Indian Startup IPO Tracker 2025

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, cumulatively raising INR 29,070 Cr through their public listings.

From sector giants like Swiggy and FirstCry to SME mavericks like TAC Infosec, 2024 was abuzz with healthy IPO activity. These public listings also proved to be money-spinners for early investors, with some venture capital and private equity players raking in returns of 30X or more.

Several macro and micro tailwinds were working in favour of India’s startup IPO boom at the beginning of 2025 — including the country’s strong equities market, a steady inflow of institutional capital, more rationalised startup valuations, and a renewed focus on profitability and sustainable growth.

Naturally, market watchers anticipated that the momentum would carry well into 2025. However, the seemingly picture-perfect story of India’s startup IPO spree has slowed dramatically just months into the year.

Although 23 startups were preparing for their IPOs at the start of the year, most have now hit the brakes on their listing plans. Despite 11 new-age tech companies filing draft red herring prospectuses (DRHPs) with SEBI — including ArisInfra, Avanse Financial Services, and BlueStone — and many receiving regulatory approvals, only one IPO has materialised so far.

That lone listing was Ather Energy, which debuted on the exchanges in May 2025, but the response was underwhelming and far from the blockbuster many expected.

So, what derailed India’s buzzing startup IPO narrative in 2025?

Primarily, a combination of external macroeconomic headwinds proved to be disruptive. The Indian equities markets experienced corrections in early 2025, driven by geopolitical tensions, global tariff frictions, high inflation fears, and looming recession risks. These factors collectively dampened investor sentiment.

Then came the structural issues. Public market investors have become increasingly discerning. They are now demanding profitable business models, scalable product-market fit, strong governance, and unique value propositions. Factors like deep technology integration, premium offerings, sustainability credentials, and industry-specific innovations have become essential for IPO-bound startups.

“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 Sandeep Murthy, founder and managing director of Lightbox Ventures.

Market analysts expect the IPO environment for startups to recover in the second half of 2025, but the ecosystem must remain agile and adapt to evolving investor expectations.

To keep a finger on the pulse of this rapidly shifting landscape, we at Business Headline have compiled a comprehensive list of Indian new-age tech companies expected to go public in 2025 and beyond. But before diving into that list, here are some latest updates from the IPO front:

• B2B ecommerce company ArisInfra has set a price band of INR 210 to INR 222 for its nearly INR 500 Cr IPO, opening on June 18.

• IPO-bound wealthtech unicorn Groww has closed a Series F round of $202.3 Mn led by GIC and ICONIQ Capital, taking its valuation to $7 Bn.

• Meesho, gearing up for a confidential DRHP filing for an IPO of up to $800 Mn, is completing its redomiciling process from the US to India.

The following list of companies is arranged in alphabetical order. Data has been sourced from Business Headline research, DRHPs, MCA filings, and various verified media reports. An asterisk () indicates reported (but unverified) figures.*

IPO Tracker 2025

Now, let’s take a detailed look at the list:

Startups That Have Taken The IPO Plunge In 2025

Ather Energy

Ather 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.

Ahead of the IPO, 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 year-long culmination of Ather’s efforts to get listed on the exchanges. The Bengaluru-based company commenced its IPO proceedings in June 2024 as its board passed a resolution to convert into a public company. A couple of months later in September, 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 offer-for-sale (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.

It cut the size of its fresh issue to INR 2,626 Cr and OFS component to up to 1.1 Cr shares. It set a price band of INR 304 to INR 321 per share for 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 more than 25% to INR 577.9 Cr in the nine-month period ended December 2024 from INR 776.4 Cr in the year-ago period. Revenue from operations zoomed 28.32% to INR 1,578.9 Cr in the first three quarters of FY25 from INR 1,230.4 Cr in the same period last year.

Startups That Have Filed DRHP

Amagi

Founded 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.

In January, a report claimed that the SaaS company was planning to file its DRHP in the “coming months” to raise INR 3,200 Cr via its IPO. Amagi was said to have roped in Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment bankers to helm its public issue.

In the run-up to the IPO, the SaaS unicorn, in May 2025, appointed Ira Gupta and Giridhar Sanjeevi as independent directors to its board for a period of three years. Days later, it converted into a public entity, with the company’s board passing a special resolution to change the name to “Amagi Media Labs Limited” from “Amagi Media Labs Private Limited” previously.

On the financial front, Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in FY24 from INR 321.2 Cr in the previous fiscal year. Meanwhile, revenue from operations jumped 29.18% to INR 879.1 Cr from INR 680.5 Cr in FY23.

ArisInfra

Founded 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 chief executive officer (CEO) Siddharth Shah, and Karbonite Ventures, the startup has bagged more than $25 Mn in funding to date.

In August 2024, the startup kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue will comprise solely a fresh issue of shares, and there will be no offer for sale (OFS) component.

Later on, the company, in an addendum to its DRHP, informed the markets regulator that it has trimmed the size of the fresh issue in the IPO to INR 579.6 Cr from INR 600 Cr earlier. It received approval from the market regulator for its public listing in November 2024.

In January 2025, the B2B ecommerce platform undertook a pre-IPO placement to raise INR 80 Cr by issuing 36.03 Lakh equity shares for INR 222 per share.

The startup plans to use the IPO proceeds to repay outstanding credit, support working capital requirements, potential acquisitions and investments in its subsidiary.

After much ado, the company finally filed its red herring prospectus (RHP) with SEBI in June 2025 to raise INR 499.6 Cr. As per its IPO papers, the company’s public issue will comprise solely of a fresh issue.

Its IPO will open for subscription on June 18 and close on June 20. Post this, the company’s shares will debut on the BSE and the NSE. The company has set a price band of INR 210 to INR 222 per share for its IPO. At the upper end of the spectrum, ArisInfra would stare at a post issue market cap of INR 1,799 Cr.

The company’s shares are expected to list on the bourses on June 25.

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in the financial year 2023-24 (FY24), while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review.

As per its RHP, the company reported a net profit of INR 6.5 Cr in the first nine months of FY25 on an operating revenue of INR 546.5 Cr.

Avanse Financial Services

Founded 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 May 2025, Inc42 exclusively reported that the NBFC appointed former Bajaj Finserv chief operating officer (COO) Rakesh Bhatt as an independent director on its board.

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.

As per the DRHP, Avanse clocked a net profit of INR 342.4 Cr in FY24, more than doubling from INR 157.71 Cr in the previous fiscal year. Operating revenue also grew sharply to INR 1,726.9 Cr in the fiscal under review from INR 989.5 Cr in FY23.

Aye Finance

A 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 January 2025, it secured INR 110 Cr in debt from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

Prior to that in early December 2024, the NBFC’s board approved a proposal to raise up to INR 1,450 Cr through an IPO. Consequently in mid-December, the company 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 OFS will see the likes of investors such as LGT Capital, CapitalG, A91 Fund, MAJ Invest and Alpha Wave offload their stake in the company.

The NBFC plans to use the fresh proceeds to meet future capital requirements and for undertaking existing business activities.

Aye Finance’s net profit declined marginally to 107.8 Cr in the first half (H1) of FY25 as against INR 113.89 Cr in the year-ago period. Alongside, operating revenue soared to INR 692.24 Cr during the period from INR 472 Cr in H1 FY24.

boAt

Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C brand that sells products such as headphones, smartwatches, and speakers.

The startup has raised more than $171 Mn across multiple funding rounds from marquee investors such as Warburg Pincus, Qualcomm Ventures, Malabar Investments, Innoven Capital, Fireside Ventures, among others.

boAt had initially filed its DRHP with SEBI in 2022 for a proposed INR 2,000 Cr IPO, but later deferred the plan due to macroeconomic uncertainties.

In June 2024, cofounder and CEO Sameer Mehta signaled renewed IPO ambitions, stating that boAt intended to raise INR 2,000 Cr within the next 12–18 months, post achieving profitability in FY25.

Following this, in September 2024, cofounder and CMO Aman Gupta reiterated that the startup aimed for a 2025 stock market debut.

boAt formally kicked off IPO groundwork in November 2024 by appointing ICICI Securities, Goldman Sachs, and Nomura as lead bankers, targeting a valuation above $1.5 Bn. By February 2025, reports confirmed the company would file its DRHP via the confidential pre-filing route for a FY26 IPO.

In late February 2025, the brand’s board approved amending its AoA and raising INR 500 Cr through fresh equity issuance. Subsequently, parent company Imagine Marketing filed the DRHP confidentially.

Financially, boAt remained loss-making in FY24 for the second consecutive year, posting a net loss of INR 79.7 Cr (down from INR 129.4 Cr in FY23). Operating revenue dipped 7% to INR 3,117.7 Cr from INR 3,376.8 Cr in FY23.

BlueStone

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery brand offering rings, pendants, earrings, and more.

The startup has raised over $184 Mn in funding, backed by Prosus, Steadview Capital, and Think Investments.

BlueStone began its IPO journey in August 2024 by raising INR 900 Cr in a pre-IPO round, valuing the company at $970 Mn. By December 2024, it filed its DRHP for a public issue exceeding INR 1,000 Cr.

SEBI granted its nod to the IPO via an observation letter dated April 1, 2025.

The IPO will include a fresh issue of INR 1,000 Cr and an OFS of up to 2.40 Cr equity shares. Investors such as Accel, Kalaari Capital, Saama Capital, and IvyCap Ventures will divest partial stakes.

The proceeds will fund working capital needs and general corporate purposes.

In May 2025, BlueStone secured INR 40 Cr in debt from BlackSoil and Caspian Impact Investments by issuing 800 NCDs with a face value of INR 5,00,000 each.

For Q1 FY25, BlueStone posted a net loss of INR 59.2 Cr on an operating revenue of INR 348 Cr.

DevX

Founded in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX provides coworking and managed office space solutions.

Backed by Kalpesh Gala, Unmaj Corporation, and Bidiwala Family Office, the startup last raised $7 Mn in debt and equity in February 2024. DevX operates over 25 centers across 10+ cities, including Ahmedabad, Bengaluru, and Delhi.

DevX first filed its DRHP in September 2024 to list on the NSE and BSE, proposing a fresh issue of 2.47 Cr shares.

In February 2025, SEBI returned the DRHP for unspecified reasons. DevX refiled a revised DRHP in April 2025, increasing the fresh issue to 2.75 Cr shares.

The IPO proceeds will be used to repay debt, fund expansion, and cover general corporate expenses.

In FY24, DevX reported a net profit of INR 43.7 Lakh versus a loss of INR 12.8 Cr in FY23. Operating revenue rose 54% YoY to INR 108.08 Cr from INR 69.91 Cr.

In H1 FY25, it reported a net profit of INR 38.4 Lakh on an operating revenue of INR 59.4 Cr.

Groww

Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online investment platform for stocks, ETFs, and other financial products.

The startup shifted its domicile to India in March 2024, paying INR 1,340 Cr in taxes to reverse-flip, preparing for a domestic IPO.

Reports in January 2025 indicated that parent company Billionbrains Garage Ventures would file its DRHP by April-May 2025 for a $1 Bn+ IPO, aiming for a listing by FY26 at a valuation of $7–8 Bn.

Groww appointed Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi, and Motilal Oswal as IPO bankers. The IPO will largely comprise an OFS.

In March 2025, Groww issued bonus CCPS to Peak XV, Ribbit Capital, and Y Combinator, dissolving cofounders’ DVRs. In May, GIC filed with CCI to acquire a 2.143% stake, while Groww also settled two SEBI cases.

In the same month, Groww signed a definitive agreement to acquire Fisdom in an all-cash deal valued at $150 Mn.

Groww filed its DRHP confidentially with SEBI in May 2025. In June, it closed a $202.3 Mn Series F round from GIC and ICONIQ Capital at a $7 Bn valuation.

Groww Invest Tech reported a PAT of INR 1,819 Cr in FY25 versus a loss of INR 799 Cr in FY24. Operating revenue grew 30% YoY to INR 3,844 Cr from INR 2,958 Cr.

IndiQube

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a managed workspace provider offering interior buildouts and design services to B2B and B2C clients.

IndiQube has raised over $45 Mn from WestBridge Capital, Aravali Investment Holdings, and Konark Trust.

In December 2024, IndiQube became a public limited company and filed its DRHP for an INR 850 Cr IPO. SEBI approved the IPO in March 2025.

The issue will include a fresh share issue of INR 750 Cr and an OFS worth INR 100 Cr by the cofounders.

The company plans to use proceeds to open new centers, repay debt, and for general corporate use.

IndiQube posted a wider net loss of INR 341.51 Cr in FY24, up 72% from INR 198.10 Cr in FY23. However, operating revenue increased 44% YoY to INR 867.66 Cr from INR 601.28 Cr.

Physics Wallah

Founded in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah (PW) offers hybrid coaching for K-12 and competitive exam prep, along with skilling and study abroad verticals.

In 2024, PW picked Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan for its $400–$500 Mn IPO, expected in 2025.

The IPO will include fresh shares and OFS, and is expected to maintain a flat valuation of over $2.8 Bn.

Ahead of IPO, the edtech giant appointed three independent directors and issued INR 212.3 Cr worth of bonus equity shares in March 2025.

In the same month, PW filed its DRHP confidentially with SEBI for a proposed INR 4,600 Cr IPO. A significant portion will be OFS.

PW reported a net loss of INR 1,131.2 Cr in FY24 compared to INR 84.06 Cr in FY23. Revenue surged 2.6X to INR 1,940.4 Cr from INR 744.3 Cr in FY23.

Shiprocket

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates logistics services from partners like Delhivery, FedEx, DTDC, and Shadowfax, serving 24,000+ pin codes.

It has raised over $323 Mn from Temasek, Bertelsmann, Tribe Capital, and Lightrock, among others.

In January 2025, Shiprocket became a public company, setting the stage for an IPO. It filed its DRHP via pre-filing route with SEBI in May.

The IPO is expected to raise INR 2,000–2,500 Cr, comprising a fresh issue of INR 1,000–1,200 Cr and the rest via OFS. Shares will list on BSE and NSE.

Shiprocket posted a net loss of INR 595 Cr in FY24, up 74.4% from INR 341 Cr in FY23. Revenue grew 20.8% YoY to INR 1,316 Cr from INR 1,089 Cr.

Smartworks

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks provides tailored office space solutions for enterprises.

It has raised $41 Mn from Ananta Capital, Keppel Land, and Plutus Capital.

Smartworks became a public company in July 2024 and filed its DRHP in August 2024 for an INR 550 Cr IPO. SEBI approved the listing in December 2024.

The IPO includes a fresh issue of INR 550 Cr and an OFS of up to 67.49 Lakh shares.

Smartworks reduced its net loss to INR 49.9 Cr in FY24 from INR 101.4 Cr in FY23. Operating revenue jumped 46% YoY to INR 1,039.3 Cr.

Ullu

Founded by the husband-wife duo Vibhu Agarwal and Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform offering video content distribution, marketing, and streaming services.

The company filed its DRHP with BSE SME in February 2024 for an IPO comprising a fresh issue of 62.63 Lakh shares, aiming to raise INR 135–150 Cr. No OFS component is included.

Proceeds will be used for new content production, purchase of international shows, tech upgrades, and working capital needs.

As of the DRHP, Vibhu Agarwal held 61.75% and Megha Agarwal 33.25% equity in the company.

In March 2024, Ullu came under regulatory scrutiny by SEBI, MeitY, and the Ministry of Corporate Affairs over allegations of distributing pornographic content involving minors.

By December 2024, cofounder Vibhu Agarwal attributed IPO delays to “certain obstacles” and projected a revised listing timeline of March 2025. However, no updates have followed since.

Financially, Ullu Digital’s net profit declined 16% to INR 12.68 Cr in FY24, compared to INR 15.14 Cr in FY23. Operating revenue grew 7% to INR 99.67 Cr from INR 93.15 Cr the previous year.

WeWork India

Karan Virwani brought WeWork to India in 2017 via a partnership with his family’s Embassy Group. Today, the coworking giant operates 54+ centers in 8 cities, with over 1 Lakh desks across 8 Mn sq. ft.

After restructuring its board in November 2024, WeWork India raised INR 500 Cr via a rights issue in January 2025.

The company filed its DRHP with SEBI in February 2025 for an IPO consisting entirely of an OFS of 4.37 Cr shares. Embassy Buildcon LLP will sell 3.34 Cr shares, and Ariel Way Tenant will offload 1.02 Cr shares.

However, in March 2025, SEBI placed the IPO approval “in abeyance” without providing reasons.

WeWork India posted a net profit of INR 174.5 Cr in H1 FY25, with an operating revenue of INR 918.1 Cr, per the DRHP.

Zappfresh

Founded in 2015 by Deepanshu Manchanda and Shruti Gochhwal, Zappfresh is a D2C meat delivery startup offering farm-fresh meat delivered within 90 minutes.

In April 2024, it became a public entity by dropping “Private” from its name. The company’s parent, DSM Fresh Foods Limited, filed a DRHP with BSE SME in August 2024.

The IPO consists of a fresh issue of 59.06 Lakh equity shares and aims to raise INR 60–70 Cr. No OFS component is included.

Proceeds will go toward acquisitions, marketing, capex, and general corporate purposes.

Cofounder Deepanshu Manchanda cited tightened SME IPO norms introduced by SEBI in December 2024 as the reason for the delayed listing but reaffirmed plans for a 2025 IPO.

Financially, Zappfresh posted a net profit of INR 4.7 Cr in FY24, up 70% from INR 2.7 Cr in FY23. Operating revenue surged 60% to INR 90.4 Cr from INR 56.3 Cr in FY23.

Startups Lining Up IPO Plans In 2025

Aequs

Founded by Aravind Melligeri in 2016, Aequs is a contract manufacturing firm specializing in aerospace, consumer electronics, and toy manufacturing.

It operates a vertically integrated platform catering to Apple, Airbus, Boeing, Safran, and others. Aequs also developed India’s first large-scale toy manufacturing hub in Koppal, Karnataka.

The company has raised over $81 Mn from Catamaran, Steadview Capital, Amicus Capital, and others.

In April 2025, Aequs began IPO preparations by converting into a public company and renaming itself Aequs Limited. The board appointed Melligeri as executive chairman and CEO through May 2030.

The startup plans to raise $200 Mn via its IPO, which is expected in late 2025.

Financially, Aequs reduced its consolidated net loss by 89% to INR 12.1 Cr in FY24 from INR 108.7 Cr in FY23. Total revenue rose 18% YoY to INR 988.3 Cr from INR 836.2 Cr.

Bira 91

Founded by Ankur Jain in 2015, Bira 91 is a craft beer brand that also sells non-alcoholic beverages. It has raised $449 Mn to date from Peak XV Partners, DS Group, and Sofina.

Although Bira converted into a public company in 2022 as B9 Beverages Limited, it has not yet filed its DRHP.

In July 2024, the company revived its IPO ambitions, appointing Morgan Stanley to lead its pre-IPO planning. Reports indicate Bira 91 plans to list in 2026.

Financially, Bira’s operating revenue grew 15% to INR 824.3 Cr in FY23 from INR 718.8 Cr in FY22. However, net loss increased 12% YoY to INR 445.4 Cr in FY23.

Capillary Technologies

Founded by Aneesh Reddy in 2008, Capillary Technologies is a SaaS startup offering omnichannel engagement and commerce solutions across India, Southeast Asia, MENA, and the US.

It has raised over $239 Mn to date from investors such as Avataar Ventures, Filter Capital, and Peak XV Partners.

After shelving its 2021 IPO plans, Capillary restarted its listing efforts in January 2025 and is expected to file its DRHP with SEBI by June 2025 for a $200 Mn public offering. The IPO will include a fresh issue of $12–24 Mn, with the remaining as an OFS.

In May 2025, its board approved an INR 2,250 Cr IPO consisting of a fresh issue worth INR 500 Cr and an OFS of INR 1,750 Cr. The company may also raise funds via a pre-IPO round.

Ahead of the listing, Capillary acquired Canada-based martech platform Kognitiv in May 2025.

Financially, its India entity reported FY24 revenue of INR 150.1 Cr, a marginal rise from INR 142.6 Cr in FY23. Net loss narrowed significantly to INR 52.3 Cr from INR 90.1 Cr in the previous year.

Capillary is targeting a public market valuation between $500 Mn and $1 Bn.

Captain Fresh

Captain Fresh, founded in 2019 by Utham Gowda, is a B2B seafood startup that operates a tech-enabled fish and seafood supply chain, catering to fisherfolk, retail stores, and supermarket chains.

The startup has raised over $172 Mn from backers such as Tiger Global, Prosus, and British International Investment (BII).

In preparation for its IPO, Captain Fresh appointed Mathew George as Group CFO in May 2024 and onboarded Axis Capital and Bank of America in October 2024 as lead bankers.

In December 2024, the company began raising $50–100 Mn in a pre-IPO round at a valuation of $600–650 Mn. Existing investors, including Accel and Prosus, are expected to participate.

In February 2025, Captain Fresh raised INR 250 Cr in the ongoing pre-IPO round led by Prosus, Accel, and Tiger Global.

The seafood chain is looking to raise $350–400 Mn through its IPO, split evenly between a fresh issue and an OFS. It is targeting a valuation between $1.3 Bn and $1.5 Bn.

CarDekho

Founded in 2008 by brothers Amit and Anurag Jain, CarDekho operates a car discovery and listing platform alongside insurance arm InsuranceDekho and vehicle financing platform Rupyy.

The company has raised over $692 Mn from Peak XV Partners, Google Capital, Hillhouse Capital, and others. It last raised funding in 2021 at a $1.2 Bn valuation.

In 2025, CarDekho revived its IPO ambitions and is reportedly in advanced talks to appoint merchant bankers. The company aims to raise $500 Mn at a targeted valuation of $2–2.5 Bn.

Early backers are expected to partially exit via an OFS. The IPO proceeds will fund geographical expansion, new category entries, and acquisitions.

CarDekho’s previous IPO plans in 2021 were shelved.

Financially, consolidated operating revenue declined 3.5% to INR 2,250.4 Cr in FY24 from INR 2,331.9 Cr in FY23. However, net loss was cut by 40% to INR 340.1 Cr in FY24 from INR 566.1 Cr in FY23.

Cult.fit

Launched in 2016 by Mukesh Bansal and Ankit Nagori (who exited in 2020), Cult.fit is a healthtech and fitness platform operating gyms, cloud kitchens (Eat.fit), mental wellness (Mind.fit), and primary care (Care.fit).

It has raised over $650 Mn from Zomato, Accel, Kalaari Capital, Tata Digital, Temasek, and Chiratae Ventures.

In March 2025, Cult.fit began IPO preparations, reportedly appointing Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial to lead its INR 2,500 Cr public issue. It seeks a $2 Bn valuation—up 27% from $1.56 Bn in 2021.

In FY24, operating revenue grew 33.6% to INR 926.6 Cr, while net loss widened 42% to INR 888.5 Cr from INR 625.5 Cr in FY23.

Curefoods

Founded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen company managing brands such as EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle.

It runs over 200 cloud kitchens and offline outlets across 15 Indian cities and has raised more than $175 Mn from Iron Pillar, Accel, Chiratae, ASK Finance, and others.

In January 2025, Curefoods began IPO talks and is eyeing a $300–400 Mn offering in late FY26. In May 2025, it converted to a public entity—Curefoods India Limited—signaling IPO intent.

Financially, net loss dropped 49.6% YoY to INR 172.6 Cr in FY24 from INR 342.7 Cr in FY23. Operating revenue jumped 53.2% to INR 585.1 Cr from INR 382 Cr in FY23.

Droom

Founded by Sandeep Aggarwal in 2014, Droom is a used car marketplace offering ecommerce, rentals, financing, SaaS, and automotive advertising services.

The startup has raised close to $300 Mn from Lightbox, 57 Stars, and Seven Train Ventures.

Droom plans to file its DRHP by June 2025 for a INR 1,000 Cr IPO. The issue will include both a fresh issue and OFS, with over 50% from the fresh component. Listing is expected by November 2025.

This marks Droom’s second IPO attempt after it withdrew a 2021 filing for a INR 3,000 Cr issue.

The company is also raising INR 200 Cr in a pre-IPO round. In March 2025, it secured $3 Mn from India Accelerator and Finvolve to support IPO preparations.

Financially, FY24 net loss fell 35% to INR 40.4 Cr from INR 62.1 Cr in FY23. However, operating revenue dropped 66% to INR 85.4 Cr from INR 253.3 Cr in the previous year.

Flipkart

Founded in 2007 by Binny and Sachin Bansal, Flipkart is India’s largest ecommerce platform. Walmart acquired a majority stake in 2018 for $16 Bn, and Flipkart now operates in ecommerce, fintech, quick commerce, and travel aggregation.

It has raised $1 Bn in its most recent round at a $35 Bn valuation and counts Google among its investors.

In early 2025, Flipkart accelerated its IPO plans, securing internal approval to shift its domicile from Singapore to India. A listing is expected by late 2025 or early 2026.

The company is optimizing for profitability and restructuring its leadership in preparation for the IPO.

Flipkart Internet, its B2C arm, reported revenue of INR 17,907.3 Cr in FY24, up from INR 14,825 Cr in FY23. Losses declined 41% to INR 2,358 Cr from INR 4,028 Cr in FY23.

Fractal

Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, Fractal is a global enterprise AI and advanced analytics SaaS company.

Backed by TPG Capital, Apax Partners, and Khazanah Nasional, Fractal has raised $685 Mn to date and turned unicorn in 2022. It was last valued at over $2 Bn.

In May 2024, Fractal converted into a public company, paving the way for a $500–600 Mn IPO. The issue will likely include a large secondary share sale from existing investors, though the exact quantum is yet to be finalised. The startup is reportedly targeting a valuation of $3.5 Bn.

Financially, Fractal slipped into losses in FY24, reporting a net loss of INR 54.7 Cr versus a profit of INR 194.4 Cr in FY23. Operational revenue grew 11% YoY to INR 2,196.3 Cr in FY24.

InCred

Launched in 2016 by Bhupinder Singh, InCred operates across three verticals: InCred Finance (lending), InCred Capital (wealth and asset management), and InCred Money (retail and alternative investments).

The fintech firm has raised capital from ADIA, Investcorp, Moore Capital, Elevar Equity, and others.

In December 2024, InCred announced plans to raise INR 4,000–5,000 Cr through an IPO, likely by late 2025. It is targeting a valuation of INR 15,000–22,500 Cr for the listing.

In FY24, InCred posted a net profit of INR 316.3 Cr, up 162% from INR 120.9 Cr in FY23. Revenue jumped 47% YoY to INR 1,270 Cr.

Imarticus Learning

Founded in 2012 by Nikhil Barshikar and Sonya Hooja, Imarticus Learning offers upskilling and training for both individual learners and enterprises across verticals like finance, GenAI, analytics, marketing, and HR.

Backed by Global Ivy Ventures, Capian, and BLinC Invest, the edtech firm has raised $11.7 Mn so far. It claims to have trained over 40,000 learners.

In April 2025, Imarticus announced plans to file a DRHP for a INR 750 Cr IPO within 4–5 months. The issue will include both fresh shares and an OFS. Bankers are pitching a 25–30X revenue multiple, suggesting a potential valuation of INR 5,000–6,000 Cr based on projected FY25 revenue.

In May 2025, it acquired Bengaluru-based MyCaptain for INR 50 Cr in a cash-and-stock deal.

Imarticus reported a 16% YoY rise in revenue to INR 159 Cr in FY24, while net loss widened slightly to INR 24.6 Cr from INR 22.4 Cr in FY23.

Infra.Market

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a B2B marketplace for construction and building materials, including concrete, steel, pipes, and more.

It has raised $415 Mn from Accel, Tiger Global, and Nexus Ventures. In January 2025, the company raised INR 1,050 Cr in a pre-IPO round at a $2.8 Bn valuation.

Infra.Market has shortlisted eight investment bankers including Kotak Mahindra, Jefferies, and Goldman Sachs for its IPO. It is planning to raise $500–700 Mn via a mix of fresh issue and OFS, with scope to raise more depending on market conditions.

IPO proceeds will be used to repay debt from growth-related investments.

Financially, Infra.Market saw a 90% YoY increase in FY23 revenue to INR 11,846.5 Cr. Net profit narrowed 17% to INR 155.2 Cr.

InMobi

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi is an adtech platform offering monetization, product discovery, and data solutions.

Backed by SoftBank, Sherpalo Ventures, and Kleiner Perkins, InMobi became India’s first unicorn in 2011 and has raised $320 Mn till date.

The company is targeting a $1 Bn IPO in India by October 2025, at a valuation of $8–10 Bn. The issue will include both a fresh issue and an OFS. Talks with investment bankers are currently underway.

This marks InMobi’s second IPO attempt after its earlier plans in 2021 were scrapped due to market conditions.

Innoviti

Launched in 2002 by Rajeev Agrawal, Innoviti is a payments solutions provider enabling real-time sales-linked integrations for merchants and retailers.

It has raised over $87 Mn from Bessemer Venture Partners, Patni Family Office, and Random Walk Solutions.

Initially planning to list by mid-2024, Innoviti has now pushed its IPO target to end-2025.

In FY24, Innoviti’s operating revenue declined slightly to INR 105.6 Cr from INR 110.2 Cr in FY23. Net loss also narrowed to INR 70.5 Cr from INR 86.6 Cr the previous year.

Kissht

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a digital lending platform offering personal, business, and secured loans using AI-based credit profiling.

The startup has raised over $140 Mn from Vertex Growth, Endiya Partners, Brunei Investment Agency, and others. It was last valued at $344 Mn in 2022.

Kissht is eyeing a $225 Mn IPO at a valuation of $900 Mn to $1.1 Bn and has appointed ICICI Securities, UBS, and Motilal Oswal as lead bankers. The issue will largely comprise a fresh issue to fund new growth verticals.

In FY24, net profit surged 234% YoY to INR 82.46 Cr. Revenue jumped 60% to INR 412 Cr from INR 258 Cr in FY23.

Lenskart

Founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart has emerged as a global omnichannel eyewear leader, catering to customers in India, UAE, Singapore, Japan, and other regions. The company claims to have 2,500+ stores and a loyal customer base of over 20 million (2 Cr).

In January 2025, Lenskart began discussions with bankers for an IPO in the range of $750 million to $1 billion, aiming for a valuation of $7–8 billion, with some reports hinting at an even more ambitious $10 billion valuation. It plans to go public on Indian stock exchanges by the end of FY26, and has already roped in Kotak Mahindra Bank and Morgan Stanley to lead the IPO effort.

In a significant corporate development, Lenskart’s board passed a resolution in May 2025 to convert the company from Lenskart Solutions Private Limited to Lenskart Solutions Limited, marking a strategic step toward going public. The filing stated that the change enables listing on one or more stock exchanges.

Adding to investor optimism, Fidelity marked up Lenskart’s valuation by 21%, valuing the company at $6.1 billion as of April 2025.

Financially, Lenskart has shown a remarkable turnaround. In FY24, the startup narrowed its net loss by 84% to INR 10 Cr, down from INR 64 Cr in FY23. Operating revenue saw a 43% surge to INR 5,427.7 Cr, compared to INR 3,788 Cr in the previous fiscal year, reflecting strong demand and operational efficiency.

Licious

Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious is a direct-to-consumer (D2C) meat and seafood delivery platform that operates on a farm-to-fork cold-chain model. The startup is based in Bengaluru and offers a wide range of high-quality, hygienic meat products.

Backed by Temasek, 3one4 Capital, and others, Licious has raised over $555 million in funding and was last valued at $1.5 billion as of March 2023. The company is reportedly planning a public listing by 2026, with a target valuation of over $2 billion.

In terms of financials, Licious made significant progress in FY24. It reduced its net loss by 44% to INR 293.77 Cr, from INR 528.5 Cr in FY23. However, the startup witnessed a decline in revenue by 8.4%, generating INR 685.05 Cr in FY24 as compared to INR 748 Cr in FY23, possibly due to operational restructuring and market corrections.

Meesho

Meesho, founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, started as a social ecommerce platform before pivoting to a full-scale marketplace model in 2022, taking on industry giants like Flipkart and Amazon. The startup has raised $1.36 billion so far and was last valued at $5 billion.

Prosus Ventures revealed in its H1 FY25 report that Meesho plans to list on the Indian bourses within the next 18 months. In preparation for its IPO, Meesho has brought on board four independent directors and has appointed Morgan Stanley, Kotak Mahindra Capital, and Citi as its advisors.

In March 2025, the company allotted equity shares under its ESOP plan and, in May 2025, approved a proposal to issue 411.4 Cr bonus shares in a 47:1 ratio. In June 2025, Meesho converted into a public company, changing its name from Meesho Private Limited to Meesho Limited. It also moved forward with plans to redomicile from the US to India.

Meesho is expected to file its DRHP by July 2025 via the confidential pre-filing route, with an IPO size in the range of $700 million to $800 million, lower than its earlier $1 billion target.

Financially, Meesho saw its net loss shrink by 81.8% to INR 304.9 Cr in FY24, from INR 1,675 Cr in FY23. Operating revenue rose by 32.8% to INR 7,614.9 Cr from INR 5,734.5 Cr, reflecting strong growth momentum.

Moneyview

Founded in 2016 by Puneet Agarwal and Sanjay Aggarwal, Moneyview began as a personal finance service and later evolved into a digital lending and financial services platform. The startup now offers loans, insurance, fixed deposits, and investment products.

With over ₹15,000 Cr in AUM, the startup has raised $190 million+ from backers like Tiger Global, Accel, and Nexus Ventures, and became a unicorn in 2023. In 2025, the company roped in Axis Capital and Kotak Mahindra Capital as IPO bankers.

In May 2025, it changed its name from Whizdm Innovations Private Limited to Moneyview Limited after shareholder approval, signaling its IPO intentions. It plans to raise over $400 million, primarily through a fresh issue of shares.

Financially, Moneyview reported a 5% rise in net profit to INR 171.2 Cr in FY24, from INR 162.6 Cr in FY23. Operating revenue saw an impressive 75% jump to INR 1,012 Cr, up from INR 576.8 Cr, showing strong business traction.

Navi

Founded in 2018 by Sachin Bansal and Ankit Agarwal, Navi is a fintech company offering personal, home, and vehicle loans, along with insurance, UPI payments, and mutual funds. After shelving its initial IPO plans in 2022 due to market volatility, Navi has reinitiated IPO proceedings in 2025.

In February 2025, Navi resumed talks with bankers for a public issue, with cofounder Sachin Bansal confirming in Aprilthat the company targets listing in FY26. Earlier, the startup had filed for a ₹3,350 Cr IPO in 2022 but withdrew due to unstable market conditions.

Navi witnessed a 67% drop in PAT to INR 221.9 Cr in FY25, from INR 668.8 Cr in FY24. However, it recorded a 19% increase in revenue to INR 2,271.2 Cr, up from INR 1,906.2 Cr in FY24. The IPO is likely to help Navi scale its lending and insurance businesses further.

NoPaperForms

Founded in 2017 by Naveen Goyal and Suraj Sapra, NoPaperForms (now operating as Meritto) provides SaaS solutions to educational institutions and edtech platforms, helping automate admissions, fee collections, and student engagement.

The startup serves over 1,200 institutions, including Manipal University, Shiv Nadar University, and PhysicsWallah, and also operates in UAE and Malaysia. Backed by Info Edge, NoPaperForms is planning a public issue by late 2025 or early FY26, targeting an IPO size of INR 500 Cr to INR 600 Cr at a valuation of around INR 2,000 Cr.

It has appointed IIFL Capital and SBI Capital as investment bankers. In March 2025, its board approved the IPO proposal, and DRHP filing is expected by Q2 FY26.

Financially, NoPaperForms turned profitable in FY24, reporting a net profit of INR 4 Lakh, compared to a loss of INR 15 Cr in FY23. Operating revenue grew 45.4% to INR 70.03 Cr in FY24, from INR 48.18 Cr a year ago.

OfBusiness

Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan, and Vasant Sridhar, OfBusiness is a B2B ecommerce startup that supplies construction materials and offers embedded financing to SMEs. As the company gears up for a public debut, it has initiated an extensive internal restructuring process to merge and integrate its business arms. In November 2024, OfBusiness appointed Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America as lead bankers to handle its IPO, which is expected to be valued between $750 Mn to $1 Bn. This includes a $200 Mn fresh issue and the remainder via OFS.

According to CFO Bhavesh Keswani, the IPO is expected to be filed with SEBI between March and June 2025, with a targeted listing by the end of 2025. The company is aiming for a market valuation in the range of $6 Bn to $9 Bn. Ahead of the listing, in January 2025, OfBusiness transitioned from a private to a public entity, renaming itself from OFB Tech Private Limited to OFB Tech Limited. On the performance front, the startup posted a 25% YoY jump in consolidated operating revenue to INR 19,296.3 Cr in FY24, while net profit rose to INR 603 Cr from INR 463.2 Cr in FY23.

Ola Consumer

Bhavish Aggarwal-led Ola Consumer, a diversified mobility and consumer platform offering ride-hailing, food delivery, and financial services, has initiated steps toward going public. The company, backed by SoftBank, has raised over $3.84 Bn to date and received shareholder approval in October 2024 to convert into a public limited company.

Subsequently, Ola has been in talks with investment banks including Goldman Sachs, Bank of America, Citi, Kotak, and Axis for its $500 Mn IPO. The startup is targeting a valuation of approximately $5 Bn. While the company’s revenue declined 5.48% YoY to INR 2,011.9 Cr in FY24, it managed to significantly reduce its losses by over 57% to INR 328.5 Cr from INR 772.2 Cr in FY23. Ola is now finalising bankers and restructuring operations in preparation for its market debut.

OYO

Founded in 2012, OYO has remained one of India’s most prominent travel tech companies, with offerings spanning budget hotels, vacation rentals, coworking spaces, and corporate stays. Despite multiple attempts at a public listing, the company has had to delay its IPO again, this time due to resistance from SoftBank, its largest shareholder with over 30% stake. In May 2025, SoftBank reportedly advised OYO to defer the IPO until it strengthens its financials.

The hospitality unicorn is now targeting a March 2026 listing with a valuation between $6 Bn and $7 Bn. In March 2025, creditors including Mizuho Financial Group pushed CEO Ritesh Agarwal to either repay $383 Mn from a $2.1 Bn loan package or take the company public by October 2025. Subsequently, OYO reinitiated discussions with bankers and is preparing to refile its DRHP by September 2025.

In a branding initiative, Agarwal also invited public suggestions for a new corporate name for Oravel Stays Limited, with a reward of INR 3 Lakh and a personal meeting. Despite market volatility, the company’s financial performance showed improvement in FY24, reporting a net profit of INR 229.5 Cr compared to a net loss of INR 1,286.5 Cr in FY23. However, operating revenue dipped slightly by 1.3% to INR 5,388.7 Cr in FY24.

PayU India

Prosus-backed fintech firm PayU India has deferred its IPO to sometime after Q1 FY26. The company, which had earlier considered a $500 Mn public issue by late 2024, has now set its sights on a 2025 filing, with Goldman Sachs confirmed as one of the lead bankers.

Prosus’ CIO Ervin Tu confirmed in May 2025 that PayU will go public in India in the near term. Supporting its expansion plans, PayU raised INR 1,013 Cr from parent Prosus in April 2025 through a rights issue. Further strengthening its board, the fintech platform onboarded former RBI deputy governor Subhash Mundra, DevRey founder Manoj Kumar Agarwal, and Prosus India’s Ashutosh Sharma as directors.

In terms of performance, PayU India recorded an 11% YoY revenue increase to $444 Mn in FY24, although this growth was lower compared to previous years. In H1 FY25 alone, revenue climbed 12% YoY to $237 Mn, indicating continued traction ahead of its anticipated listing.

PhonePe

Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe has evolved from a digital payments app into a full-stack fintech platform. Now India’s top UPI transaction handler, the Walmart-backed company has confirmed it is preparing for a public listing.

Having redomiciled to India in late-2022 and converted to a public entity in April 2025 as PhonePe Limited, the fintech major has onboarded four investment banks—Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley—to lead its IPO. The listing is scheduled for FY26, with a target valuation of up to $15 Bn.

The IPO is expected to feature both primary and secondary share sales. Financially, PhonePe’s FY24 performance showed positive signs, with revenue soaring 74% YoY to INR 5,064 Cr, and net loss narrowing 28% YoY to INR 1,996 Cr. The company’s public issue is likely to be one of the most anticipated tech IPOs in the country’s fintech sector.

Pine Labs

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs provides PoS (Point of Sale) devices, QR solutions, and payment gateways to merchants across India and Southeast Asia. It also facilitates embedded lending and loyalty programs for retailers.

After years of considering an overseas IPO, the fintech firm began moving its domicile back to India in June 2024, paving the way for a $1 Bn public issue. By November 2024, the company had appointed Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies to manage its IPO, which is expected in the first half of FY26.

In May 2025, Pine Labs officially changed its name to Pine Labs Limited, becoming a public entity. CEO Amrish Rau confirmed that the listing would likely take place in the second half of 2025. Reports suggest that Pine Labs is targeting an IPO in the INR 5,000 Cr–INR 6,000 Cr range, pegging its valuation between $4 Bn and $5 Bn.

The company has raised nearly $1.6 Bn from investors like Peak XV Partners, Temasek, PayPal, and Mastercard. However, its financials remain under pressure. Pine Labs reported a 233% surge in net loss to INR 187.2 Cr in FY24, even as revenue rose marginally to INR 1,309.6 Cr.

Amid the pre-IPO restructuring, group CFO Marc Mathenz has resigned, and the company added Amrita Gangotra and Smita Chandramani Kumar as independent directors in March 2025.

Pure EV

Launched by Nishanth Dongari and Rohit Vadera, Hyderabad-based Pure EV manufactures electric two-wheelers including models like eePluto 7G MAX and ecoDryft 350. Backed by Bennett Coleman, Hindustan Times Media Ventures, and Ushodaya Enterprises, the startup has raised over $14 Mn.

In August 2024, Pure EV announced its intent to go public in 2025. Its board passed a resolution in September 2024 to convert its parent entity PuR Energy from private to public. The move makes Pure EV a strong contender to become India’s second listed EV manufacturer after Ola Electric.

The EV maker, however, remains loss-making. In FY23, it posted a net loss of INR 9.3 Cr, with a 42% YoY decline in revenue from INR 225.98 Cr to INR 131.28 Cr due to post-Covid market corrections and supply chain headwinds.

Razorpay

Founded in 2014 by IIT-Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay has grown into a full-stack fintech platform offering payments, banking, lending, payroll, and insurance. With an annualised TPV of $180 Bn, Razorpay serves a significant portion of India’s digital economy.

In a major step toward its IPO, Razorpay began redomiciling back to India in early 2025. The startup merged its US-registered parent with its Indian subsidiary and renamed itself Razorpay Software Limited in March 2025. CEO Harshil Mathur affirmed that Razorpay would list in India within the next two years, calling it the “natural choice.”

This reverse flip will reportedly cost Razorpay over $150 Mn in Indian taxes and potentially $250–300 Mn in U.S. taxes. Despite the high tax bill, the decision underscores its commitment to listing on Indian exchanges.

Razorpay has raised $740 Mn to date from marquee investors including Y Combinator, Tiger Global, Peak XV Partners, and GIC. The company reported a 365% jump in net profit to INR 33.5 Cr in FY24, with revenue rising 9% to INR 2,475 Cr.

Rebel Foods

Founded by Kallol Banerjee and Jaydeep Barman in 2011, Rebel Foods operates India’s largest network of cloud kitchens under brands such as Behrouz Biryani, The Good Bowl, Ovenstory Pizza, and SLAY Coffee. It has raised $563 Mn from investors like Peak XV Partners, Coatue Management, and Lightbox.

Rebel is planning an IPO within the next 12–18 months, according to reports from October 2024. In anticipation, early backers like Peak XV and Coatue are selling partial stakes to Temasek, which is acquiring a significant position.

In April 2025, the startup secured $25 Mn from Qatar Investment Authority at a $1.4 Bn valuation, strengthening its balance sheet ahead of the listing. Rebel Foods aims to tap public markets to scale its international presence and enhance kitchen-level automation.

Servify

Mumbai-based Servify, founded in 2015 by Sreevathsa Prabhakar, is a device lifecycle management platform that offers services like device protection, buybacks, and trade-ins for smartphones and appliances. The startup serves global clients in India, the US, the Middle East, and Southeast Asia.

Having raised $130 Mn from the likes of BEENext, Blume Ventures, and Iron Pillar, Servify is now targeting a $1.5 Bn IPO in late 2025 or Q1 2026. As per Inc42’s January 2025 report, it has hired three investment banks and is expected to file its DRHP by August.

The IPO will raise between $400 Mn and $500 Mn, with roughly 55–60% coming from an offer-for-sale component and the rest as a fresh issue. A $100 Mn pre-IPO round is also being planned.

Financially, Servify posted INR 754 Cr in revenue in FY24, a 23% YoY rise. Net losses narrowed to INR 93.81 Cr from INR 228.9 Cr in FY23 — a 59% improvement due to tighter cost controls and increased enterprise partnerships.

Shadowfax

Founded by Abhishek Bansal and Vaibhav Khandelwal in 2015, Shadowfax is a last-mile delivery logistics company that supports hyperlocal and e-commerce deliveries for major players including Flipkart. It competes with XpressBees, Delhivery, and LoadShare.

The startup began formal IPO preparations in March 2025 by becoming a public limited company. Though the timeline remains unclear, Shadowfax is aiming to raise INR 2,500 Cr to INR 3,000 Cr at a valuation between INR 5,000 Cr and INR 8,000 Cr.

In the lead-up to the IPO, the company brought on independent directors Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari. It also raised INR 65.4 Cr from its cofounders and INR 34.24 Cr from existing investors like Mirae Asset.

Financially, the company significantly reduced its net loss by 92% to INR 11.8 Cr in FY24. Revenue rose 33% YoY to INR 1,884.8 Cr, driven by improved delivery efficiencies and stronger e-commerce volumes.

Shiprocket

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket operates as an ecommerce logistics aggregator that empowers D2C sellers and small retailers by providing shipping solutions through 17 courier partners, including Delhivery, FedEx, Aramex, XpressBees, and Shadowfax. With reach across 24,000+ pin codes in India, the company claims to handle millions of shipments per month.

The company has raised more than $260 Mn in funding to date and counts investors such as Temasek, Bertelsmann, Tribe Capital, Lightrock, and Info Edge among its backers. It last raised $33.5 Mn in its Series E2 round led by Temasek in 2023.

In January 2025, Shiprocket officially kicked off its IPO journey with its board approving a resolution to convert from a private limited company to a public entity. The startup is expected to file its DRHP with SEBI before the end of 2025 and is targeting a listing on Indian bourses by FY26.

Financially, however, Shiprocket has continued to remain in the red. The company posted a net loss of INR 595 Cr in FY24, up 74.4% from INR 341 Cr in FY23. Operating revenue, on the other hand, grew 20.8% YoY to INR 1,316 Cr in FY24 from INR 1,089 Cr a year earlier. The startup attributed the rise in losses to high customer acquisition costs, expansion to new geographies, and technology infrastructure upgrades.

The logistics tech unicorn is expected to pursue a valuation of $2 Bn to $2.5 Bn in the upcoming public issue, with a significant chunk of the proceeds earmarked for product innovation, automation, and warehousing expansion. Market observers expect the IPO to comprise a mix of fresh issue and OFS components.

Tonbo Imaging

Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, Tonbo Imaging is a cutting-edge defence tech company that builds advanced imaging systems and AI-powered surveillance technologies for global militaries. Its products include thermal weapon sights, gun shock simulators, smart surveillance platforms, and sensor fusion systems.

To date, the startup has raised more than $59 Mn in funding and is backed by investors such as Artiman Ventures, Celesta Capital, Qualcomm Ventures, and Edelweiss. It was last valued at $175 Mn after raising $20.4 Mn in a pre-IPO Series D round in April 2025.

The Bengaluru-based company caters to clients such as the Indian Ministry of Defence, NATO forces, US Navy SEALs, and Israeli Defense Forces. It operates in 17 countries including the US, Australia, Israel, and across Europe and Asia-Pacific.

Tonbo’s CEO Lakshmikumar told Inc42 in May 2025 that the startup is preparing to file its DRHP with SEBI by August 2025. The IPO, expected to raise INR 800 Cr to INR 1,000 Cr, will be managed by IIFL Securities and JM Financial.

Tonbo Imaging posted a core business revenue of INR 460 Cr in FY25 with a net profit of INR 72.5 Cr. This was up from INR 380 Cr revenue and INR 67 Cr profit in FY24. The strong bottom-line performance has positioned Tonbo as one of the few profitable defence startups heading for a public debut.

Turtlemint

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a Mumbai-based insurtech startup that enables financial advisors to sell insurance policies digitally. Its platform supports more than 3 Lakh insurance advisors and offers products in health, motor, and life insurance segments.

The company has raised over $197 Mn in funding from marquee investors such as Amansa Capital, Peak XV Partners, Jungle Ventures, Nexus Venture Partners, and Vitruvian Partners.

In April 2025, reports indicated that the startup is planning to file its DRHP by June 2025 and make its public debut in October 2025. It is working with four investment banks – Motilal Oswal, Jefferies, ICICI Securities, and JM Financials – to structure a $200 Mn to $250 Mn IPO. The issue will likely include a mix of primary and secondary components.

Turtlemint saw its total income grow 3X to INR 507 Cr in FY24 from INR 157 Cr in FY23. However, net profit remained flat at INR 6 Cr, primarily due to continued investments in marketing, hiring, and platform scalability ahead of the IPO.

The startup plans to use the IPO proceeds to deepen its penetration in Tier 2 and Tier 3 markets, invest in AI-powered advisory tools, and strengthen its insurer partnerships.

Urban Company

Founded in 2014 by Abhiraj Singh Bahl, Raghav Chandra, and Varun Khaitan, Urban Company is a hyperlocal services marketplace offering at-home beauty, wellness, and home repair services. It has grown to become India’s most prominent player in the premium home services space.

Urban Company has raised more than $646 Mn in funding from investors such as Tiger Global, Prosus Ventures, Steadview Capital, Vy Capital, and DF International.

In January 2025, news broke that the startup was targeting an INR 3,000 Cr IPO. Shortly after, its board approved the conversion to a public company, renaming it from “Urbanclap Technologies India Private Limited” to “Urbanclap Technologies India Limited”. The startup filed its DRHP in April 2025, revealing an IPO structure comprising a fresh issue worth INR 429 Cr and an OFS component of INR 1,471 Cr.

As per the DRHP, the proceeds will be used for tech innovation, marketing, and expansion of physical hubs and partner training academies.

Urban Company turned profitable in the first nine months of FY25, with a profit before tax of INR 27.1 Cr compared to a loss of INR 57.8 Cr in the corresponding period last year. Owing to a deferred tax gain of INR 215.5 Cr, it reported a PAT of INR 242.6 Cr. Operating revenue rose 41% YoY to INR 846 Cr in 9M FY25.

For the full FY24, revenue stood at INR 827 Cr, up 30% YoY, while net loss narrowed by 70% to INR 92.77 Cr. The company’s turnaround in profitability signals strong momentum ahead of its IPO and has generated significant investor interest.

Wakefit

Launched in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit has emerged as a leading D2C brand offering a comprehensive range of sleep and home solutions. From mattresses and pillows to bed frames, mattress protectors, furniture, and home décor, the Bengaluru-based startup caters to the growing demand for affordable, quality home products. Operating in a competitive landscape, Wakefit goes head-to-head with established names like The Sleep Company, Duroflex, Kurlon, and Sleepwell.

The company has secured over $100 Mn in funding from notable investors such as Peak XV Partners, Investcorp, Verlinvest, and SIG. In April 2025, Wakefit kickstarted its IPO journey by reportedly appointing Axis Capital, IIFL Capital Services, and Nomura to manage the public offering. The startup is looking to raise between INR 1,500 Cr and INR 2,000 Cr, although no formal listing date has been confirmed.

Furthering its listing preparations, shareholders approved a special resolution in June 2025 to convert the company into a public limited entity. As a result, Wakefit Innovations Private Limited became Wakefit Innovations Limited. Strengthening its corporate governance, the company also appointed five independent directors — Arindam Paul, Alok Chandra Misra, Sandhya Pottigari, Gunender Kapur, and Sudeep Nagar — for a three-year tenure.

Financially, Wakefit made significant strides in FY24, reducing its net loss by nearly 90% to INR 15.05 Cr from INR 145.68 Cr in FY23. Simultaneously, its operating revenue grew 21% year-on-year to INR 986.35 Cr from INR 812.62 Cr.

Wonderchef

Founded in 2009 by celebrity chef Sanjeev Kapoor and Ravi Saxena, Wonderchef is a kitchenware and home appliance brand that has built a strong omnichannel presence across India. The company sells a wide assortment of products — including mixer grinders, cast iron cookware, coffee machines, and other kitchen essentials — through its D2C website, ecommerce platforms, and exclusive brand outlets (EBOs).

The brand has raised more than $30 Mn in funding from a host of investors, including Sixth Sense Ventures, Amicus Capital, the Godrej Family Office, and the Malpani Group. In April 2025, it was reported that Wonderchef intends to file its DRHP with SEBI by mid-June, with plans to go public by November or December this year.

The company is targeting a valuation of INR 1,800 Cr (approximately $200 Mn), nearly double its previous valuation of $100 Mn. The IPO is expected to be largely an offer-for-sale (OFS), providing partial exits to existing shareholders.

After incurring a loss of INR 51.8 Cr in FY23, Wonderchef turned the corner in FY24, posting a modest profit of INR 1.6 Cr. Revenue from operations rose almost 20% to INR 377.7 Cr in FY24, up from INR 315.6 Cr in the prior fiscal. Sources further indicated that the company closed FY25 with revenue of INR 800 Cr, reflecting robust growth momentum ahead of its public debut.

Zepto

Quick commerce disruptor Zepto, founded in 2021 by Aadit Palicha and Kaivalya Vohra, has become a household name for ultra-fast delivery of groceries and daily essentials. Operating on the promise of 10-minute deliveries, the Mumbai-based startup has garnered significant investor backing from Y Combinator, Nexus Venture Partners, Glade Brook Capital, and Motilal Oswal AMC, raising close to $2 Bn to date.

As part of its IPO preparations, Zepto re-domiciled to India from Singapore in January 2025 and set up a new entity — Zepto Marketplace Private Limited — signaling a pivot from its B2B2C model to a marketplace structure. In September 2024, it was reported that the startup was in talks with domestic and international bankers, including Morgan Stanley and Goldman Sachs, for a planned IPO in August 2025.

Initially aiming for a $450 Mn issue, Zepto later revised its target to $800 Mn–$1 Bn, including a $300–$400 Mn OFS. The company has also sought to increase domestic shareholding to 50% from the existing 33%. In March 2025, reports emerged that existing stakeholders were being encouraged to offload $250 Mn worth of shares at a $5 Bn valuation, with Motilal Oswal and Edelweiss showing interest in acquiring them.

In a secondary transaction in May 2025, Motilal Oswal founders Motilal Oswal and Raamdeo Agrawal joined Zepto’s cap table through a $100 Mn deal. Earlier, in April 2025, Zepto also rebranded itself officially by changing its registered name from Kiranakart Technologies Private Limited to Zepto Private Limited.

However, in a strategic pivot, Zepto reportedly deferred its IPO plans in June 2025, now eyeing a listing in 2026. The decision is aimed at further reducing cash burn and improving profitability. For FY24, the company narrowed its net loss slightly to INR 1,248.64 Cr from INR 1,271.84 Cr in FY23, while its revenue surged by 120% to INR 4,454.52 Cr from INR 2,025.70 Cr in the previous fiscal.

Zetwerk

Established in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk operates as a digital-first contract manufacturing platform that connects global enterprises with suppliers of industrial machine components and custom manufacturing solutions. The startup has grown rapidly into a unicorn, backed by the likes of Greenoaks Capital, Lightspeed Venture Partners, Mars Growth Capital, and Peak XV Partners, with total funding exceeding $793 Mn.

In February 2025, reports confirmed that Zetwerk had appointed Axis Capital, Goldman Sachs, and Kotak Mahindra Bank to steer its IPO ambitions. The company plans to raise between $400 Mn and $500 Mn from the public markets and is eyeing a valuation of around $5 Bn. The IPO is expected to include a minor secondary component as well.

Ahead of the listing, Zetwerk secured an additional INR 43 Cr in funding in March 2025 in a round co-led by Arc Investments and Oriental Biotech Limited. The funding further strengthens its balance sheet as it prepares to go public.

In terms of performance, Zetwerk’s financial trajectory has been notable. While its losses surged 82% to INR 108.7 Cr in FY23 compared to INR 59.76 Cr in FY22, the company’s operating revenue nearly tripled — rising to INR 11,448.6 Cr in FY23 from INR 4,960.5 Cr in the preceding fiscal — reflecting rapid scale in its contract manufacturing operations.