Indian Startup IPO Tracker 2025
Startup initial public offerings (IPOs) were a rage in India in 2024. As many as 13 new-age tech companies listed on the bourses last year and cumulatively raised INR 29,070 Cr via their public listing.
From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X.
While 2024 was a blockbuster year for Indian startup listings, will the momentum seep into 2025 too? It definitely seems so. As per Inc42 data, 23 startups were in various stages of undertaking their IPO preparations at the start of 2025. While some of them have already received SEBI’s nod to go ahead with their public issue, others are lining up bankers to helm their respective IPOs.
As many as 11 startups have already filed their draft red herring prospectuses (DRHPs) with SEBI, including Ather Energy, Ecom Express, ArisInfra, Avanse Financial Services, BlueStone, among others. Of these, five have received the regulatory nod to go ahead with their listings.
Then, there are sectoral giants such as CarDekho, InCred, OfBusiness and Ola Consumer that too are pushing the pedal on listing on the bourses later this year.
So, what is powering this startup IPO frenzy? One of the key factors that is likely to contribute to the public listing mania in 2025 is India’s strong position in the equities market. While the last few months have seen a major correction, there is bullishness in the medium to long-term. Besides, more rationalised valuations sought by startups in 2024 is expected to further create healthy momentum for new-age tech IPOs this year too.
“The successful public listings of a sizable number of PE/VC-backed companies and, importantly, the improved performance of many of these companies post their listing is an incentive for investors to further explore the IPO route for liquidity. Also, post-downturn, valuations are more realistic and attractive for long-term investors,” said Lightbox Ventures founder and managing director (MD) Sandeep Murthy.
While the overall outlook for startup IPOs is positive in 2025, challenges remain. The focus of investors continues to remain on profitable and sustainable ventures. Additionally, investors also want potential listees to differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.
“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” added Murthy.
Nevertheless, for now, the Indian startup ecosystem continues to revel in IPO spring. Forging ahead with innovation and grit at its heart, the homegrown new-age tech landscape appears to be headed for a “record-breaking” year on the IPO front.
With much remains to be said and done, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape:
Latest Updates:
- Edtech unicorn Physics Wallah has filed its DRHP via confidential route with SEBI for INR 4,600 Cr IPO
- Pine Labs’ CEO Amrish Rau said that the company is looking to launch its IPO in the second half of 2025. The fintech is targeting a $1 Bn public issue
- Zetwerk, which raised nearly $90 Mn last year at a valuation of $3.1 Bn, plans to go public in the next 15-24 months
The companies have been listed in an alphabetical order | Data has been sourced from Inc42, respective DRHPs, MCA filings and other media reports | Asterisk (*) specifies reported numbers.
| Name | Founded In | Sector | Total Funding | Key Investors | Revenues | DRHP Status | IPO Size [₹Cr] | Potential Valuation [₹Cr] |
| ArisInfra | 2021 | Coworking | $25 Mn | Siddharth Shah, Think Partners, Logx Venture Partners, Karbonite Ventures | ₹696.84 Cr (FY24) | Filed | ₹600 Cr | NA |
| Ather Energy | 2013 | Electric Vehicles | $431 Mn | Hero MotoCorp, GIC, Tiger Global | ₹1,753.8 Cr (FY24) | Filed | ₹3,100 Cr | $2.4 Bn* |
| Aye Finance | 2014 | Fintech | $485 Mn | Google, ABC Impact, FMO | ₹1,040.22 Cr (FY24) | Filed | ₹1,450 Cr | NA |
| Avanse Financial Services | 2013 | Fintech | $212 Mn | Warburg Pincus, Kedaara Capital, International Finance Corporation, Mubadala | ₹1,726.9 Cr (FY24) | Refiled | ₹3,500 Cr | NA |
| Bira91 | 2015 | D2C | $449 Mn | Peak XV Partners, Sofina, DS Group | ₹824.3 Cr (FY23) | Yet To File | Yet To Be Decided | Yet To Be Decided |
| BlueStone | 2011 | D2C | $200 Mn | Accel, Kalaari Capital, Deepinder Goyal, and Nikhil Kamath | ₹1,265.8 Cr (FY24) | Filed | ₹1,000 Cr | ₹12,000 Cr – ₹13,000 Cr |
| boAt | 2016 | D2C | $177 Mn | Qualcomm Ventures, Warburg Pincus | ₹3,118 Cr (FY24) | Yet To File | ₹2,000 Cr* | NA |
| Capillary Technologies | 2008 | SaaS | $239 Mn | Avataar Ventures, Filter Capital, Peak XV Partners | ₹150.1 Cr (FY24) | Yet To File | $200 Mn | NA |
| Captain Fresh | 2019 | D2C | $166 Mn | Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest | ₹1,395 Cr (FY24) | Yet To File | $350 Mn-$400 Mn | $1.3 Bn- $1.5 Bn* |
| CarDekho | 2008 | Auto tech | $692 Mn | Google Capital, Hillhouse Capital, Peak XV Partners, HDFC Bank | ₹2,331 Cr (FY23) | Yet To File | ₹4,100 Cr | $2 Bn-$2.5 Bn* |
| Curefoods | 2020 | Foodtech | $175 Mn | Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance | ₹585.1 Cr (FY24) | Yet To File | $300 Mn-$400 Mn | NA |
| DevX | 2017 | Coworking | $13.3 Mn | Kalpesh Harakhchand Gala, Unmaj Corporation, Bidiwala Family Office | ₹108.08 Cr (FY24) | Filed | 2.47 Cr Shares (Fresh Issue) | NA |
| Droom | Auto Tech | $300 Mn | Lightbox, 57 Stars, Seven Train Ventures | ₹253.2 Cr (FY23) | Yet To File | ₹1,000 Cr | $1.2 Bn-$1.5 Bn | |
| Ecom Express | 2012 | Logistics | $324 Mn | BII, Warburg Pincus investments, PG Esmeralda | ₹2,609.16 Cr (FY24) | Filed | ₹2,600 Cr | NA |
| Flipkart | 2007 | Ecommerce | NA | Walmart, Google | ₹14,845.8 Cr (B2C) (FY23) | Yet To File | Yet To Be Decided | NA |
| Fractal | 2000 | SaaS | $685 Mn | TPG Capital, Khazanah Nasional, Apax Partners | ₹1,985.4 Cr (FY23) | Yet To File | NA | $3 Bn* |
| Groww | 2017 | Fintech | $393 Mn | Y Combinator, Tiger Global Management, Ribbit Capital, Alkeon, Steadfast | ₹3,145 Cr (FY24) | Yet To File | $1 Bn | $7 Bn-$8 Bn |
| InCred | 2016 | Fintech | $318 Mn | FMO, KKR, Paragon Partners, Varanium Capital | ₹1,270 Cr (FY24) | Yet To File | ₹4,000 Cr- ₹5,000 Cr | ₹15,000 Cr- ₹22,500 Cr |
| IndiQube | 2015 | Coworking | $45 Mn | WestBridge Capital, MMPL Trust, Konark Trust | ₹840 Cr (FY24) | Filed | ₹850 Cr | NA |
| Infra.Market | 2016 | Ecommerce | $415 Mn | Tiger Global, Accel, Nexus Ventures | ₹14,530 Cr (FY24) | Yet To File | Yet To Be Decided | Yet To Be Decided |
| InMobi | 2007 | SaaS | $320 Mn | Sherpalo Ventures, SoftBank, Kleiner Perkins | ₹587 Cr (FY23) | Yet To File | $1 Bn | $8 Bn-$10 Bn |
| Innoviti | 2002 | Fintech | $87 Mn | Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India | ₹110 Cr (FY23) | Yet To File | Yet To Be Decided | Yet To Be Decided |
| Lenskart | 2010 | Ecommerce | $1.78 Bn | SoftBank, ADIA, Temasek, Fidelity Investments, ChrysCapital | ₹5,427 Cr (FY24) | Yet To File | $750 Mn-$1 Bn | $7 Bn-$8 Bn |
| Licious | 2015 | Ecommerce | $555 Mn | Temasek, 3one4 Capital, Innoven Capital, Amansa Capital | ₹685.05 Cr (FY24) | Yet To File | NA | NA |
| Meesho | 2015 | Ecommerce | $1.36 Bn | Tiger Global Management, Peak XV Partners, Meta, Locus Ventures, Y Combinator | ₹7,615 Cr (FY24) | Yet To File | NA | $2 Bn* |
| Navi | 2018 | Fintech | $677 Mn | Gaja Capital | Yet To File | NA | NA | |
| OfBusiness | 2015 | Ecommerce | $879.61 Mn | Tiger Global, Norwest, Softbank, Matrix Partners, Falcon Edge | ₹19,296.3 Cr (FY24) | Yet To File | ₹6,360 Cr- ₹8,480 Cr | Yet To Be Decided |
| Ola Consumer | 2011 | Mobility | $3.84 Bn | SoftBank, Vanguard, Accel, Bessemer Venture Partners | ₹2,799.3 Cr (FY23) | Yet To File | $500 Mn | $5 Bn |
| OYO | 2013 | Travel Tech | $3.47 Bn | Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company | ₹5,388.7 Cr (FY24) | To Be Refiled | ₹6.680 Cr* | NA |
| PayU India | 2002 | Fintech | NA | Prosus | $444 Mn (FY24) | Yet To File | Yet To Be Decided | Yet To Be Decided |
| PhonePe | 2015 | Fintech | $2.29 Bn | Walmart, General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds | ₹5,725 Cr (FY24) | Yet To File | Yet To Be Decided | NA |
| Physics Wallah | 2020 | Edtech | $312 Mn | Hornbill Capital, Lightspeed, GSV Ventures, WestBridge Capital | ₹1,940.4 Cr (FY24) | Yet To File | $400 Mn – $500 Mn | $2.8 Bn |
| Pine Labs | 1998 | Fintech | $1.59 Bn | Peak XV Partners, Temasek, Vitruvian Partners, Nordmann, Alpha Wave Global, SBI | ₹1,309.6 Cr (FY24) | Yet To File | $1 Bn | $6 Bn |
| Pure EV | 2015 | Electric Vehicles | $14 Mn | Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises | ₹131,28 Cr (FY23) | Yet To File | Yet To Be Decided | NA |
| Rebel Foods | 2011 | Foodtech | $563 Mn | Coatue Management, Lightbox, Peak XV Partners | ₹1,420.2 Cr (FY24) | Yet To File | Yet To Be Decided | NA |
| Servify | 2015 | Consumer Services | $130 Mn | BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars | ₹754 Cr (FY24) | Yet To File | $400 Mn-$500 Mn | $1.5 Bn |
| Shadowfax | 2015 | Logistics | $212 Mn | Flipkart, Mirae India, IFC, Nokia Growth Partners, Qualcomm | ₹1,415 Cr (FY23) | Yet To File | ₹2,500 Cr – ₹3,000 Cr | ₹5,000 Cr – ₹8,000 Cr |
| Shiprocket | 2017 | Logistics | $323 Mn | Temasek, Bertelsmann, Tribe Capital, Lightrock | ₹1,316 Cr (FY24) | Yet To File | NA | NA |
| Smartworks | 2016 | Coworking | $41 Mn | Ananta Capital, Keppel Land, Plutus Capital | ₹1039.3 Cr (FY24) | Filed | ₹550 Cr | NA |
| Ullu | 2018 | OTT | NA | NA | ₹99.67 Cr (FY24) | Filed | ₹135Cr – ₹150 Cr | NA |
| Urban Company | 2014 | Consumer Services | $646 Mn | Tiger Global, Prosus, Steadview Capital | ₹827 Cr (FY24) | Yet To File | ₹3,000 Cr | NA |
| WeWork India | 2017 | Coworking | NA | Ariel Way Tenant | ₹1,665.14 Cr (FY24) | Filed | OFS Comprising 4.3 Cr shares | NA |
| Zappfresh | 2015 | D2C | $14.5 Mn | SIDBI Venture Capital, Gyan Dairy, ah! Ventures | ₹90 Cr (FY24) | Filed | Fresh Issue Of 59.06 Lakh shares | NA |
| Zepto | 2021 | Quick Commerce | $1.60 Bn | Y Combinator, Goodwater Capital, Glade Brook Capital, General Catalyst, Dragon Fund | ₹2,024.3 Cr (FY23) | Yet To File | $450 Mn | Yet To Be Decided |
| Zetwerk | 2018 | Ecommerce | $793 Mn | Greenoaks Capital, Lightspeed, Mars Growth Capital, Peak XV Partners | ₹11,448.6 Cr (FY23) | Yet To File | NA | NA |
Now, let’s take a detailed look at the list:
Startups That Have Filed DRHP
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.
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.
Ather Energy
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is one of the biggest players in the Indian electric two-wheeler segment. The startup manufactures and services electric scooters and operates its own charging infrastructure.
The EV major has raised more than $431 Mn in funding to date from the likes of Hero MotoCorp, GIC, Tiger Global, among others.
The Bengaluru-based startup commenced its proceedings in June 2024 as its board passed a resolution to convert the startup into a public company, considered the first towards an IPO. A couple of months later in September, the startup filed its DRHP with SEBI for its IPO.
As per the draft IPO papers, Ather’s public issue comprises a fresh issuance of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares. Last heard, the company was eyeing a valuation of $2.4 Bn for its upcoming IPO, a premium of over 80% from over its last fundraise.
In December 2024, the company received SEBI’s approval to go ahead with its IPO plans.
The proceeds from the IPO will be utilised for kickstarting the construction of its upcoming manufacturing facility in Maharashtra, R&D, marketing initiatives, and other general corporate purposes.
Ather Energy’s net loss zoomed 22.5% to INR 1,059.7 Cr in FY24 from INR 864 Cr in the previous fiscal. Meanwhile, operating revenue rose a mere 0.4% to INR 1,789.10 Cr during the year under review from INR 1,783 Cr in FY23.
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 IPOin October 2024.
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.
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.
BlueStone
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.
The IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer-for-sale component of up to 2.40 Cr equity shares. Existing investors Accel, Kalaari Capital, Saama Capital and IvyCap Ventures will offload their stake in the company via OFS.
It plans to use the IPO proceeds to fund its working capital requirements and for general corporate purposes.
On the financial front, BlueStone reported a net loss of INR 59.2 Cr against an operating revenue of INR 348 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25).
DevX
Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others.
The startup, backed by Kalpesh Gala, Unmaj Corporation, and Bidiwala Family Office, last raised $7 Mn in a mix of debt and equity in February 2024. DevX currently operates over 25 coworking spaces in more than 10 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Surat, among others.
The coworking startup filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. DevX’s IPO will consist solely of a fresh issue of 2.47 Cr shares. There will be no OFS component.
The company plans to deploy the fresh proceeds for the repayment and prepayment of non-convertible debentures (NCDs), expanding its footprint and for general corporate purposes.
However, in February 2025, SEBI returned the DRHP of the managed office space provider for unspecified reasons.
As per the DRHP, DevX reported a net profit of INR 43.7 Lakh in FY24 compared to a loss of INR 12.8 Cr in the previous fiscal. Operating revenue also jumped more than 54% to INR 108.08 Cr in the financial year under review compared to INR 69.91 Cr in FY23.
Ecom Express
Founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express is a logistics startup that caters to ecommerce platforms, D2C brands and quick commerce players.
The startup claims to have 3,000 delivery centres spanning 9.6 Mn sq. ft. of space and delivers orders to 27,000 pin codes in 2,700 cities and towns across the country.
The company’s IPO plans were set in motion after its board approved a proposal for public listing during an extraordinary general meeting (EGM) in August 2024. Just days later, the company filed its DRHP with the market regulator SEBI for an INR 2,600 Cr IPO.
The logistics startup received SEBI’s approval for its IPO in December 2024.
As per the draft papers, the proposed public issue will comprise a fresh issue of shares worth INR 1,284.5 Cr and an OFS component of up to INR 1,315.5 Cr. It plans to list its shares on both BSE and NSE.
Backed by the likes of Warburg Pincus, PG Esmeralda and BII, Ecom Express has raised more than $275.79 Mn in funding to date.
The logistics major trimmed its net loss by 67% to INR 255.8 Cr in FY24 compared to INR 428.1 Cr in FY23. Meanwhile, its operating revenue saw a marginal 2.15% YoY increase to INR 2,609 Cr in the fiscal ended March 2024.
IndiQube
Founded 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 has raised more than $45 Mn in funding to date across multiple rounds.
Kicking off its IPO proceedings, the Bengaluru-based company turned into a public limited company in December 2024. In the same month, the managed office space provider filed its DRHP with markets regulator SEBI for an INR 850 Cr IPO.
The company’s IPO will comprise a fresh issue of shares worth up to INR 750 Cr and an offer for sale (OFS) component of up to INR 100 Cr. Promoters and cofounders, Das and Agarwal, plan to offload a part of their stake via OFS.
The company’s shares will be listed on the BSE and the NSE. IndiQube plans to utilise the fresh proceeds to establish new centres, repay certain borrowings, and for general corporate purposes.
IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.10 Cr in the previous fiscal. However, revenue from operations surged 44% to INR 867.66 Cr during the year under review from INR 601.28 Cr in FY23.
Smartworks
Founded 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 changed its name to Smartworks Coworking Spaces Ltd from Smartworks Coworking Spaces Private Ltd previously.
In August 2024, it filed its DRHP with SEBI for an INR 550 Cr initial public offering and received approval from the markets regulator for its listing in December 2024.
As per its DRHP, the company’s IPO comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) component of up to 67.49 Lakh equity. In December 2024, the company received approval from the SEBI to go-ahead with its IPO.
Smartworks trimmed 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 during the year under review.
Ullu
Founded by the husband-wife duo of Vibhu Agarwal and Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform that deals with the distribution, promotion, exhibition, marketing and delivery of video content on its streaming platform Ullu.
It filed its DRHP with the BSE SME for an IPO in February 2024. As per the draft papers, the company’s IPO would comprise a fresh issue of 62.63 Lakh shares and would not have OFS component. Ullu Digital plans to raise INR 135-INR 150 Cr via the IPO.
The platform plans to use the net proceeds raised via the IPO to meet its expenses for production of new content, purchase of international shows, tech investment, and to meet the working capital requirements.
While Vibhu Agarwal holds a 61.75% stake in Ullu Digital, Megha Aggarwal owns 33.25% of the company.
In March 2024, the OTT streaming platform came under the scanner of multiple government authorities including SEBI, the Ministry of Corporate Affairs and the Ministry of Electronics and Information Technology (MeitY) for allegedly selling “pornographic” content using school children.
Later on in December 2024, cofounder and CEO Vibhu Agarwal told a publication that Ullu’s IPO was delayed due to certain “obstacles”, adding that the company now plans to hit the bourses by March 2025.
Ullu Digital’s net profit declined 16% to INR 12.68 Cr in FY24 from INR 15.14 Cr in the previous fiscal. The streaming major’s revenue from operations rose 7% to INR 99.67 Cr during the fiscal under review from INR 93.15 Cr in FY23.
WeWork India
Karan Virwani brought WeWork to India in 2017 through a partnership with his family’s Embassy Group. The coworking major operates over 54 centres spanning across eight cities in India including Mumbai, Delhi NCR, Bengaluru, among others. These centres include over 1 Lakh desks and 8 Mn square feet of space.
The company has been planning its IPO for some time now. In November 2024, WeWork India rejigged its board and followed it up by raising INR 500 Cr via a rights issue in January 2025.
Subsequently, in February 2025, the company filed its DRHP with the markets regulator SEBI to raise funds through an IPO. WeWork India’s public issue consists solely of an offer-for-sale (OFS) component of up to 4.3 Cr (43,753,952) equity shares
Of these, promoter group Embassy Buildcon LLP will sell 3.34 Cr shares, while Ariel Way Tenant will offload 1.02 Cr shares. The company has appointed JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company, and 360 ONE WAM as lead bankers to helm the IPO.
As per its DRHP, WeWork India reported a net loss of INR 174.5 Cr in the first half (H1) of the fiscal year 2024-25 (FY25) against an operating revenue of INR 918.1 Cr.
Zappfresh
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. As per its RoC filings, the company changed its name to DSM Fresh Foods Limited from DSM Fresh Foods Private Limited previously.
The startup’s parent filed its DRHP for listing on BSE SME in August 2024. Zappfresh’s IPO will comprise a fresh issue of 59.06 Lakh equity shares, with no offer for sale component.
While there has been clarity on the public issue since then, Zappfresh cofounder and CEO Deepanshu Manchanda, in February 2025, told Inc42 attributed the delays in the company’s public listing to SEBI tightening IPO rules for SMEs in December 2024. Manchanda said that the company is following up with SEBI on the matter and expects Zappfresh to become a listed entity in 2025 itself.
The D2C meat delivery startup is looking to raise fresh capital in the range of INR 60 Cr to INR 70 Cr via the public issue.
As per its DRHP, Zappfresh plans to use the proceeds from the IPO to fuel acquisitions, meeting marketing and capital expenditure requirements and for general corporate purposes.
Zappfresh reported a net profit of INR 4.7 Cr in the fiscal 2023-24 (FY24), up 70% from INR 2.7 Cr in the previous year. Meanwhile, operating revenue surged more than 60% to INR 90.4 Cr in the fiscal under review from INR 56.3 Cr in FY23.
Startups Lining Up IPO Plans In 2025
Bira 91
Founded by Ankur Jain in 2015, Bira 91 sells craft, lager and strong beers as well as non-alcoholic beverages. Backed by Sofina, DS Group and Peak XV Partners, Bira 91 has bagged $449 Mn in funding to date across multiple rounds.
The beer marker’s IPO has been in works for some time now. Although Bira converted into a public company and renamed itself as B9 Beverages Limited back in 2022, it is yet to file its00 DRHP with the SEBI.
However, the company resuscitated its IPO plans in July 2024 amid a spree of new-age tech public listings. At the time, reports said that the alco-beverage brand was looking to list on the bourses in 2026 and had roped in investment banking firm Morgan Stanley to helm its pre-IPO process.
The Delhi NCR-based brand’s operating revenue rose 15% to INR 824.3 Cr in the year ended March 2023 as against INR 718.8 Cr in FY22. Meanwhile, net loss jumped 12% YoY to INR 445.4 Cr in FY23.
boAt
Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C brand that sells products such as headphones, smart watches and speakers.
The startup has raised more than $171 Mn across multiple rounds from marquee names such as Warburg Pincus,Qualcomm Ventures, Malabar Investments, Innoven Capital, Fireside Ventures, among others.
boAt has been planning its IPO for some years now. In 2022, it filed its DRHP with SEBI in 2022 for an INR 2,000 Cr public issue but later shelved the plan amid adverse macroeconomic conditions.
Subsequently, in June 2024, cofounder and CEO Sameer Mehta hinted at an impending IPO and said that boAt would be looking to raise INR 2,000 Cr via the IPO in the next 12-18 months. He also said that the company was looking to turn net profitable yet again in FY25 before moving ahead with IPO plans.
A few months later in September, cofounder and chief marketing officer Aman Gupta echoed the sentiment and said that the startup was eyeing a listing on the Indian stock exchanges in 2025.
Kicking off its IPO plans in November 2024, boAt reportedly finalised ICICI Securities, Goldman Sachs and Nomura as the bankers to helm its IPO in 2025 at a valuation north of $1.5 Bn. In February 2025, reports claimed that the company was planning to file its DRHP with SEBI via confidential pre-filing route for an INR 2,000 Cr IPO by FY26.
The D2C brand’s board, in late-February 2025, greenlit plans to amend the company’s articles of association (AoA) and approved plans to raise up to INR 500 Cr via fresh issue of shares during the IPO.
Meanwhile, on the financial footing, boAt continued to be in the red for the second consecutive fiscal year in FY24. It posted a net loss of INR 79.7 Cr in FY24, down 38% from INR 129.4 Cr in the previous year. Operating revenue also fell 7% to INR 3,117.7 Cr during the year under review from INR 3,376.8 Cr in FY23.
Capillary Technologies
Founded in 2008 by Aneesh Reddy, Capillary Technologies is a SaaS startup that offers omnichannel engagement and commerce solutions.
With presence spanning India, Southeast Asia, MENA, and the US, the startup 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.
In January 2025, Inc42 exclusively reported that the company has restarted its IPO preparations and will likely file its DRHP with SEBI for a $200 Mn public offering by June 2025. The IPO will comprise a fresh issue of shares in the range of $12 Mn to $24 Mn while the remaining will be part of the OFS component.
The promoter group and investors who joined the startup’s cap table over the last couple of years are expected to offload their stakes via the OFS. Capillary is eyeing a valuation in the range of $500 Mn to $1 Bn during the potential public listing.
This will be the SaaS startup’s second stab at a public listing. In 2021, the company filed its DRHP to raise $114 Mn via its market debut.
As per Tofler, the company’s India entity closed FY24 with a revenue of INR 150.1 Cr, up marginally from INR 142.6 Cr in the previous fiscal. Its net loss declined to INR 52.3 Cr in the fiscal under review compared to INR 90.1 Cr in FY23.
Captain Fresh
Founded in 2019 by Utham Gowda, Captain Fresh is a B2B startup that exports and sells fish and seafood. Besides operating a marketplace for fisherfolk to sell their catch, it also offers an end-to-end operations management tool for retail outlets and supermarket chains for sale of seafood.
Backed by the likes of Tiger Global, Prosus and British International Investment (BII), the B2B startup has raised more than $172 Mn in funding to date.
In May 2024, the company appointed Mathew George as its group chief financial officer (CFO) ahead of its potential IPO. Subsequently, in October, it was reported that Captain Fresh had roped in Axis Capital and Bank of America (BofA) as bankers to helm its planned IPO in the second half of 2025.
In December 2024, reports surfaced that the B2B seafood chain was in discussions with investors to raise $50 Mn to $100 Mn in its pre-IPO round at a valuation of $600 Mn to $650 Mn. The fundraise is expected to include both primary and secondary components, with existing backers such as Accel and Prosus likely to participate.
The B2B seafood startup is looking to raise $350 Mn to $400 Mn as part of its public issue. Of this, half will be part of the fresh issue while the remaining will be the offer for sale (OFS) component. The startup is said to be eyeing a valuation of $1.3 B to $1.5 Bn for the IPO.
In February 2025, the B2B seafood startup secured INR 250 Cr as part of its ongoing pre-IPO round led by existing investors Prosus Ventures, Accel and Tiger Global.
CarDekho
Founded in 2008 by siblings Amit Jain and Anurag Jain, CarDekho operates an online car listing platform, insurance platform InsuranceDekho, and lending platform Rupyy.
CarDekho has so far raised more than $692 Mn in funding and competes with the likes of CarTrade, Spinny and Cars24. During its last fundraise in 2021, the company was valued at $1.2 Bn.
As per reports, the auto marketplace is in advanced talks to appoint merchant bankers to helm its IPO, and is eyeing a public listing in 2025. The company plans to file its DRHP in March 2025 and is looking to raise nearly $500 Mn at a valuation of $2 Bn to $2.5 Bn.
Its early backers, including Peak XV, Google Capital, and Hillhouse Capital, are expected to offload a part of their stakes via OFS.
CarDekho plans to utilise the proceeds from the IPO to fuel CarDekho’s geographical and category expansion as well as for future acquisitions.
However, this is not the first time that CarDekho is planning to list on the bourses. While the company internally was looking to list on the bourses in 2021, the plans did not materialise then.
As per MCA filings, CarDekho Group reported a consolidated operating revenue of INR 2,250.43 Cr in FY24, down 3.49% from INR 2,331.88 Cr in the previous fiscal. Meanwhile, the company trimmed losses by nearly 40% to INR 340.08 Cr during the period under review from INR 566.13 Cr in FY23.
Curefoods
Founded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen unicorn that operates a diverse portfolio of brands including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle.
It claims to manage more than 200 cloud kitchens and offline outlets across 15 cities in India, offering over 10 cuisines. The startup has raised more than $175 Mn in funding to date and is backed by names such as Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance, among others.
In January 2025, it was reported that the Bengaluru-based cloud kitchen startup was looking to float a $300 Mn to $400 Mn IPO in the latter part of FY26. The company, which has already initiated talks with bankers for the public issue, will finalise the bankers in the coming days.
On the financial front, the company trimmed its net loss by 49.64% to INR 172.6 Cr in FY24 from INR 342.7 Cr in FY23. Meanwhile, operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.
Droom
Founded in 2014 by Sandeep Aggarwal, Droom operates an ecommerce platform that connects used car dealers with customers. In addition, the company also offers car rental services, and owns a car financing arm, a SaaS vertical, and advertising business.
The startup has raised nearly $300 Mn in funding to date and is backed by names such as Lightbox, 57 Stars and Seven Train Ventures, among others.
The used car marketplace plans to file its DRHP for an INR 1,000 Cr IPO by June 2025 and is targeting a listing on the exchanges by November 2025. Its public issue will consist of a fresh issue as well as an offer for sale, with the fresh issue likely to be over 50% of the offer.
Droom is aiming for a valuation of $1.2 Bn to $1.5 Bn for the IPO and has already finalised two middle market banks for the public issue.
If the plan fructifies, this will be Droom’s second attempt at a public listing. In late 2021, the company filed its IPO papers with markets regulator SEBI to raise INR 3,000 Cr but later deferred the plan due to market volatility.
Meanwhile, the company also plans to raise nearly INR 200 Cr as part of a pre-IPO round from existing investors and new investors including Indian family offices and high net worth individuals (HNIs).
On the financial front, Droom reported a net loss of INR 40.4 Cr in FY24, down 35% from INR 62.1 Cr in the previous fiscal year. Meanwhile, the Lightbox-backed company’s operating revenue also tanked 66% to INR 85.4 Cr in the fiscal under review from INR 253.3 Cr in FY23.
Flipkart
Flipkart was founded in 2017 by Binny Bansal and Sachin Bansal. Later, the duo sold a majority stake in the ecommerce juggernaut to Walmart in 2018 for $16 Bn. Since then, the ecommerce major has become India’s biggest online marketplace and has diversified into a host of new areas, including fintech, travel aggregation, and quick commerce.
Flipkart, which is also backed by Google, was last valued at $35 Bn during a $1 Bn fundraise.
Arguably the biggest startup in the country by valuation, the ecommerce major is aiming to list on the Indian bourses soon. Flipkart, which has already received internal approvals to shift its domicile to India from Singapore, may launch an IPO by 2025-end or early-2026.
In February 2025, Inc42 reported that the company has sped up plans for a public listing and has been rejigging its top brass and strengthening its board. In addition, the top brass has issued directions internally to employees to stick to stricter profit targets, pitch plans for new verticals, and scale up revenues.
The ecommerce major’s B2C arm, Flipkart Internet Private Ltd, reported an operating revenue of INR 17,907.3 Cr in FY24, up from INR 14,825 Cr in the previous fiscal. Meanwhile, loss 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 SaaS startup that offers artificial intelligence (AI) and advanced analytics solutions to enterprises globally.
Backed by TPG Capital, Khazanah Nasional and Apax Partners, the enterprise tech startup has raised $685 Mn in funding till date. It turned unicorn in 2022 and was last valued at over $2 Bn.
As per Fractal’s annual report for FY24, the startup converted into a public company from a private company in May 2024.
Last reported, the company was looking to raise $500 Mn to $600 Mn via its IPO at a valuation of around $3.5 Bn. As per reports, Fractal’s public issue will likely have a “large share” of secondary share sale by existing investors, the quantum of which is still yet to be decided.
Fractal slipped into the red in FY24 as it reported a net loss of INR 54.7 Cr in the fiscal under review as against a profit of INR 194.4 Cr in the previous fiscal. Meanwhile, revenue from operations jumped 11% to INR 2,196.3 Cr in the fiscal ended March 2024 from INR 1,985.4 Cr in FY23.
Groww
Founded 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, exchange-traded funds (ETFs) and other financial instruments.
The investment tech major has been looking to list on Indian bourses for some time now. Groww shifted its domicile back to India in March 2024 with an eye on an IPO. It also paid a hefty INR 1,340 Cr in taxes to US authorities to reverse flip back to India.
In January 2025, reports surfaced that Groww’s parent Billionbrains Garage Ventures plans to file its DRHP by April-May 2025 for an IPO worth over $1 Bn. It is eyeing a public listing by the end of FY26. Previous reports noted that the company was targeting a valuation of $7-8 Bn for the IPO.
The company has also finalised five investment banks, Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal, to helm its public listing. The public issue is expected to largely comprise an offer for sale (OFS) component.
Meanwhile, in March 2025, the IPO-bound invest tech unicorn’s parent, issued bonus compulsorily convertible preference shares (CCPS) to existing investors Peak XV Partners, Ribbit Capital and Y Combinator, as per a CCI notice. The deal also resulted in the collapse of the differential voting rights (DVR) held by Groww cofounders Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal.
The company reported a profit of INR 535 Cr in FY24 on operating revenue of INR 3,145 Cr.
InCred
Founded in 2016 by Bhupinder Singh, InCred Group operates three separate verticals. While InCred Finance is the lending vertical, InCred Capital is the company’s wealth and asset management arm. Finally, InCred Money deals in retail bonds and alternative investments.
InCred is backed by marquee names such as Abu Dhabi Investment Authority (ADIA), OAKS, Investcorp, Moore Capital, Elevar Equity, among others.
In December 2024, reports claimed that the fintech unicorn InCred Financial Services was looking to raise INR 4,000 Cr to INR 5,000 Cr via an IPO in late-2025. The company is said to be eyeing a valuation in the range of INR 15,000 Cr to INR 22,500 Cr.
InCred’s net profit surged 162% to INR 316.3 Cr in FY24 as against INR 120.9 Cr in the previous fiscal. Operating revenue also soared 47% to INR 1,270 Cr during the fiscal under review from INR 864.6 Cr in FY23.
Infra.Market
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates a B2B marketplace that sells construction products and other range of building materials such as concrete, steel, pipes, fittings, and chemicals.
The startup has raised over $415 Mn in funding to date and is backed by marquee investors such as Tiger Global, Accel, and Nexus Ventures.
Infra.Market has set the ball rolling for its IPO and has shortlisted eight investment bankers, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, among others, as advisors for the IPO.
While the company is eyeing raising $500 Mn -$700 Mn via its IPO, it may also increase it further depending on “market conditions”. Its public issue will comprise a fresh issue of shares as well as secondary share sale.
While the talks are still in early stages, the proceeds from Infra.Market’s potential IPO will be utilised to repay the debt incurred for the startup’s organic and inorganic growth initiatives.
In the run up to the IPO, the company, in January 2025, raised INR 1,050 Cr as part of its pre-IPO round at a valuation of about $2.8 Bn, up over 10% from $2.5 Bn at which it was last pegged.
The B2B ecommerce major’s net profit narrowed 17% YoY to INR 155.2 Cr in FY23 while operating revenue soared 90% YoY to INR 11,846.5 Cr during the fiscal under review.
InMobi
Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, InMobi is an adtech platform that offers a suite of product discovery and monetisation solutions.
Headquartered in Singapore, the SaaS startup also has offices in Bengaluru, New York, Beijing, London, Dubai, and several other locations. Backed by the likes of Sherpalo Ventures, SoftBank and Kleiner Perkins, InMobi has raised more than $320 Mn in funding till date and was one of the first Indian new-age tech companies to enter the unicorn club in 2011.
The SaaS startup is eyeing a public listing in India by October 2025 at a valuation of about $8 Bn to $10 Bn. The adtech major is looking to file its DRHP with SEBI for a $1 Bn IPO by March 2025.
The IPO will comprise a fresh issue of shares as well as an OFS component. However, the IPO size is yet to be finalised, given discussions with bankers are still on.
However, this will not be InMobi’s first stab at an IPO. In 2021, it was reportedly planning for an IPO but shelved the plans due to adverse market conditions and funding winter.
Innoviti
Founded in 2002 by Rajeev Agrawal, Innoviti is a digital payments solutions provider that allows businesses to accept payments and integrate real-time sales data into critical business processes.
Backed by the likes of Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India and Alumni Ventures, the startup has raised more than $87 Mn in funding to date.
In August 2024, the company said it was eyeing a public market debut within the next 12 months. But, later on in January 2025, the company yet again extended its IPO deadline and said that it was looking to list on the bourses by 2025-end.
Innoviti saw its revenue from operations decline marginally to INR 105.6 Cr in FY24, down from INR 110.2 Cr in FY23. Meanwhile, loss also fell to INR 70.5 Cr during the fiscal under review from INR 86.6 Cr in FY23.
Lenskart
Founded 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 2,500 stores and a customer base of 2 Cr.
Jumping on the IPO bandwagon, the startup, in January 2025, initiated talks with bankers for a $750 Mn to $1 Bn IPO. The company is reportedly eyeing a valuation of $7-8 Bn through its IPO and plans to list on Indian bourses toward the end of FY26. If reports are to be believed, the eyewear major is planning to file its draft papers by May 2025 for an IPO at a valuation of $10 Bn.
By late-January 2025, the company was said to have roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO. It was said to be looking to raise a pre-IPO round of about $1 Bn.
The eyewear startup narrowed its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in the previous fiscal year. Meanwhile, operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23.
Licious
Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious is a D2C brand that sells meat products. Operating on a farm-to-fork business model, the startup is focused on cold-chain food deliveries, including meat and chicken.
The startup has raised nearly $555 Mn in funding to date and is backed by the likes of Temasek, 3one4 Capital, among others.
The Bengaluru-based startup has been lining up plans to list on the bourses and is targeting a 2026 listing. As per the reports, Licious is eyeing a public listing at a valuation of more than $2 Bn. The D2C unicorn was last valued at $1.5 Bn in March 2023.
Licious claims to have trimmed its loss by 44% to INR 293.77 Cr in FY24 from INR 528.5 Cr in FY23. Meanwhile, revenue declined 8.4% to INR 685.05 Cr during the fiscal under review from INR 748 Cr in FY23.
Meesho
Founded 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.
Meesho’s IPO plans came to light after investor Prosus Ventures, in its half-yearly report for H1 FY25, said that it sees the online marketplace listing on the Indian bourses in the next 18 months.
In contrast, Meesho’s chief financial officer (CFO), in August 2023, said that the company was eyeing a stock market listing in the next 12-18 months.The 18-month deadline ends in February 2025. However, the company is far away from listing as it is yet to reverse flip to the country. However, preparations appear to be underway.
In August 2024, Meesho announced the appointment of four independent directors, with an eye on shoring up its board ahead of its IPO.
On the financial front, Meesho narrowed its net loss by 81.8% to INR 304.9 Cr in FY24 from INR 1,675 Cr in the previous fiscal. Operating revenue jumped 32.8% to INR 7,614.9 Cr during the year under review from INR 5,734.5 Cr in FY23.
Navi
Founded in 2018 by Flipkart cofounder Bansal and Ankit Agarwal, Navi is a financial services company that offers a range of products, including personal, vehicle, and home loans. Besides digital payments, the company now also offers insurance, and mutual fund investments.
In February 2025, reports emerged that the fintech unicorn had kicked off discussions with merchant bankers to restart its IPO proceedings. While the valuation and other details have not been finalised, Navi is eyeing a public listing in the second half of FY26.
Notably, this is not the first time that Navi has lined up plans to list on the exchanges. In 2022, the company filed its DRHP with SEBI for an INR 3,350 Cr IPO but later shelved the plan amid raging market volatility.
As per ratings agency Care Ratings, Navi Technologies reported a profit after tax (PAT) of INR 130 Cr in the first half (H1) of FY25 against a total income of INR 2,614 Cr.
NoPaperForms
A brainchild of Naveen Goyal and Suraj Sapra, NoPaperForms, which was founded in 2017, helps educational institutions and edtech businesses automate student enrollment and fee collection processes.
Serving 1,200 educational institutions including Manipal University, Shiv Nadar University, and PhysicsWallah, the startup also caters to customers in the UAE and Malaysia.
In March 2025, the Info Edge-backed startup, which operates under the brand Meritto, received a go-ahead from its board to undertake a public listing.
If reports are to be believed, the SaaS startup has appointed two investment bankers, IIFL Capital and SBI Capital, for its IPO. The startup is eyeing an IPO in a range of INR 500 Cr to INR 600 Cr by the end of this year.
NoPaperForms, which may file DRHP by Q2 FY26, is likely to seek a valuation of INR 2,000 Cr for the public listing. While Info Edge is yet to take a call on whether it will participate in the startup’s IPO, reports claim that the VC firm is unlikely to sell its stake in the company.
On the financial front, NoPaperForms turned profitable in FY24 and clocked a standalone net profit of INR 4 Lakh in the fiscal under review against a loss of INR 15 Cr in the previous fiscal year. Meanwhile, operating revenues jumped 45.4% to INR 70.03 Cr in FY24 from INR 48.18 Cr in FY23.
OfBusiness
Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan and Vasant Sridhar, OfBusiness operates a B2B ecommerce platform that sells construction materials and offers financing solutions to merchants.
In November, the startup reportedly appointed five investment banks, including Axis Capital, Morgan Stanley, JPMorgan, Citigroup and Bank of America to oversee its up to $1 Bn IPO.
The startup is said to be in the process of merging and integrating internal businesses ahead of the public listing. It plans to seek approval from SEBI between March and June 2025 and is eyeing a late-2025 listing.
As per OfBusiness CFO Bhavesh Keswani, the company is targeting a $750 Mn to $1 Bn IPO, which will include a fresh issuance of shares worth $200 Mn. The remaining amount will be earmarked for OFS.
The B2B marketplace is looking to debut on the bourses at a valuation of $6 Bn to $9 Bn.
In January 2025, the B2B unicorn converted itself into a public company. Following its board’s approval, OfBusiness rechristened itself as OFB Tech Limited from OFB Tech Private Limited previously.
OfBusiness saw its consolidated operating revenue surge over 25% YoY to INR 19,296.3 Cr in FY24, while net profit soared to INR 603 Cr during the fiscal under review from INR 463.2 Cr in FY23.
Ola Consumer
Founded by Bhavish Aggarwal, Ola Consumer operates a mobility platform that offers ride-hailing, food delivery and financial services. Backed by SoftBank, Ola has raised more than $3.84 Bn in funding till date and is one of the biggest players in the Indian ride-hailing segment.
In October 2024, it was reported that the startup had sought approval from its investors to turn into a public entity, the first step towards IPO. Subsequently, the company’s shareholders gave their approval to turn Ola Consumer into a public limited company.
Additionally, the company is also said to be finalising the bankers to handle the public issue.
Previous reports said that the company had held talks with investment banks like Goldman Sachs, Bank of America, Citi, Kotak, and Axis to helm its $500 Mn IPO at a nearly $5 Bn valuation.
Ola parent ANI Technologies narrowed its loss by nearly half to INR 772.2 Cr in FY23 from INR 1,522.3 Cr in the previous fiscal. Operating revenue rose 42% YoY to INR 2,799.3 Cr .
OYO
Founded in 2012, OYO is a travel tech startup that offers vacation homes, casino hotels, coworking spaces, budget hotels, corporate stays and more.
The company has revived its IPO plans yet again and is looking to refile its DRHP by the end of Q1 FY26. As per reports, the latest attempt at an IPO comes after a reshuffle in the startup’s ownership structure, with OYO targeting a valuation of up to $5 Bn for its public listing.
This comes a year after the Delhi NCR-based hospitality major, in May 2024, officially withdrew its IPO documents. Interestingly, this was OYO’s second attempt at a public listing and it was looking to raise $400 Bn to $600 Bn.
Notably, this was lower than INR 8,430 Cr ($1.2 Bn) that the company was looking to raise during its earlier attempt at an IPO in 2021.
The hospitality giant has now expedited its IPO plans amid increasing pressure from its creditors to clear a looming debt repayment. The lenders, including Mizuho Financial Group, have reportedly directed founder and CEO Ritesh Agarwal to cough up the $383 Mn he owes as part of a $2.1 Bn loan package or list by October 2025.
OYO turned profitable in FY24 with a net profit of INR 229.5 Cr against a net loss of INR 1,286.5 Cr in the previous financial year. However, operating revenue declined 1.3% to INR 5,388.7 Cr in FY24 from INR 5,463.9 Cr in the previous fiscal year.
PayU India
Delaying its IPO plans, the Prosus-backed payments solutions startup now plans to go public “sometime after the first quarter” of FY26. As per reports, PayU India has finalised Goldman Sachs as one of the lead bankers to helm the public issue and will likely file its DRHP by early-2025.
Confirming this, Prosus’ chief investment officer (CIO) Ervin Tu said that it is eyeing a listing for PayU in India in 2025. This is in line with what investor Prosus said in December 2024. At the time, the Dutch investment firm said that it expected the fintech startup to list on the Indian bourses in the next 12-18 months.
Previously, in November 2023, Tu said that PayU could be ready for a public listing in India by the second half of calendar year 2024. At the time, the company was eyeing a $500 Mn IPO but the fintech major later postponed the plans.
As per the Dutch investor’s annual report, PayU India’s revenue jumped 11% YoY to $444 Mn in FY24. However, this was lower than the 31% revenue growth reported in FY23 and over 40% jump it clocked in FY22.
PhonePe
Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe is India’s biggest online payments platform. It regularly accounts for nearly half of all Unified Payments Interface (UPI) transactions processed in the country.
From offering merely digital payments at the outset, the fintech giant has morphed into a full-fledged financial services platform, offering a host of offerings including insurance products, and broking services to customers.
The fintech major was acquired by ecommerce juggernaut Flipkart in 2016. Six years later, parent Walmart hived off PhonePe as a separate entity from Flipkart and redomicile the fintech company back to India. In late-2022, PhonePe flipped back to the country, with an eye on listing on Indian bourses.
However, in June 2024, a senior Walmart executive said that PhonePe’s IPO could take a couple of years, effectively indicating a 2026 IPO. Subsequently in February 2025, the company publicly confirmed that it has commenced preparatory steps in connection with its potential IPO.
The fintech major has picked up four investment bankers, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, to helm its IPO. PhonePe is reportedly eyeing a valuation of up to $15 Bn for its FY26 IPO, which will likely comprise both primary and secondary issuance of shares.
The fintech major saw its consolidated net loss narrow 28% YoY to INR 1,996 Cr in FY24 while revenue soared 74% YoY to INR 5,064 Cr.
Physics Wallah
Founded 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 2024, PW finalised Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for its proposed $400 Mn to $500 Mn public listing in 2025. As per reports, the public issue will likely be a mix of fresh issuance of shares and offer for sale.
Previous reports noted that the edtech unicorn was eyeing a flat valuation of over $2.8 Bn, the number at which it was last pegged. If the plan fructifies, PW will become India’s first edtech startup to list on the stock exchanges.
Ahead of the public listing, the edtech unicorn, in March 2025, appointed three independent directors to its board – former Zomato deputy CFO and Moonstone Ventures founder Nitin Savara, former RBI regional director Rachna Dikshit, and ex-bureaucrat Deepak Amitabh.
The company also changed the designation of Prateek Boob from executive director to wholetime director of the company for a period of five years, effective February 2025. Not just this, the company also issued bonus equity shares worth INR 212.3 Cr to all its stakeholders in the run up to the IPO in March 2025.
Subsequently in March 2025, the edtech unicorn finally filed its DRHP via confidential route with the SEBI for an INR 4,600 Cr IPO. As per reports, a big chunk of the public issue will comprise the OFS component.
PW reported a net loss of INR 1,131.2 Cr in FY24 compared to INR 84.06 Cr in FY23. The startup’s operating revenue jumped 2.6X to INR 1,940.4 Cr in the fiscal under review from INR 744.3 Cr in FY23.
Pine Labs
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 for a $1 Bn public listing at a valuation of over $6 Bn.
Subsequently, in November 2024, reports surfaced that the fintech major has shortlisted five investment banks – Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies – to helm its IPO, which is expected to be launched in the first half of FY26.
In March 2025, the fintech major’s CEO Amrish Rau said that the company is looking to launch its IPO in the second half of 2025. As per a report, Pine Labs is targeting a $1 Bn public issue, which will comprise a fresh issue of shares as well as an offer for sale component.
Pine Labs has raised nearly $1.6 Bn in funding to date and is backed by the likes of Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, among others.
As per data available on Tofler, Pine Labs reported a 233% jump in its net loss to INR 187.2 Cr in FY24 from INR 56.1 Cr in the previous year. Operating revenue grew 2.2% to INR 1,309.6 Cr during the fiscal under review from INR 1,280.5 Cr in FY23.
Pure EV
A brainchild of Nishanth Dongari and Rohit Vadera, the startup manufactures electric bikes and scooters namely eePluto 7G MAX, ETRANCE Neo+, ePluto 7G, ecoDryft 350 and 3TrystX.
It has raised more than $14 Mn in funding till date and counts the likes of Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, among others, as backers.
Setting its plans to become India’s second listed EV player in motion, the startup, in August 2024, said it plans to list on the bourses in 2025.
In March 2025, Inc42 reported that the Hyderabad-based Pure EV’s board passed a special resolution, in September 2024, to change the status of its parent, PuR Energy, from private to public.
However, it continues to be a loss-making entity and reported a net loss of INR 9.3 Cr in FY23. Meanwhile, revenue from operations also declined 42% to INR 131.28 Cr from INR 225.98 Cr in FY22.
Razorpay
Founded in 2014 by IIT-Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay is an omnichannel payments and banking platform. Starting off as a payment gateway, the fintech major has grown to a multi-product platform offering SME payroll management, banking, lending, payments, insurance, and other fintech solutions.
Razorpay claims to clock an annualized total payment volume (TPV) exceeding $180 Bn and caters to a majority of India’s unicorns.
Looking to capitalise on the ongoing startup IPO spring, the fintech major too has accelerated plans to list on the Indian bourses. In February 2025, cofounder and CEO Mathur told Inc42 that the company has pushed the pedal on redomiciling back to India.
“When we started thinking about our future, especially in terms of an IPO, we had to decide not just when we wanted to go public but also where. It became quite clear to us that India is our home market. This is where people know us, use our services daily — directly or indirectly — so it made logical sense to list here,” Mathur told Inc42.
To date, Razorpay has raised nearly $740 Mn in funding and is backed by the likes of marquee names such as Y Combinator, Tiger Global, Peak XV Partners, Lone Pine Capital, Alkeon Capital Management, GIC, among others.
The fintech major saw its net profit soar over 365% to INR 33.5 Cr in FY24 from INR 7.2 Cr in the year ago fiscal. On similar lines, operating revenues jumped 9% to INR 2,475 Cr in the fiscal under review compared to INR 2,283 Cr in FY23.
Rebel Foods
Founded by Kallol Banerjee and Jaydeep Barman in 2011, Rebel Foods is a cloud kitchen startup that operates multiple quick service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee and Wendy’s, among others.
The startup has raised more than $563 Mn in funding across multiple rounds so far and is backed by names such as Coatue Management, Lightbox and Peak XV Partners. Besides, Singapore sovereign investment fund Temasek is also said to be looking to acquire a significant shareholding in the startup.
In October 2024, reports surfaced that the cloud kitchen unicorn was looking to list on the Indian bourses in the next 12-18 months. Ahead of the IPO, the company’s early investors such as Coatue Management, Lightbox and Peak XV plan to offload partial stakes in the startup to Temasek.
Servify
Founded in 2015 by Sreevathsa Prabhakar, Servify is a B2B device management startup that offers services such as device protection, product buyback, and device exchange. The startup earns a majority of its revenue from sale of services such as device protection plans and platform licences.
Besides India, the startup also operates in countries such as the US, Canada, China, the Middle East, among others. Servify has raised nearly $130 Mn in funding to date and counts names such as BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars, among others, as its backers.
In January 2025, Inc42 exclusively reported that the Mumbai-based startup kicked off preparations for its IPO by roping in three investment bankers. Servify plans to raise $400 Mn to $500 Mn through the public issue at a valuation of $1.5 Bn.
The company’s public issue will primarily comprise the OFS component (about 55-60%), while the remaining 40-45% will be a fresh issue of equity shares. It plans to file its DRHP with SEBI by August 2025 and is eyeing a listing in late-2025 or in the first quarter of 2026.
The company is also in advanced talks with existing as well as new investors to raise $100 Mn in a pre-IPO round before filing its draft papers at a unicorn valuation.
On the financial front, Servify saw its operating revenue jump 23% to INR 754 Cr in FY24 from INR 611 Cr in FY23. Meanwhile, net losses declined 59% YoY to INR 93.81 Cr in FY24.
Shadowfax
Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup that offers hyperlocal and on-demand deliveries to businesses.
The Flipkart-backed startup competes with the likes of Delhivery, Ecom Express, XpressBees, LoadShare, Ripple and Pickrr. It is also backed by the likes of Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm and Trifecta Capital.
The logistics services startup is reportedly looking to raise INR 2,500 Cr to INR 3,000 Cr via its public market debut at a valuation of INR 5,000 Cr to INR 8,000 Cr. While there is no clarity on the timeline for the IPO, its promoters and investors have kicked off discussions with merchant bankers for the IPO.
In February 2025, Shadowfax raised INR 34.24 Cr in its Series F funding round from existing investors Mirae Asset and Nokia Growth Partners. In the run up to its IPO, the company also roped in Bijou Kurien, Ruchira Shukla and Pirojshaw Sarkari as independent directors to its board.
Subsequently in March 2025, the IPO-bound logistics major raised INR 65.4 Cr from its cofounders Vaibhav Khandelwal and Abhishek Bansal at a post-money valuation of $750 Mn. While Bansal infused INR 37.3 Cr, Khandelwal invested INR 28.1 Cr. The fundraise was part of the startup’s larger ongoing funding round of about $50 Mn.
Shadowfax trimmed its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous year. Revenue from operations jumped 33% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in FY23.
Shiprocket
Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics companies. It partners with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, and caters to customers across 24,000+ pin codes in India.
Backed by names such as Temasek, Bertelsmann, Tribe Capital, Lightrock, among others, Shiprocket has raised more than $260 Mn in funding to date.
Kicking off its IPO proceedings, the logistics unicorn’s board, in January 2025, passed a resolution to convert the startup into a public company from a private one. This comes as the company is said to be eyeing a listing on the bourses by FY26.
On the financial front, the startup reported a net loss of INR 595 Cr in FY24, up 74.4% from INR 341 Cr in the year-ago fiscal. Its operating revenue jumped 20.8% to INR 1,316 Cr in the year under review from INR 1,089 Cr in FY23.
Urban Company
Founded 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 January 2025, reports surfaced that the hyperlocal services startup was looking to file draft papers for its INR 3,000 Cr IPO before the end of March. The company’s public issue will largely comprise fresh issue of shares.
It has appointed Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley to helm the IPO.
Subsequently, in February 2025, the Gurugram-based home services marketplace’s board approved a resolution to turn the company into a public entity, renaming it from “Urbanclap Technologies India Private Limited” to “Urbanclap Technologies India Limited”.
Urban Company reported a loss before tax of INR 93 Cr in FY24, down 70% from INR 312 Cr a fiscal ago. The Gurugram-based startup’s net revenue rose 30% YoY to INR 827 Cr.
Zepto
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a quick commerce startup that claims to offer 10-minute deliveries of groceries and other items.
Backed by Y Combinator, Nexus Venture Partners, Glade Brook Capital, Motilal Oswal AMC, the quick commerce startup has raised nearly $2 Bn in funding to date.
In preparation for its IPO, the quick commerce major shifted its domicile back to India from Singapore in January 2025. As part of its public listing plans, the company also set up a new entity, Zepto Marketplace Private Limited to pivot to a marketplace model from its current B2B2C structure.
In September 2024, it was reported that the quick commerce major commenced active discussions with domestic and global merchant bankers, including Morgan Stanley and Goldman Sachs, for a potential IPO by August 2025.
Zepto was initially targeting a $450 Mn public issue but later on internally increased the size to $800 Mn to $1 Bn, including a $300-400 Mn OFS component.
Zepto’s net loss declined 2% to INR 1,248.64 Cr in FY24 from INR 1,271.84 Cr in the previous fiscal year. Meanwhile, revenue from operations more than doubled to INR 4,454.52 Cr in the fiscal year ended March 2024 from INR 2,025.70 Cr in FY23.
Zetwerk
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk connects manufacturers with vendors and suppliers of industrial machine components.
Backed by Greenoaks Capital, Lightspeed Venture Partners, Mars Growth Capital, Peak XV Partners, among others, the B2B manufacturing unicorn has raised more than $793 Mn in funding till date.
In February 2025, it was reported that the Peak XV-backed B2B marketplace had finalised Axis Capital, Goldman Sachs Group and Kotak Mahindra Bank as bankers to helm its potential IPO later in the year.
The company is looking to raise at least $400 Mn to $500 Mn during the IPO and is eyeing a valuation of nearly $5 Bn. The public issue will also reportedly include a “small” secondary component.
In March 2025, Inc42 exclusively reported that the B2B manufacturing unicorn has secured INR 43 Cr in a funding round co-led by Arc Investments and Oriental Biotech Limited.
The contract manufacturing startup saw its loss zoom 82% to INR 108.7 Cr in FY23 from INR 59.76 Cr in the previous fiscal year. Operating revenue jumped nearly 130% to INR 11,448.6 Cr during the fiscal under review from INR 4,960.5 Cr in FY22.
Last Updated: March 23, 02:00 PM IST
The post Indian Startup IPO Tracker 2025 appeared first on Inc42 Media.
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