Indian Startup IPO Tracker
At the start of 2025, markets were brimming with optimism about new-age tech IPOs. Thirteen startups had hit Dalal Street in 2024, cumulatively raising INR 29,070 Cr via their public listings.
From sectoral giants like Swiggy and FirstCry to smaller players like TAC Infosec, the 2024 IPOs not only proved the mettle of these startups but also gave spectacular returns to their early investors (30X in some cases).
The investor confidence was further bolstered by increasingly rational valuations and the focus of Indian founders on sustainable profitability. Therefore, it was only natural for industry watchers to expect a booming year (2025) in terms of startup IPOs.
However, the IPO momentum ran into unexpected headwinds early in 2025. Despite multiple new-age tech companies filing their draft red herring prospectuses (DRHPs) and many receiving SEBI nod, just two listings – Ather Energy and Arisinfra – materialised in the first half of the year.
The reason? A correction in the Indian equities market caused by global geopolitical tensions, escalating tariff wars and cautious investor sentiment.
Even though the first half of 2025 remained muted for new-age tech IPOs, the second half did not disappoint and exceeded expectations. As many as 16 startups made their D-Street debuts between July and December.
However, in terms of performance, not everyone was destined for an upbeat listing. While BlueStone, Lenskart, DevX and IndiQube’s public market debuts remained lacklustre, Meesho, Smartworks, Groww and Zappfresh garnered healthy responses from investors.
However, the star of the 2025 startup IPO season was Urban Company, which shook the market by listing at 56.3% premium.
Overall, with 23 startups already filing their DRHPs with the SEBI and 18 listings materialising, 2025 emerged as a blockbuster year on the new-age tech IPO front.
With all eyes on what’s going to unravel next, we have compiled a list of Indian new-age tech companies that listed on the exchanges in 2025 and are eyeing a D-Street debut later this year.
But, before we dive into the list, here are the latest developments from the Indian IPO landscape:
| 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 | ₹395 Cr (FY25) | Filed | ₹300 Cr Fresh Issue + OFS of 6.38 Cr shares | Yet To Be Decided | IIFL Capital Services, CLSA India, Axis Capital, BofA Securities India, JM Financial |
| Aequs | 2016 | Deeptech | $81 Mn | Avansa Capital, Amicus Capital, Steadview Capital, Catamaran, Sparta Group | ₹879.1 Cr (FY24) | Listed | ₹922 Cr | ₹8,316 Cr | JM Financial, IIFL Capital, Kotak Mahindra Capital Company |
| Amagi | 2008 | SaaS | $320 Mn | General Atlantic, Accel, Norwest Venture Partners, Avataar Ventures, Premji Invest | ₹1,162.6 Cr (FY25) | Filed | ₹816 Cr+ OFS of 2.69 Cr Shares | Yet To Be Decided | Kotak Mahindra Capital, Citigroup, IIFL Capital, Goldman Sachs |
| ArisInfra | 2021 | Ecommerce | $25 Mn | Siddharth Shah, Think Partners, Logx Venture Partners, Karbonite Ventures | ₹767.7 Cr (FY25) | Listed | ₹500 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 | ₹11,956 Cr | Axis Capital, Nomura, HSBC Securities and Capital, JM Financial Markets |
| Atomberg | 2012 | D2C | $126 Mn | Steadview Capital, Jungle Ventures, A91 Partners | ₹848.6 Cr (FY24) | Yet To File | ₹1,790 Cr | Yet To Be Decided | NA |
| Avanse Financial Services | 2013 | Fintech | $212 Mn | Warburg Pincus, Kedaara Capital, International Finance Corporation, Mubadala | ₹2,347 Cr (FY25) | Refiled | ₹3,500 Cr | Yet To Be Decided | Kotak Mahindra Capital, Avendus Capital, JP Morgan, Nomura, Nuvama Wealth Management, SBI Capital Markets |
| AVPL International | 2016 | Deeptech | NA | The Crayons Network | ₹87.5 Cr (FY25) | Filed | Yet To Be Decided | Yet To Be Decided | NA |
| Aye Finance | 2014 | Fintech | $485 Mn | Google, ABC Impact, FMO | ₹1,459.7 Cr (FY25) | Filed | ₹1,450 Cr | Yet To Be Decided | 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) | Filed | ₹1,541 Cr | ₹7,823 Cr | Axis Capital, IIFL Capital, Kotak Mahindra Capital |
| boAt | 2016 | D2C | $177 Mn | Qualcomm Ventures, Warburg Pincus | ₹3,073.3 Cr (FY25) | Filed | ₹2,000 Cr | Yet To Be Decided | ICICI Securities, Goldman Sachs, Nomura |
| Capillary Technologies | 2008 | SaaS | $239 Mn | Avataar Ventures, Filter Capital, Peak XV Partners | ₹598.3 Cr (FY25) | Listed | ₹877.5 Cr | ₹4,576 Cr | JM Financial , IIFL Capital Services, Nomura Financial Advisory & Securities (India) |
| Captain Fresh | 2019 | D2C | $172 Mn | Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest | ₹1,395 Cr (FY24) | Withdrawn | ₹3,013 Cr- ₹3,443 Cr | ₹11,192 Cr- ₹12,914 Cr | Axis Capital, BofA |
| 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 | Yet To Be Decided | JM Financial, IIFL, Nuvama |
| 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 |
| Flipkart | 2007 | Ecommerce | NA | Walmart, Google | ₹20,493 Cr (B2C) (FY25) | Yet To File | Yet To Be Decided | Yet To Be Decided | 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 |
| Furlenco | 2012 | D2C | $290 Mn | Sheela Foam, Lightbox Ventures, Crescent Ventures, White Oak | ₹228.7 Cr (FY25) | Yet To File | Yet To Be Decided | Yet To Be Decided | NA |
| Groww | 2017 | Fintech | $393 Mn | Y Combinator, Tiger Global Management, Ribbit Capital, Alkeon, Steadfast | ₹3,901.7 Cr (FY25) | Listed | ₹6,632.3 Cr | ₹71,700 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 | ₹1,873.6 Cr (FY25) | Filed | ₹3,000 Cr- ₹4,000 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) | Filed | ₹5,000 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 |
| Kuku FM | 2018 | Consumer Internet | $156 Mn | Vertex Ventures, Krafton, IFC, Paramark Ventures | ₹88 Cr (FY24) | Yet To File | Yet To Be Decided | Yet To Be Decided | NA |
| 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) | Listed | ₹7,278 Cr | ₹70,000 Cr | Kotak Mahindra Bank, Morgan Stanley |
| Licious | 2015 | Ecommerce | $555 Mn | Temasek, 3one4 Capital, Innoven Capital, Amansa Capital | ₹797.2 Cr (FY25) | 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 | ₹9,390 Cr (FY25) | Listed | ₹5,421.2 Cr | ₹50,100 Cr | Morgan Stanley, Kotak Mahindra Capital, Citi |
| Meritto | 2017 | SaaS | $4.5 Mn | Info Edge | ₹70 Cr (FY24) | Yet To File | ₹500 Cr- ₹600 Cr | ₹2,000 Cr | IIFL Capital, SBI Capital |
| Moneyview | 2016 | Fintech | $190 Mn | Accel India, Nexus Ventures. | ₹2,339.1 Cr (FY25) | 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 |
| OfBusiness | 2015 | Ecommerce | $879.61 Mn | Tiger Global, Norwest, Softbank, Matrix Partners, Falcon Edge | ₹22,241 Cr (FY25) | 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 (PRISM) | 2013 | Travel Tech | $3.47 Bn | Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company | ₹6,252.8 Cr (FY25) | Filed | ₹6,650 Cr | ₹62,500 Cr- ₹71,000 Cr | 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 | ₹7,115 Cr (FY25) | Filed | ₹10,700 Cr- ₹13,400 Cr | ₹1.07 Lakh Cr- ₹1.3 Lakh Cr | 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) | Listed | ₹3,480 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 | ₹2,274 Cr (FY25) | Listed | ₹3,900 Cr | ₹25,377 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 | ₹134.9 Cr (FY25) | 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 | ₹489.9 Cr (FY25) | Filed | ₹660 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 | ₹1,617.4 Cr (FY24) | Yet To File | Yet To Be Decided | NA | NA |
| RentoMojo | 2014 | Ecommerce | $45 Mn | Accel, Chiratae Ventures, Bain Capital | ₹193 Cr (FY24) | Yet To File | Yet To Be Decided | NA | NA |
| SEDEMAC | 2007 | Deeptech | $107 Mn | A91, Xponentia | ₹658 Cr (FY25) | Filed | ₹800 Cr – ₹1,000 Cr | NA | ICICI Securities, Avendus Capital, Axis Capital |
| 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 | ₹2,485 Cr (FY25) | Filed | ₹2,000 Cr | ₹5,000 Cr – ₹8,000 Cr* | ICICI Securities, JM Financial, Morgan Stanley* |
| Shiprocket | 2017 | Logistics | $323 Mn | Temasek, Bertelsmann, Tribe Capital, Lightrock | ₹1,632 Cr (FY25) | Filed | ₹2,342 Cr | NA | Axis Capital, BofA Securities, JM Financial, Kotak Mahindra Capital |
| Smartworks | 2016 | Coworking | $41 Mn | Ananta Capital, Keppel Land, Plutus Capital | ₹1,374 Cr (FY25) | Listed | ₹583 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 |
Now, let’s take a detailed look at the list:
Startups That Have Taken The IPO Plunge In 2025 AequsA brainchild of Aravind Melligeri, Aequs is a diversified contract manufacturing company that caters to clients in aerospace, toys, and consumer durables sectors. With facilities in India, France, and the US, it supplies customised components to major aerospace OEMs, such as Airbus, Boeing, Safran, and Collins Aerospace.
Founded in 2016, Aequs has raised more than $81 Mn in funding to date 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, the Karnataka-based contract manufacturing company, in June 2025, filed its DRHP with SEBI via the confidential pre-filing route, and received SEBI’s nod to float its IPO in late-September 2025.
The company then filed its red herring prospectus (RHP) with SEBI in late-November. As per its RHP, the IPO comprised a fresh issue of shares worth up to INR 670 Cr and an OFS of up to 2.03 Cr shares.
At the upper end of its INR 118 to INR 124 IPO price band, the contract manufacturing company was pegged at INR 8,316 Cr. Total issue size was around INR 922 Cr at the higher end of the spectrum.
Aequs’ public issue opened on December 3 and closed on December 5. The IPO was oversubscribed 101.63X, receiving bids for 427.1 Cr shares against 4.20 Cr shares available for subscription.
The contract manufacturing company made a strong debut on the bourses, with its shares getting listed at INR 140 apiece on the BSE and the NSE, a premium of 12.9% to the issue price of INR 124.
On the financial front, the aerospace parts maker’s consolidated net loss zoomed 6X to INR 102.5 Cr in FY25 from INR 14.2 Cr in the previous fiscal. Meanwhile, operating revenue grew more than 18% to INR 988.3 Cr during the fiscal year under review from INR 836.2 Cr in FY24.
In H1 FY26, the company’s net losses narrowed 76.2% YoY to INR 17 Cr against an operating revenue of INR 537.2 Cr, up 17% YoY.
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 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 swung to the black with a profit of INR 6.01 Cr in FY25 as against a loss of INR 17.3 Cr in the year ago fiscal. Revenue from operations rose 11.3% YoY to INR 767.7 Cr during the fiscal under review.
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.
Founded 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.
Founded 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.
Subsequently, in June 2025, the company refiled its DRHP with the SEBI to list on NSE and BSE. The SaaS major received SEBI’s approval to float its IPO in September.
As per the RHP, Capillary’s IPO comprised of a fresh issue of INR 345 Cr and an OFS component of up to 92.29 Lakh shares. It also set the price band of INR 549 to INR 577 per share for its IPO, valuing the company at about INR 4,576 Cr at the upper end of the spectrum.
The SaaS major’s public issue closed with an oversubscription of 52.95X as investors bid for 44.38 Cr shares against 83.83 Lakh shares on offer. Subsequently, it made a muted debut on the exchanges on November 18.
The company’s shares listed at INR 560 apiece on the BSE, a discount of 2.9% to the issue price. On the NSE, the stock debuted at INR 571.90 per share, nearly 1% below the issue price of INR 577.
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.
Founded 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.
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, Groww 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 October, the fintech unicorn filed its RHP with SEBI for its INR 6,600 Cr IPO, which comprised a fresh issue of shares worth up to INR 1,060 Cr and an OFS component of up to 55.7 Cr shares.
The investment tech unicorn set a price band of INR 95 to INR 100 per share for its public listing, and also raised INR 2,985 Cr from anchor investors ahead of its listing.
Its public issue opened on November 4 and closed on November 7, with a bumper 17.6X oversubscription on the final day of bidding. Shares of the company made a stellar debut on the bourses, listing 14% above their issue price at INR 114 apiece on the BSE. The stock listed at INR 112 on the NSE, a premium of 12% over its issue price of INR 100.
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.
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.
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, roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO.
In July 2025, Lenskart filed its DRHP with SEBI. It received SEBI’s nod to float its IPO in October 2025. Weeks later, the company filed its RHP with SEBI for an IPO, which comprised a fresh issue of shares worth INR 2,150 Cr and an OFS component of up to 12.76 Cr equity shares.
Subsequently, the eyewear giant set a price band of INR 382 to INR 402 for its IPO and raised INR 3,268.4 Cr from anchor investors ahead of the commencement of the bidding.
Lenskart’s IPO saw strong investor interest and closed with a bumper 28.26X oversubscription on the final day of bidding, receiving bids for 281.88 Cr shares against 9.97 Cr shares on offer.
Despite this, shares of omnichannel eyewear giant made a muted debut on the bourses, listing 3% below the issue price at INR 390 apiece on the BSE. The stock listed at INR 395 per share on the NSE, a discount of 1.74% to the issue price of INR 402.
Lenskart turned profitable in FY25, reporting a profit of INR 297.3 Cr compared to a net loss of INR 10 Cr in the previous fiscal year. 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.
It also reported a net profit of INR 61.2 Cr in Q1 FY26 against an operating revenue of INR 1,894.5 Cr.
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 July 2025, the ecommerce major filed its DRHP with markets regulator SEBI via the confidential pre-filing route, and received the markets regulator’s nod to float its IPO in early November 2025.
As per its RHP, the Bengaluru-based ecommerce company planned to raise up to INR 4,250 Cr via a fresh issue of shares and an OFS component of up to 10.55 Cr shares.
At the upper end of its INR 105 to INR 111 IPO price band, the INR 5,421 Cr IPO valued the company at INR 50,096 Cr (about $5.6 Bn).
Thereafter, the startup’s public issue opened to overwhelming investor interest. The ecommerce unicorn’s IPO was oversubscribed 79.03X, receiving bids for 2,196.7 Cr shares against 27.8 Cr shares available for subscription.
Shares of the ecommerce unicorn listed at 46.4% above its issue price at INR 162.50 apiece on the NSE. On the BSE, the stock listed at INR 161.20 per share, marking a premium of 45.2%.
On the financial front, the ecommerce unicorn’s operating revenue rose 23% to INR 9,389 Cr in FY25 compared to INR 7,615 Cr a year ago. Meanwhile, losses soared nearly 12X YoY to INR 3,914.7 Cr in the fiscal under review due to one-time tax liabilities related to reverse flipping. Excluding this, the startup’s loss stood at INR 108 Cr in FY25.
Meesho managed to slash its consolidated loss by 72% YoY to INR 701 Cr in the first half of FY26, while revenue from operations grew 29% YoY to INR 5,578 Cr.
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. It received SEBI’s nod in July.
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.
In early November 2025, the edtech giant set a price band of INR 103 to INR 109 for its IPO, which will open on November 11. At the upper end of the price band, the unicorn would be valued at INR 31,169 Cr. It also raised INR 1,562.8 Cr from anchor investors ahead of its IPO.
Subsequently, PW’s public issue closed with a 1.81X oversubscription, receiving bids for 33 Cr shares against 18 Cr shares on offer. The edtech major then made a stellar debut on the bourses, listing at a premium of 33% at INR 145 on the NSE. The stock listed at INR 143.10 on the BSE, a premium of 31.39% to the issue price of INR 109.
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.
In Q1 FY26, the edtech major reported a net loss of INR 125.5 Cr, up 78% from INR 70.6 Cr a year ago. Meanwhile, operating revenue rose 33% to INR 847 Cr during the quarter from INR 635.2 Cr in Q1 FY25.
Founded 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. In late 2024, the fintech major has shortlisted five investment banks – Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies – to helm its IPO
In June 2025, the fintech unicorn filed the DRHP with the SEBI. The markets regulator greenlit the company’s IPO in September.
In October 2025, the fintech major filed its RHP for its IPO, which comprised a fresh issue of up to INR 2,080 Cr and an OFS of up to 8.23 Cr shares. It also set a price band of INR 210 to INR 221 for its IPO, valuing the IPO at nearly INR 3,900 Cr and the startup at INR 25,377 Cr.
Subsequently, the fintech startup’s public issue was oversubscribed 2.46X, with investors like Peak XV Partners, Actis and Temasek offloading their stake via the OFS. Shares of Pine Labs made a strong market debut on the bourses, listing 9.5% above the issue price at INR 242 apiece on the BSE as well as the NSE.
On the financial front, Pine Labs reported a net loss of iNR 145.5 Cr in FY25, down 57.4% from INR 341.9 Cr in the previous fiscal year. Meanwhile, revenue from operations rose 28.5% to INR 2,274.3 Cr from INR 1,769.5 Cr in FY24.
In Q1 FY26, the company posted a net profit of INR 4.8 Cr in Q1 FY26 as against a net loss of INR 27.9 Cr in the year-ago quarter on the back of a one-time tax credit of INR 9.6 Cr. The fintech company’s operating revenue zoomed 17.8% YoY to INR 615.9 Cr during the quarter.
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.
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.
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 D2C furniture and mattress startup filed its DRHP with the markets regulator SEBI, and received the market regulatory’s approval to float its IPO in October 2025.
The D2C brand filed its RHP with SEBI in early December. As per its red herring prospectus, the startup’s public issue comprised a fresh issue of shares worth INR 377.2 Cr and an offer for sale of 4.68 Cr shares.
The D2C furniture and mattress brand’s public issue opened on December 8 and closed on December 10. The IPO was oversubscribed 2.5X, receiving bids for 9.16 Cr shares against 3.64 Cr shares reserved.
Wakefit’s shares subsequently made a muted debut on the bourse, listing at INR 194.10 on the BSE against the issue price of INR 195. On the NSE, the shares of the company listed flat at INR 195 apiece.
On the financial front, Wakefit reported an operating revenue of INR 724 Cr in H1 FY26 against a net profit of INR 35.6 Cr. However, the company’s net loss widened 2.3X YoY to INR 35 Cr in FY25, while revenue from operations rose 29% YoY to INR 1,273.7 Cr.
WeWork IndiaKaran Virwani brought WeWork to India in 2017 through a partnership with his family’s Embassy Group. The coworking major operates over 68 centres spanning across eight cities in India, including Mumbai, Delhi NCR, Bengaluru, among others. These centres include over 1.14 Lakh desks and 8 Mn square feet of space.
In February 2025, the company filed its DRHP with SEBI. Three months later in July 2025, the capital markets regulator gave its nod to the company to launch its IPO.
WeWork India’s public issue consisted solely an OFS of up to 4.62 Cr equity shares. Of these, promoter group Embassy Buildcon LLP sold 3.54 Cr shares, while Ariel Way Tenant offloaded 1.08 Cr shares.
The coworking giant set a price band of INR 615 to INR 648 for its IPO, which opened on October 3 and closed on October 7. In total, WeWork India’s public offering was oversubscribed 1.15X, receiving bids for 2.92 Cr shares against 2.54 Cr shares on offer.
Shares of the coworking space provider eventually made a flat debut and listed at INR 646.5 on the BSE, marginally lower than the issue price of INR 648. On the NSE, the shares opened slightly above the issue price at INR 650.
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.
In Q1 FY26, WeWork India’s net loss stood at INR 14.1 Cr, down 51% YoY, as against an operating revenue of INR 535.3 Cr, up 19% YoY.
Founded 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. It changed its name to DSM Fresh Foods Ltd from DSM Fresh Foods Pvt Ltd previously.
It filed its DRHP for listing on BSE SME in August 2024. Ahead of the listing, the D2C startup also raised INR 16.8 Cr from anchor investors.
However, Zappfresh’s IPO was marred by weak investor interest. Initially, the company’s public issue was slated to close on September 30 but was extended till October 6 as the offering saw a subscription of just 52%. To entice investors, the company also reduced its IPO price band to INR 95-100 from INR 96-101 earlier.
The public issue finally closed with an oversubscription of 1.36X, with investors bidding for 53.12 Lakh shares as against 39.08 Lakh shares on offer. Zappfresh finally listed on BSE SME at INR 120, a premium of 20% over its issue price of INR 100.
On the financial front, it 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.
Founded in 2021 by Neeraj Arya, Zelio E-Mobility sells electric scooters via its pan-India network of more than 200 dealers. With a factory located in Hisar, the company also manufactures electric three-wheelers.
Kicking off its IPO proceedings, the company converted into a public entity, the first step towards a listing, in late 2024. Zelio then filed its DRHP with markets regulator SEBI for an IPO in March 2025.
As per its draft papers, the company’s public issue comprised of a fresh issue of up to INR 62.83 Cr (at the upper end of the IPO price band) and an OFS component of INR 15.50 Cr. The EV maker then set a price band of INR 129 to INR 136 per share for its public listing on the BSE SME platform.
The IPO eventually closed in early October 2025 with an oversubscription of 1.5X, following which the company listed on BSE SME on October 8.
On the financial front, the OEM reported a standalone net profit of INR 11.8 Cr for the first half (H1) of FY26, up 69% from INR 7 Cr in the year-ago period. Operating revenue also zoomed 77% YoY and 38% sequentially to INR 133.3 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 with the SEBI via the confidential pre-filing route. Markets regulator SEBI approved the company’s plans to float an IPO in November 2025.
A month later, the company filed its updated DRHP with the SEBI for an IPO, which will comprise a fresh issue of shares worth INR 300 Cr and an OFS of up to 6.39 Cr shares.
As per the RHP, AceVector plans to utilise INR 125 Cr from the IPO proceeds to fund Snapdeal’s marketing expenses, bolster the ecommerce vertical’s tech stack, fuel inorganic growth through acquisitions, and for general corporate purposes.
On the financial front, AceVector saw its revenue from operations zoom nearly 35% YoY to INR 244.4 Cr in H1 FY26 as against INR 181.1 Cr in the year-ago period. The company’s total loss for the period under review stood at INR 22.4 Cr, down nearly 80% from INR 110.3 Cr in H1 FY25.
In FY25, the company’s top line rose a marginal 4% YoY to INR 395 Cr, while losses shot up more than 145% YoY to INR