assess creditworthiness of customers. In addition, it also offers health-related insurance products and loans against property.
The startup was valued at $344 Mn during its last fundraise of $80 Mn in 2022. Kissht has raised more than $140 Mn in funding to date and counts the likes of Vertex Growth, Brunei Investment Agency, Endiya Partners, and Ventureast among its backers.
At the end of March 2025, the company had more than 5.3 Cr registered users and INR 4,086.6 Cr in assets under management.
In June 2025, the fintech startup turned into a public entity. Following the move, the name of the company’s parent changed to OnEMI Technology Solutions Limited from OnEMI Technology Solutions Private Limited previously.
In August 2025, the lending tech startup filed its DRHP with SEBI to raise up to INR 1,000 Cr via the fresh issue. Its IPO will also comprise an OFS component of up to 88.8 Lakh shares, which will see existing backers Vertex Ventures, Endiya Partners, Ventureast and others pare their stakes.
The startup plans to utilise the fresh funding to augment the capital base of its NBFC subsidiary, Si Creva Capital, and for general corporate purposes.
On the financial front, Kissht’s consolidated net profit declined 18% to INR 160.6 Cr in FY25 from INR 197.3 Cr in the previous year. Operating revenue declined 20% to INR 1,337.5 Cr from INR 1,674.5 Cr in FY24.
LEAP IndiaFounded in 2013 by Sunu Mathew, LEAP India offers supply chain solutions via asset pooling, which allows companies to pool in their assets such as pallets and containers for use by multiple companies. It provides other services such as inventory management platform, transportation, returnable packaging, and repair and maintenance of tools and assets, among others. It also sells electric and fossil fuel-powered forklift trucks via its subsidiary TRON.
The company has raised more than $184 Mn since its inception and is backed by the likes of KKR and Sixth Sense Ventures.
In July 2025, reports surfaced that it had roped in UBS, Avendus Capital, IIFL and JM Financial as the lead managers for its upcoming IPO. In the same month, the company turned into a public entity and appointed Sanjiv Gupta and Harinarayan Nair as independent directors to its board.
A month later in August, the supply chain solutions provider filed its DRHP with the SEBI to raise up to INR 2,400 Cr via its IPO. The company’s public issue will comprise a fresh issue of shares worth INR 400 Cr and an offer for sale component of up to INR 2,000 Cr.
LEAP India plans to use the fresh proceeds from the IPO for repayment of borrowings (about INR 300 Cr) and for general corporate purposes.
Notably, this is LEAP India’s second stab at a public listing. In 2022, it was looking to raise about INR 1,000 Cr via public listing but postponed the plans amid market volatility.
LEAP India clocked an operating revenue of INR 466.4 Cr in FY25, up 27.8% from INR 364.9 Cr in the previous fiscal year. Meanwhile, net profit remained flat at INR 37.5 Cr in the fiscal under review as against INR 37.1 Cr in FY24.
LenskartFounded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer that caters to customers in India, the UAE, Singapore, Japan, among others.
The company claims to have over 2,723 stores and a customer base of 2 Cr. The Gurugram-based company has raised more than $1.75 Bn in funding to date from the likes of ChrysCapital, Abu Dhabi Investment Authority (ADIA), Temasek, among others.
Jumping on the IPO bandwagon, the eyewear giant, in January 2025, reportedly roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO.
In late-May, the omnichannel eyewear giant’s board passed a special resolution to change the name of the company to “Lenskart Solutions Limited” from “Lenskart Solutions Private Limited” previously.
Subsequently, in July 2025, Lenskart filed its DRHP with SEBI to raise up to INR 2,150 Cr via fresh issue of shares. The IPO will also comprise an additional OFS of up to 13.2 Cr shares, which will see promoters as well as investors like SoftBank, Temasek and Kedaara partially offload their stakes.
Lenskart swung to the black and reported a profit of INR 297.3 Cr in FY25 compared to a net loss of INR 10 Cr in the previous fiscal year. On similar lines, revenue from operations rose 22.6% to INR 6,652.5 Cr in the fiscal under review from INR 5,427.7 Cr in FY24.
MeeshoFounded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho initially started off as a social ecommerce platform. But, in 2022, it pivoted to the marketplace model, taking on the giants like Flipkart and Amazon.
The ecommerce platform has raised close to $1.36 Bn in funding so far and was last valued at around $5 Bn.
In March 2025, reports surfaced that the company had shortlisted Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO. In June 2025, the ecommerce giant’s board passed a resolution to convert into a public entity.
In June, the ecommerce major received approval from the National Company Law Tribunal (NCLT) to shift its headquarters back to India from the US. Days later, the startup’s board passed a resolution to merge its US-based entity Meesho Inc along with its India entity Meesho Ltd., thereby completing the reverse flip to India.As a part of this redomiciling process, Meesho is staring at tax liabilities north of $288 Mn (around INR 2,480 Cr).
In the same month, Meesho’s board also approved a proposal to raise up to INR 4,250 Cr (nearly $500 Mn) via fresh issue of shares as part of its IPO.
In July 2025, the ecommerce major filed its DRHP with markets regulator SEBI via the confidential pre-filing route for a $1 Bn (about INR 8,550 Cr) IPO. Sources said that Meesho’s public issue will comprise a fresh issue of shares worth INR 4,250 Cr ($497 Mn) as well an OFS component.
Meesho narrowed its net loss by 81.8% to INR 304.9 Cr in FY24 from INR 1,675 Cr in the previous fiscal. Operating revenue jumped 32.8% to INR 7,614.9 Cr during the year under review from INR 5,734.5 Cr in FY23.
Physics WallahFounded in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah (PW) operates online and offline coaching centres for K-12 students and test preparation platforms for various exams. It also has a skilling arm and a study abroad vertical.
In March 2025, the edtech unicorn filed its DRHP via the confidential route for its public listing. In September, the company filed its updated DRHP with the markets regulator to raise INR 3,820 Cr through its IPO. The public issue will comprise a fresh issue of shares worth up to INR 3,100 Cr and an OFS component of up to INR 720 Cr.
Cofounders and promoters Pandey and Maheshwari, who together hold more than 80% stake in the company, plan to offload shares worth INR 360 Cr each under the OFS. If the plan fructifies, PW will become India’s first major edtech startup to list on the stock exchanges.
PW reported a net loss of INR 243.3 Cr in FY25, down 78.5% from INR 1,131 Cr in the previous fiscal year. Operating revenue jumped 49% to INR 2,886.6 Cr from INR 1,940.7 Cr in FY24.
Pine LabsFounded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs is a payment solutions provider that sells point of sales (PoS) devices and other payment systems to businesses. It also helps businesses deploy rewards and cashback solutions.
Pine Labs kickstarted its IPO proceedings in June 2024 as it began moving its domicile back to India for a $1 Bn public listing at a valuation of over $6 Bn.
Subsequently, in November 2024, reports surfaced that the fintech major has shortlisted five investment banks – Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies – to helm its IPO, which is expected to be launched in the first half of FY26.
In May 2025, shareholders of the fintech major greenlit a proposal to turn the company into a public entity. A month later, the fintech unicorn filed the DRHP with the markets regulator SEBI for an IPO, which will comprise a fresh issue of shares worth up to INR 2,600 Cr and an offer for sale of up to 14.78 Cr shares.
Besides cofounder Kapoor, backers Mastercard, Peak XV Partners, Temasek, Paypal, among others will sell their shares in the OFS. Pine Labs is eyeing a listing on the NSE and the BSE.
In September 2025, SEBI greenlit the company’s IPO. Meanwhile, in the same month, reports surfaced that the startup was looking to trim the size of its total public issue by 30% to about INR 6,178.5 Cr, as investors participating in the OFS mull pulling back.
The company is said to have already begun roadshows for its public listing and is aiming to list on the exchanges in the second half of October.
Pine Labs turned profitable in the first nine months of FY25, reporting a profit after tax (PAT) of INR 26.1 Cr as against a loss of INR 151.6 Cr in the same period last fiscal. Meanwhile, the company’s operating revenue stood at INR 1,208.2 Cr in 9M FY25, marking a 23% growth from INR 982.1 Cr.
ShadowfaxFounded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup that offers hyperlocal and on-demand deliveries to businesses.
The Flipkart-backed startup competes with the likes of Delhivery, Ecom Express, XpressBees, LoadShare, Ripple and Pickrr. It is also backed by the likes of Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm and Trifecta Capital.
Kicking off its IPO proceedings, the logistics startup turned into a public entity in March 2025 by dropping the word ‘private’ from its erstwhile name “Shadowfax Private Technologies Limited”.
In July 2025, the logistics startup filed its DRHP with SEBI through the confidential pre-filing route. The company has also appointed ICICI Securities, JM Financial, and Morgan Stanley as the lead bankers for the IPO.
Later in the same month, the logistics company’s board approved a proposal to raise up to INR 2,000 Cr via its upcoming IPO, which will comprise a fresh issue of shares worth up to INR 1,000 Cr and an OFS component of up to INR 1,000 Cr.
Shadowfax trimmed its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous year. Revenue from operations jumped 33% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in FY23.
ShiprocketFounded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics companies. It partners with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, and caters to customers across 24,000+ pin codes in India.
Backed by names such as Temasek, Bertelsmann, Tribe Capital, Lightrock, among others, Shiprocket has raised more than $323 Mn in funding to date.
Kicking off its IPO proceedings, the logistics unicorn’s board, in January 2025, passed a resolution to convert the startup into a public company from a private one.
In May, the Zomato-backed unicorn filed its DRHP with SEBI via the pre-filling route. In a newspaper ad, the company said that it proposes to list its shares, with a face value of INR 10 each, on the main board of the BSE and the NSE.
While the company has publicly not confirmed the size of its IPO, reports suggest that the logistics startup plans to raise INR 2,000 Cr to INR 2,500 Cr through the IPO. While INR 1,000 Cr to INR 1,200 Cr will be a fresh issue, the remaining would be raised via the OFS.
On the financial front, the startup reported a net loss of INR 595 Cr in FY24, up 74.4% from INR 341 Cr in the year-ago fiscal. Its operating revenue jumped 20.8% to INR 1,316 Cr in the year under review from INR 1,089 Cr in FY23.
TurtlemintFounded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates an insurtech platform that helps financial advisors distribute insurance to their community of customers. The startup claims to have so far catered to more than 3 Lakh advisors across offerings such as car, bike, health, and term life insurance.
Backed by the likes of Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners and Nexus Venture Partners, the insurtech startup has raised more than $197 Mn in funding to date.
In April 2025, it was reported that Turtlemint was in talks with four bankers – Motilal Oswal, JM Financials, ICICI Securities and Jefferies – to launch its $200 Mn to $250 Mn IPO in late-2025.
Moving quickly, it filed its DRHP with SEBI via the confidential pre-filing route in September.
On the financial front, Turtlemint’s insurance arm slipped into the red in FY25 and posted a net loss of INR 47.1 Cr compared to a profit of INR 7.4 Cr in the previous year. However, operating revenue jumped 33.6% to INR 674.5 Cr from INR 505 Cr in FY24.
WakefitA brainchild of Ankit Garg and Chaitanya Ramalingegowda, Wakefit was founded in 2016. The D2C startup sells a range of products such as mattresses, pillows, bed frames, mattress protectors, home decor and furniture.
Backed by Peak XV Partners, Investcorp, Verlinvest, SIG, among others, Wakefit has raised more than $100 Mn since its inception. It competes with the likes of The Sleep Company, Duroflex, Kurlon and Sleepwell in the burgeoning Indian mattress and home decor market.
Kicking off its IPO proceedings in April 2025, the D2C startup shortlisted Axis Capital, IIFL Capital Services and Nomura as bankers for its IPO.
In June 2025, the Bengaluru-based D2C startup’s shareholders passed a special resolution to change its name to ‘Wakefit Innovations Limited’ from ‘Wakefit Innovations Private Limited’.
In June 2025, the D2C furniture and mattress startup filed its DRHP with the markets regulator SEBI to raise INR 468 Cr via fresh issue of shares. The IPO will also comprise an offer for sale of up to 5.8 Cr equity shares.
As part of the OFS, the company’s cofounders and promoters Garg and Ramalingegowda, along with backers, including Peak XV Partners, Redwood Trust, Paramark and Verlinvest, among others, will offload shares via OFS route.
The company plans to utilise the proceeds from the IPO to expand its retail store network by setting up 117 new stores. A chunk of the capital will also be invested towards marketing initiatives.
On the financial front, Wakefit clocked a revenue INR 971 Cr from operations in the first nine months (9M) of FY25 against a net loss of INR 8.8 Cr.
In FY24, the company managed to trim its net loss by 90% to INR 15.05 Cr from INR 145.68 Cr in the previous fiscal year. Operating revenue rose 21% to INR 986.35 Cr during the fiscal under review from INR 812.62 Cr in FY23.
WeWork IndiaKaran Virwani brought WeWork to India in 2017 through a partnership with his family’s Embassy Group. The coworking major operates over 54 centres spanning across eight cities in India including Mumbai, Delhi NCR, Bengaluru, among others. These centres include over 1 Lakh desks and 8 Mn square feet of space.
The company has been planning its IPO for some time now. In February 2025, the company filed its DRHP with SEBI to raise funds through an IPO. However, the market regulator, in March 2025, kept the approval for the coworking giant’s IPO in “abeyance”, without specifying any reason.
Three months later in July 2025, SEBI reinstated the company’s public listing bid and said that it was processing or re-evaluating the coworking major’s DRHP. A few days later, the capital markets regulator gave its nod to the company to launch its IPO.
WeWork India’s public issue consists solely of an offer-for-sale (OFS) component of up to 4.3 Cr (43,753,952) equity shares. Of these, promoter group Embassy Buildcon LLP will sell 3.34 Cr shares, while Ariel Way Tenant will offload 1.02 Cr shares.
The IPO-bound coworking startup reported a profit after tax (PAT) of INR 128.2 Cr in FY25 as against a loss of INR 135.7 Cr in the previous fiscal year. Its operating revenue rose 17% to INR 1,949.2 Cr during the fiscal under review from INR 1,665.1 Cr in FY24.
ZappfreshFounded in 2015 by Deepanshu Manchanda and Shruti Gochhwal, Zappfresh is a D2C meat startup that supplies meat from farms to customers within 90 minutes.
Taking its first step towards IPO,the startup converted into a public entity in April 2024 after dropping “private” from its name. As per its RoC filings, the company changed its name to DSM Fresh Foods Limited from DSM Fresh Foods Private Limited previously.
The startup’s parent first filed its DRHP for listing on BSE SME in August 2024. Zappfresh’s IPO will comprise a fresh issue of 59.06 Lakh equity shares, with no offer for sale component. It filed its RHP in September 2025.
The public offering will now open on September 26 and close on September 30. It has set a price band of INR 96 to INR 101 per share for its SME IPO.
As per its RHP, Zappfresh plans to use the proceeds from the IPO to fuel acquisitions, meeting marketing and capital expenditure requirements and for general corporate purposes.
Zappfresh reported a net profit of INR 9.1 Cr in FY25, up 94% from INR 4.7 Cr in the previous fiscal year. Meanwhile, operating revenue surged more than 45% to INR 130.7 Cr in the fiscal under review from INR 90.4 Cr in FY24.
Startups Lining Up IPO Plans In 2025 CarDekhoFounded in 2008 by siblings Amit Jain and Anurag Jain, CarDekho operates an online car listing platform, insurance platform InsuranceDekho, and lending platform Rupyy.
CarDekho has so far raised more than $692 Mn in funding and competes with the likes of CarTrade, Spinny and Cars24. During its last fundraise in 2021, the company was valued at $1.2 Bn.
As per reports, the auto marketplace is in advanced talks to appoint merchant bankers to helm its IPO, and is looking to raise nearly $500 Mn at a valuation of $2 Bn to $2.5 Bn. Its early backers, including Peak XV, Google Capital, and Hillhouse Capital, are expected to offload a part of their stakes via OFS.
CarDekho plans to utilise the proceeds from the IPO to fuel CarDekho’s geographical and category expansion as well as for future acquisitions.
However, this is not the first time that CarDekho is planning to list on the bourses. While the company internally was looking to list on the bourses in 2021, the plans did not materialise then.
As per MCA filings, CarDekho Group reported a consolidated operating revenue of INR 2,250.43 Cr in FY24, down 3.49% from INR 2,331.88 Cr in the previous fiscal. Meanwhile, the company trimmed losses by nearly 40% to INR 340.08 Cr during the period under review from INR 566.13 Cr in FY23.
Cult.fitFounded in 2016 by former Myntra cofounder Mukesh Bansal and ex-Flipkart executive Ankit Nagori (left in 2020), Cult.fit operates a chain of gyms, health-focussed cloud kitchen brand Eat.fit, mental wellbeing platform Mind.fit, primary healthcare vertical Care.fit, among others.
Backed by the likes of names such as Zomato, Accel, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures, Cult.fit has raised more than $650 Mn to date.
Jumping on the IPO bandwagon, the fitness startup, in March 2025, kicked off plans for a public listing. As per a report, the company has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as bankers to helm its INR 2,500 Cr public offering.
Cult.fit is reportedly eyeing a valuation of $2 Bn, a steep 27% jump from its last known valuation of $1.56 Bn in 2021 when Zomato invested $100 Mn in the company to acquire a 6.4% stake.
The startup saw its operating revenue zoom 33.6% to INR 926.6 Cr in FY24 from INR 693.7 Cr in the year-ago period. Meanwhile, its consolidated net loss widened 42% to INR 888.5 Cr in the fiscal under review from INR 625.5 Cr in FY23.
DroomFounded in 2014 by Sandeep Aggarwal, Droom operates an ecommerce platform that connects used car dealers with customers. In addition, the company also offers car rental services, and owns a car financing arm, a SaaS vertical, and advertising business.
The startup has raised nearly $300 Mn in funding to date and is backed by names such as Lightbox, 57 Stars and Seven Train Ventures, among others.
The used car marketplace plans to file its DRHP for an INR 1,000 Cr IPO, which will primarily consist of a fresh issue as well as an offer for sale. Droom is aiming for a valuation of $1.2 Bn to $1.5 Bn for the IPO and has already finalised two middle market banks for the public issue.
If the plan fructifies, this will be Droom’s second attempt at a public listing. In late 2021, the company filed its IPO papers with markets regulator SEBI to raise INR 3,000 Cr but later deferred the plan due to market volatility.
In March 2025, the auto tech platform secured $3 Mn in a round co-led by India Accelerator and Finvolve. The proceeds will “expedite” its plans for refiling its draft IPO papers in 2025 itself.
On the financial front, Droom reported a net loss of INR 40.4 Cr in FY24, down 35% from INR 62.1 Cr in the previous fiscal year. Meanwhile, the Lightbox-backed startup’s operating revenue also tanked 66% to INR 85.4 Cr in the fiscal under review from INR 253.3 Cr in FY23.
FlipkartFlipkart was founded in 2017 by Binny Bansal and Sachin Bansal. Later, the duo sold a majority stake in the ecommerce juggernaut to Walmart in 2018 for $16 Bn. Since then, the ecommerce major has become India’s biggest online marketplace and has diversified into a host of new areas, including fintech, travel aggregation, and quick commerce.
Flipkart, which is also backed by Google, was last valued at $35 Bn during a $1 Bn fundraise.
Arguably the biggest startup in the country by valuation, the ecommerce major is aiming to list on the Indian bourses soon. Flipkart, which has already received internal approvals to shift its domicile to India from Singapore, may launch an IPO by 2025-end or early-2026.
In February 2025, Inc42 reported that the company has sped up plans for a public listing and has been rejigging its top brass and strengthening its board. In addition, the top brass has issued directions internally to employees to stick to stricter profit targets, pitch plans for new verticals, and scale up revenues.
The ecommerce major’s B2C arm, Flipkart Internet Private Ltd, reported an operating revenue of INR 20,493 Cr in FY25, up from INR 17,907 Cr in the previous fiscal. Meanwhile, loss declined 37% to INR 1,494 Cr from INR 2,359 Cr in FY24.
Imarticus LearningFounded in 2012 by Nikhil Barshikar and Sonya Hooja, Imarticus Learning is an edtech platform that imparts training to individual learners as well as corporate employees in areas such as finance, digital marketing, data analytics, GenAI, business management, human resources, among others.
Imarticus claims to have so far onboarded nearly 40,000 learners across its B2C and B2B platforms. Backed by Global Ivy Ventures, Capian and BLinC Invest, the upskilling platform has raised more than $11.7 Mn in funding to date.
Speaking with Inc42 in April 2025, cofounder and CEO Barshikar said that the company plans to file its DRHP with SEBI in the next four to five months (August to September) for an INR 750 Cr IPO. As per the CEO, the public issue will comprise fresh issue of shares as well as an offer-for-sale component.
While the company is yet to finalise its valuation for the IPO, Imarticus Learning’s bankers have pitched a 25X to 30X revenue multiple for its valuation. Considering Barshikar’s claim of INR 205 Cr revenue in FY25, the edtech company could be staring at a valuation of INR 5,000 Cr to INR 6,000 Cr.
In May 2025, the upskilling platform announced the acquisition of Bengaluru-based edtech platform MyCaptain for INR 50 Cr in a cash and stock deal.
Meanwhile, as per Tofler, the upskilling platform’s revenue jumped more than 16% to INR 159 Cr in FY24 compared to INR 136.8 Cr in the previous year. Net loss also rose nearly 10% to INR 24.6 Cr in the fiscal year under review as against INR 22.4 Cr in FY23.
InCredFounded in 2016 by Bhupinder Singh, InCred Group operates three separate verticals. While InCred Finance is the lending vertical, InCred Capital is the company’s wealth and asset management arm. Finally, InCred Money deals in retail bonds and alternative investments.
InCred is backed by marquee names such as Abu Dhabi Investment Authority (ADIA), OAKS, Investcorp, Moore Capital, Elevar Equity, among others.
In September 2025, InCred Holdings, the parent of InCred Financial Services, sought shareholder nod to raise up to INR 1,500 Cr via a fresh issue of shares through its IPO. The public issue will also likely comprise an offer for sale component.
Previous reports suggested that the company was eyeing a valuation in the range of INR 15,000 Cr to INR 22,500 Cr.
Besides, InCred is also looking to raise INR 300 Cr as part of its pre-IPO placement and may file its DRHP via the confidential route to list on both BSE and NSE.
On the financial front, InCred Holdings’ net profit rose 21% to INR 373.1 Cr in FY25 from INR 309 Cr in the previous fiscal year. Revenue from operations zoomed 47% to INR 1,873.6 Cr in the fiscal under review from INR 1,272.7 Cr in FY24.
Infra.MarketFounded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates a B2B marketplace that sells construction products and other range of building materials such as concrete, steel, pipes, fittings, and chemicals.
The startup has raised over $415 Mn in funding to date and is backed by marquee investors such as Tiger Global, Accel, and Nexus Ventures.
Infra.Market has set the ball rolling for its IPO and has shortlisted eight investment bankers, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, among others, as advisors for the IPO.
Sources told Inc42 that the startup is looking to file its DRHP for a $500 Mn to $700 Mn (about INR 4,400 Cr to INR 6,100 Cr) IPO in October 2025.
The B2B ecommerce major’s net profit zoomed 144% YoY to INR 378 Cr in FY23 while operating revenue soared 23% YoY to INR 14,530 Cr during the fiscal under review.
InMobiFounded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, InMobi is an adtech platform that offers a suite of product discovery and monetisation solutions.
Headquartered in Singapore, the SaaS startup also has offices in Bengaluru, New York, Beijing, London, Dubai, and several other locations. Backed by the likes of Sherpalo Ventures, SoftBank and Kleiner Perkins, InMobi has raised more than $320 Mn in funding till date and was one of the first Indian new-age tech companies to enter the unicorn club in 2011.
The SaaS startup is eyeing a public listing in India by October 2025 at a valuation of about $8 Bn to $10 Bn. The adtech major is looking to file its DRHP with SEBI for a $1 Bn IPO.
The IPO will comprise a fresh issue of shares as well as an OFS component. However, the IPO size is yet to be finalised, given discussions with bankers are still on.
However, this will not be InMobi’s first stab at an IPO. In 2021, it was reportedly planning for an IPO but shelved the plans due to adverse market conditions and funding winter.
InnovitiFounded in 2002 by Rajeev Agrawal, Innoviti is a digital payments solutions provider that allows businesses to accept payments and integrate real-time sales data into critical business processes.
Backed by the likes of Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India and Alumni Ventures, the startup has raised more than $87 Mn in funding to date.
In August 2024, the company said it was eyeing a public market debut within the next 12 months. But, later on in January 2025, the company yet again extended its IPO deadline and said that it was looking to list on the bourses by 2025-end.
Innoviti saw its revenue from operations decline marginally to INR 105.6 Cr in FY24, down from INR 110.2 Cr in FY23. Meanwhile, loss also fell to INR 70.5 Cr during the fiscal under review from INR 86.6 Cr in FY23.
LiciousFounded in 2015 by Abhay Hanjura and Vivek Gupta, Licious is a D2C brand that sells meat products. Operating on a farm-to-fork business model, the startup is focused on cold-chain food deliveries, including meat and chicken.
The startup has raised nearly $555 Mn in funding to date and is backed by the likes of Temasek, 3one4 Capital, among others.
The Bengaluru-based startup has been lining up plans to list on the bourses and is targeting a 2026 listing. As per the reports, Licious is eyeing a public listing at a valuation of more than $2 Bn. The D2C unicorn was last valued at $1.5 Bn in March 2023.
Licious claims to have trimmed its loss by 44% to INR 293.77 Cr in FY24 from INR 528.5 Cr in FY23. Meanwhile, revenue declined 8.4% to INR 685.05 Cr during the fiscal under review from INR 748 Cr in FY23.
MoneyviewFounded in 2016 by Puneet Agarwal and Sanjay Aggarwal, Moneyview initially operated as a personal finance service provider but later diversified into the digital lending space in 2016. It also offers services such as UPI payments, gold SIPs, fixed deposits, digital gold, home loans and loans against property and insurance.
It claims to have more than INR 15,000 Cr in assets under management (AUM) and has raised more than $190 Mn in funding to date. It locks horns with the likes of listed fintech giant MobiKwik, IPO-bound Navi and MoneyTap, amon
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