Indian Startup IPO Tracker 2026
Dalal Street emerged as a founder’s paradise in 2025, with 18 Indian startups listing on the bourses and collectively mopping up a record ₹41,248 Cr from the public markets.
The surge was driven by a combination of macroeconomic tailwinds and regulatory support. While robust GDP growth projections helped revive investor appetite, SEBI’s reforms played a key role. Measures such as simplified DRHP filings reduced red tape, while more flexible ESOP rules allowed founders to retain meaningful ownership.
Retail investors also fuelled the frenzy as demat accounts crossed the 20 Cr mark. The OFS component dominated public issues last year, providing liquidity to the early backers of the new-age tech companies. Post-listing performance also followed the usual curve, with investors rewarding companies that prioritised profits, sustainable growth and governance over hype.
“Besides the readiness that startups showed in their unit economics, there is also an increase in the founders committing to their businesses for next couple of decades and grow their businesses by adding adjacent profit pools – something that the public markets reward handsomely,” said Ashish Kumar, cofounder and general partner at Fundamentum Partnership.
Now, 2026 promises an even bigger bonanza. Twenty startups have already filed their draft red herring prospectuses (DRHPs) with the SEBI, while another 24 are in various stages of finalising their IPO plans. Two new-age tech companies made their debut in the first month of the year.
Unicorns like Flipkart, Zepto, OYO, InMobi, Fractal and Zetwerk alone could raise over ₹50,000 Cr in 2026, making it one of the biggest years for startup IPOs.
However, recalibration is likely to define 2026 as investors are expected to prioritise strong fundamentals,profitability and low cash burn when backing new-age tech companies.
“IPO-bound startups in 2026 will be increasingly defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone. Public market investors will place greater emphasis on governance, capital efficiency and long-term value creation, favouring companies that balance scale with financial prudence,” Orios Venture Partners’ managing partner Rehan Yar Khan told Inc42.
There are other challenges as well. Average retail subscription levels are moderating, while foreign institutional investors (FIIs) are pulling back in droves, reflecting caution amid geopolitical tensions and muted secondary market performance.
Yet, the overall outlook remains bullish for new-age tech IPOs. Maturing business models, deeper domestic capital pools and an evolving regulatory framework favouring transparency position India as a leading startup IPO hub.
With much on the anvil, we have compiled a list of Indian new-age tech companies eyeing a Dalal Street debut later this year. But before we dive into the list, here are the latest developments from India’s IPO landscape:
Latest Updates:
- Ahead of the commencement of the bidding for its public issue on February 9, NBFC Aye Finance raised ₹454.5 Cr from anchor investors
- SaaS unicorn Fractal Analytics also raised ₹1,248.3 Cr by allotting 1.39 Cr shares to anchor investors at ₹900 apiece, the upper end of its IPO price band
- Markets regulator SEBI has greenlit the IPOs of deeptech company SEDEMAC and fintech platform InCred Holdings
Now, let’s take a detailed look at the list:
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/ IPO 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 |
| Amagi | 2008 | SaaS | $320 Mn | General Atlantic, Accel, Norwest Venture Partners, Avataar Ventures, Premji Invest | ₹1,162.6 Cr (FY25) | Listed | ₹1788.6 Cr | ₹7,966 Cr | Kotak Mahindra Capital, Citigroup, IIFL Capital, Goldman Sachs |
| 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 |
| 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 | ₹1,010 Cr | ₹3,183 Cr | Axis Capital, IIFL Capital Services, Nuvama, JM Financial |
| 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 |
| Captain Fresh | 2019 | D2C | $172 Mn | Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest | ₹3,421 Cr (FY25) | To be Refiled | ₹3,013 Cr- ₹3,443 Cr | ₹11,192 Cr- ₹12,914 Cr | Axis Capital, BofA |
| CARS24 | 2015 | Auto Tech | $1.3 Bn | DST Global, Peak XV Partners, Alpha Wave Global, SoftBank | ₹6,917.1 Cr (FY24) | Filed | NA | NA | NA |
| Cult.fit | 2016 | Ecommerce | $650 Mn | Zomato, Accel, Tata Digital, Temasek, Kalaari Capital | ₹926.6 Cr (FY24) | Yet To File | ₹2,500 Cr | ₹17,200 Cr | Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, JM Financial |
| Curefoods | 2020 | Foodtech | $175 Mn | Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance | ₹745.8 Cr (FY25) | Filed | ₹2,582 Cr- ₹3,443 Cr | Yet To Be Decided | JM Financial, IIFL, Nuvama |
| 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 | ₹2,833.9 Cr | ₹15,480 Cr | Kotak Mahindra Capital, Goldman Sachs, Axis Capital, Morgan Stanley India |
| 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 |
| 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 |
| Infra.Market | 2016 | Ecommerce | $415 Mn | Tiger Global, Accel, Nexus Ventures | ₹18,472 Cr (FY25) | 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 | $220 Mn (FY24) | 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 | ₹143 Cr (FY25) | 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 + OFS of 88.8 Lakh shares | ₹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 | ₹242 Cr (FY25) | 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 |
| Meritto | 2017 | SaaS | $4.5 Mn | Info Edge | ₹92.3 Cr (FY25) | 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* |
| 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* |
| 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 | ₹3,783 Cr (FY25) | Yet To File | ₹4,500 Cr (Fresh Issue)* | NA | NA |
| Rebel Foods | 2011 | Foodtech | $563 Mn | Coatue Management, Lightbox, Peak XV Partners | ₹1,617.4 Cr (FY25) | 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) | Listed | ₹1,907 Cr | ₹7,169 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 |
| Square Yards | 2014 | Proptech | $200 Mn | Reliance Group, ADM Capital, BCCL, Genkai Capital | ₹1,400 Cr (FY25) | Yet To File | ₹2,000 Cr | ₹8,827 Cr | NA |
| Table Space | 2017 | Coworking | $407 Mn | Hillhouse Capital, Rava Partners, Alta Capital | ₹898 Cr (FY24) | Yet To File | NA | NA | NA |
| Tonbo Imaging | 2012 | Deeptech | $59 Mn | Artiman Ventures, Celesta Capital, Qualcomm Ventures | ₹460 Cr (FY25) | Filed | OFS of 1.81 Cr shares | NA | IIFL Securities, JM Financial |
| Travelstack Tech | 2014 | Travel Tech | NA | Accel, Goldman Sachs, Qualcomm, Anupam Mittal | ₹716.4 Cr (FY25) | Filed | INR 250 Cr Fresh Issue + OFS of 2.69 Cr Shares | NA | IIFL Securities, Motilal Oswal Investment Advisors, Nuvama |
| Turtlemint | 2015 | Fintech | $197 Mn | Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, Nexus Venture Partners | ₹674.5 Cr (FY25) | Filed | ₹1,700 Cr- ₹2,150 Cr | NA | Motilal Oswal, JM Financials, ICICI Securities, Jefferies |
| WonderChef | 2009 | D2C | $30 Mn | Sixth Sense Ventures, Amicus Capital, Godrej Family Office, Malpani Group | ₹430 Cr (FY25) | Yet To File | NA | ₹1,800 Cr | NA |
| Zepto | 2021 | Quick Commerce | $1.60 Bn | Y Combinator, Goodwater Capital, Glade Brook Capital, General Catalyst, Dragon Fund | ₹4,454.52 Cr (FY24) | Filed | ₹11,682 Cr | Yet To Be Decided | Morgan Stanley, Goldman Sachs |
| Zetwerk | 2018 | Ecommerce | $793 Mn | Greenoaks Capital, Lightspeed, Mars Growth Capital, Peak XV Partners | ₹12,798 Cr (FY25) | Yet To File | ₹3,456 Cr-₹4,320 Cr | ₹43,209 Cr | Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase, Kotak Mahindra Bank |
Startups That Have Taken The IPO Plunge In 2026
Amagi
Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a comprehensive cloud-based suite that enables broadcasters to create, manage, distribute, and monetise content worldwide.
The platform also provides advanced broadcast and targeted advertising tools tailored for both traditional TV and streaming services.
The company filed its DRHP with SEBI in July 2025 and secured the markets regulator’s approval in November that year. In January 2026, Amagi filed its red herring prospectus (RHP), detailing a fresh issue of ₹816 Cr and an OFS component of up to 2.69 Cr shares.
Subsequently, the public issue closed with an oversubscription of 30.2X. The company had set a price band of ₹343–361 per share for its public issue, valuing it at ₹7,966 Cr (nearly $885 Mn) at the upper end of the spectrum.
The SaaS major’s shares made a lacklustre debut on the stock exchanges. The stock listed at ₹317 apiece on the BSE, a discount of 12.2% to the issue price of ₹361. On the NSE, it listed at ₹318 per share, 11.9% below the issue price.
Financially, Amagi turned profitable in H1 FY26, reporting a net profit of ₹6.5 Cr as against a net loss of ₹66 Cr in H1 FY25. Operating revenue rose 35% YoY to ₹704.8 Cr.
Shadowfax
Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics company that offers hyperlocal and on-demand delivery solutions for businesses.
Competing with the likes of Delhivery, LoadShare and Pickrr, the logistics major is backed by names such as Flipkart, Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm and Trifecta Capital.
Shadowfax pre-filed its DRHP with SEBI in July 2025 for an IPO, and received markets regulator’s nod in October 2025. It filed its updated DRHP with SEBI in November 2025. The company’s IPO comprised a fresh issue worth ₹1,000 Cr and an OFS of up to ₹907 Cr.
The company’s public issue closed with an oversubscription of 2.72X, receiving total bids for 24.23 Cr shares against 8.9 Cr on offer.
Subsequently, shares of the company made a muted debut on the bourses on January 28. The stock listed at ₹112.60 apiece on the NSE, a discount of 9.19% to the issue price of ₹124. On the BSE, shares of the logistics unicorn debuted at ₹113, down 8.87% below the issue price.
In H1 FY26, the logistics unicorn’s net profit more than doubled to ₹21 Cr from ₹9.8 Cr in the year-ago period. Operating revenue surged 68.4% YoY to ₹1,805.6 Cr during the period.
Startups That Have Filed DRHP
AceVector
Founded by Kunal Bahl and Rohit Bansal, AceVector traces its roots to 2010, when the duo founded ecommerce platform Snapdeal. Over the years, this umbrella company expanded to include listed ecommerce enablement startup Unicommerce and house of brands Stellaro Brands.
The three companies unified under the AceVector banner in 2022. Now, three years on, the consolidated entity is gearing up for a public market debut.
Kicking off its IPO proceedings, AceVector filed its confidential DRHP with the Securities and Exchange Board of India (SEBI) in July 2025. The regulator greenlit the offering in November 2025.
A month later at the fag end of the year, AceVector filed its updated DRHP, which outlined a fresh issue of shares worth ₹300 Cr and an offer for sale (OFS) component of up to 6.39 Cr shares.
On the financial front, AceVector’s operating revenue leapt nearly 35% to ₹244.4 Cr in the first half (H1) of the financial year 2025-26 (FY26) from ₹181.1 Cr the year ago period. Meanwhile, losses also shrank almost 80% to ₹22.4 Cr versus ₹110.3 Cr in H1 FY25.
AVPL International (AITMC Ventures)
Founded in 2016 by Preet Sandhuu and Deep Sisai, AITMC sits at the intersection of agriculture and drones. It manufactures drones, offers drone-as-a-service, and runs more than 70 drone training centres across 16 states.
In July 2025, AITMC once again kicked off its IPO plans as the company’s board approved a proposal to increase the fresh issue size of its IPO to ₹200 Cr from ₹125 Cr previously. AITMC then filed its draft papers with SEBI via the confidential pre-filing route in October 2025.
It received the markets regulator’s nod to float its IPO in January 2026.
Notably, this marks its second attempt at going public. Previously in December 2023, the company was eyeing an NSE Emerge listing, which comprised solely of a fresh issue of up to 2.1 Cr shares.
That earlier plan was shelved after AITMC signed a term sheet in January 2025 for a strategic merger with BSE SME-listed DroneAcharya, a deal that ultimately fell through.
On the financial front, AITMC Ventures’ net profit climbed 59% to ₹14 Cr in FY25 from ₹8.8 Cr a fiscal earlier, while operating revenue zoomed 87% to ₹87.5 Cr as against ₹46.8 Cr in FY24.
Aye Finance
Founded in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance is an NBFC that leverages its AI-powered credit assessment platform to offer loans to small businesses across India. The company has raised $500 Mn to date from marquee investors such as Google, ABC Impact, and Dutch development bank FMO.
In December 2024, Aye Finance filed its DRHP with SEBI for an IPO, and received the markets regulator’s approval for its listing in April 2025.
Nearly a year later in February 2026, the NBFC filed its RHP with SEBI for an ₹1,010 Cr IPO, which comprises a fresh issue of shares worth up to ₹710 Cr and an OFS of up to ₹300 Cr.
The company’s public issue will now open for subscription on February 9 and close on February 11. Ahead of the commencement of the bidding of the IPO, the NBFC raised ₹454.5 Cr from anchor investors.
On the financial front, Aye Finance’s net profit declined 40% YoY to ₹64.6 Cr in H1 FY26, while operating revenue rose 21.8% YoY to ₹843.5 Cr during the year-ago period.
boAt
Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C consumer electronics brand that sells headphones, smartwatches, speakers, and other audio wearables.
The company has raised over $171 Mn across multiple rounds from investors such as Warburg Pincus, Qualcomm Ventures, Malabar Investments, Innoven Capital, and Fireside Ventures.
boAt has pursued an IPO for several years now. It first filed its DRHP with SEBI in 2022 for a ₹2,000 Cr public issue, but later shelved the plan amid challenging market conditions.
Taking a second shot, the boAt’s parent, Imagine Marketing, pre-filed its DRHP confidentially with the SEBI in April 2025, and secured SEBI approval in August.
In October 2025, boAt filed its updated DRHP for an ₹1,500 Cr IPO, which comprised a fresh issue of up to ₹500 Cr and an OFS of up to ₹1,000 Cr.
On the financial front, boAt saw its revenue from operations grow 10.7% YoY to ₹628.1 Cr in Q1 FY26, while profit stood at ₹21.3 Cr compared to a ₹31 Cr loss in Q1 FY25.
Curefoods
Founded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen unicorn that manages brands like EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle.
It claims to operate over 200 cloud kitchens and offline outlets across 70 Indian cities. The startup has raised over $175 Mn from backers including Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, and ASK Finance.
Kicking off its IPO proceedings, Curefoods filed its DRHP with SEBI in late June 2025 and received markets regulator’s approval in late October. The proposed IPO comprises a fresh issue of up to ₹800 Cr and an offer-for-sale of up to 4.85 Cr equity shares.
On the financial front, Curefoods’ net loss remained steady at ₹169.9 Cr in FY25 as against ₹172.6 Cr in the year ago fiscal. Meanwhile, operating revenue grew 27.4% to ₹745.8 Cr compared to ₹585.1 Cr in FY24.
Fractal
Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, Fractal is a SaaS unicorn that offers AI-powered analytics solutions to enterprises globally.
Backed by TPG Capital, Khazanah Nasional, and Apax Partners, the startup has raised $800 Mn to date. It achieved unicorn status in 2022 and was last valued at more than $2 Bn.
In August 2025, the SaaS unicorn filed its DRHP with SEBI, and received the markets regulator’s approval in November 2025.
In February 2026, the company filed its RHP with the SEBI for ₹2,833.9 Cr IPO, which will comprise a fresh issue of shares worth up to ₹1,023.54 Cr and an OFS worth up to ₹1,810.4 Cr.
The AI and decision-intelligence company has set a price band of ₹857-₹900 per share for the public issue, which will peg the unicorn at ₹15,480 Cr (about $1.7 Bn) on the upper end of the spectrum.
The company’s IPO will now open for subscription on February 9 and close on February 11. Fractal’s shares will likely list on the exchanges on February 16.
On the financial front, Fractal’s profit declined about 3% YoY to ₹70.9 Cr in H1 FY26, while operating revenue grew 20% YoY to ₹1,559 Cr.
InCred Holdings
Founded in 2016 by Bhupinder Singh, InCred Group runs three distinct business verticals. InCred Finance handles lending, InCred Capital is focussed on wealth and asset management, while InCred Money specialises in retail bonds and alternative investments.
The company boasts backing from heavyweights like Abu Dhabi Investment Authority (ADIA), OAKS, Investcorp, Moore Capital, and Elevar Equity, among others.
Kicking off its IPO proceedings in September 2025, InCred Holdings, the parent of InCred Financial Services, sought shareholder approval to raise up to ₹1,500 Cr through a fresh issue of shares.
By November 2025, InCred Holdings filed its DRHP with SEBI via the confidential pre-filing route, aiming for an IPO size of ₹3,000 Cr-₹4,000 Cr. The startup received the markets regulator’s nod for its IPO in February 2026.
InCred Holdings reported a 21% jump in net profit to ₹373.1 Cr in FY25 from ₹309 Cr in the previous year. Operating revenue also surged 47% to ₹1,873.6 Cr from ₹1,272.7 Cr in FY24.
Infra.Market
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market runs a B2B marketplace that helps customers procure construction materials like concrete, steel, pipes, fittings, and chemicals.
The startup has raised over $415 Mn till date from investors such as Tiger Global, Accel, and Nexus Ventures.
In October 2025, Infra.Market confidentially pre-filed its draft IPO papers with SEBI for a nearly ₹5,000 Cr ($563.3 Mn) listing. The public issue will likely be split equally between a fresh issue and an OFS. It received SEBI’s go-ahead in January 2026.
The B2B ecommerce major’s net profit dwindled 42% to ₹219.7 Cr in FY25 from ₹378 Cr in the previous fiscal year. However, revenue from operations rose 27% to ₹18,472 Cr versus ₹14,530.2 Cr in FY24.
Kissht
Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a digital lending platform that offers personal and business loans up to ₹5 Lakh. It uses AI and machine learning to assess creditworthiness. It also offers health insurance products and credit against property.
Last valued at $344 Mn during its $80 Mn fundraise in 2022, Kissht has secured over $140 Mn till date from investors such as Vertex Growth, Brunei Investment Agency, Endiya Partners, and Ventureast.
Taking its first step towards IPO, Kissht transitioned to a public entity in June 2025. A few months later in August, the lending tech startup filed its DRHP with SEBI for an IPO, which comprised a fresh issue of up to ₹1,000 Cr and an OFS component of up to 88.8 Lakh shares. It received SEBI’s nod to proceed with its public listing in January 2026.
On the financial footing, Kissht reported a consolidated net profit of ₹160.6 Cr in FY25, down 18% from ₹197.3 Cr in FY24. However, operating revenue declined 20% to ₹1,337.5 Cr from ₹1,674.5 Cr a fiscal earlier.
LEAP India
A brainchild of Sunu Mathew, LEAP India provides supply chain solutions through asset pooling, enabling companies to share pallets, containers, and other assets.
Founded in 2013, the platform also offers inventory management, transportation, returnable packaging and tool repair. It also sells electric and fossil fuel-powered forklifts through its subsidiary TRON.
LEAP India has raised over $184 Mn till date from investors like KKR and Sixth Sense Ventures.
It filed its DRHP with SEBI in August 2025 to raise up to ₹2,400 Cr via an IPO. It received the markets regulator nod to float a public issue in December 2025. The IPO comprises a fresh issue of ₹400 Cr and an OFS of up to ₹2,000 Cr.
This marks LEAP India’s second attempt at an IPO. Earlier, it was eyeing an ₹1,000 Cr listing in 2022, but later shelved the plan amid market volatility.
Financially, the startup’s operating revenue grew 27.8% to ₹466.4 Cr in FY25 from ₹364.9 Cr in the year ago period. Meanwhile, net profits remained steady at ₹37.5 Cr versus ₹37.1 Cr in FY24.
Meritto
A brainchild of Naveen Goyal and Suraj Sapra, Meritto (erstwhile NoPaperForms) helps educational institutions and edtech businesses automate student enrollment and fee collection processes.
Founded in 2017, the startup claims to cater to 1,200 educational institutions, including Manipal University, Shiv Nadar University, and PhysicsWallah.
Kicking off its IPO proceedings, Meritto turned into a public entity in May 2025 after its board and shareholders passed a resolution to approve the conversion.
Subsequently, in November 2025, the company filed its DRHP with SEBI via the confidential pre-filing route for an IPO, which will comprise both fresh issue of shares and an OFS component.
The company is said to be looking to raise between ₹500 Cr to ₹600 Cr at a valuation of around ₹2,000 Cr.
On the financial front, Meritto reported a net profit of ₹1.9 Cr in FY25 against a profit of ₹4 Lakh in the previous fiscal year. Meanwhile, operating revenues jumped 31% to ₹92.3 Cr in the fiscal year under review from ₹73.6 Cr in FY24.
OYO (PRISM)
Founded in 2012 by Ritesh Agarwal, OYO, rebranded as PRISM in 2025, is a travel tech major that operates budget hotels, vacation homes, casino hotels, coworking spaces, and corporate stays.
After postponing its IPO plans multiple times, the hospitality giant is said to be once again gearing up to list on the bourses. In December 2025, parent entity PRISM secured shareholder approval to raise up to ₹6,650 Cr through a fresh issue of shares.
Days later, the company confidentially pre-filed its draft IPO papers with SEBI. The public issue will include a fresh issue worth ₹6,650 Cr and an undisclosed OFS component.
The company is targeting a valuation of $7 Bn to $8 Bn (₹58,000 Cr to ₹66,000 Cr) and has appointed ICICI Securities, Axis Capital, Goldman Sachs, and Citibank to helm the issue.
OYO’s IPO journey has been a turbulent one so far. It first filed its DRHP in September 2021 for a $1.2 Bn public issue, but later shelved the plans amid market volatility. It once again filed its DRHP via the confidential route for a $600 Mn IPO in 2023, but later withdrew the papers again in May 2024.
OYO posted a stellar turnaround in FY25, with net profit soaring 172% to ₹623 Cr from ₹ 229 Cr in FY24. Operating revenue grew 20% to ₹6,463 Cr from ₹5,388.7 Cr a year earlier.
PhonePe
Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe is India’s leading digital payments platform. It regularly accounts for nearly half of all Unified Payments Interface (UPI) transactions processed in the country.
Originally focussed on digital payments, the fintech giant has since evolved into a comprehensive financial services provider, offering insurance products, broking services, and more.
PhonePe was acquired by Flipkart in 2016. Six years later, US retail giant and parent Walmart spun it off as a separate entity from Flipkart. The fintech major redomiciled back to India in late 2022, setting the stage for its eventual listing on the Indian exchanges.
In September 2025, the fintech giant confidentially pre-filed its DRHP with SEBI, reportedly targeting a $1.2 Bn+ IPO at a likely valuation of $12 Bn to $15 Bn.
It received SEBI’s nod in January 2026. Days later, the fintech major filed its updated DRHP with SEBI for its IPO, which will comprise solely of an OFS component. Walmart, Tiger Global, Microsoft and General Atlantic will offload their stakes as part of the offer for sale.
Financially, PhonePe’s net loss zoomed over 20% to ₹1,444.4 Cr in H1 FY26 as against ₹1,203.2 Cr in the year-ago period. Operating revenue jumped 22.2% to ₹3,918.5 Cr from ₹3,207.5 Cr in H1 FY25.
Purple Style Labs
Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury house of brands featuring fashion labels like Pernia’s Pop Up Studio & Shop, Wendell Rodricks, and Hemant Trevedi.
It operates over 15 Pernia’s Pop-Up Studio experience centres across India and one in London.
Backed by Alchemy Capital Management, Bajaj Holdings and Investment, and Minerva Ventures, the startup has raised more than $78 Mn to date.
In September 2025, the D2C brand filed its DRHP with SEBI for ₹660 Cr public issue, which will consist entirely of a fresh issue of shares. The company received the markets regulator’s nod to float its IPO in January 2026.
On the financial front, operating revenue dipped a marginal 3% to ₹489.9 Cr in FY25 from ₹504.3 Cr in the year ago fiscal. However, net loss ballooned four-fold to ₹188.6 Cr from ₹47.7 Cr in FY24.
SEDEMAC
Founded in 2007 by IIT-Bombay professor Shashikanth Suryanarayana and his students Pushkaraj Panse, Amit Dixit, and Manish Sharma, SEDMAC designs electronic control systems for mobility and industrial applications.
The deeptech firm produces motor control units, integrated starter generators, fuel injection systems, genset controllers, and small industrial powertrains. Backed by Xponentia Capital Partners, A91 Partners, and 360 ONE Asset, SEDMAC has raised over $107 Mn to date.
Kicking off its IPO proceedings, the deeptech startup filed its DRHP with SEBI in November 2025 for a public issue, which consists solely of an OFS component of 80.43 Lakh shares. It received SEBI’s nod to float its IPO in February 2026.
In Q1 FY26, the company reported a net profit of ₹17.1 Cr on operating revenue of ₹217.4 Cr.
Shiprocket
Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics providers. It claims to partner 17 courier firms like Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax and serves over 24,000 pin codes across India.
The logistics unicorn has raised over $323 Mn to date from investors like Temasek, Bertelsmann, Tribe Capital, Lightrock, and Zomato.
Kicking off its IPO proceedings, the Zomato-backed unicorn in May 2025 confidentially pre-filed its DRHP with SEBI and received the regulator’s approval in October.
Shiprocket then filed updated draft IPO papers with SEBI in mid-December 2025. The ₹2,342 Cr public offering comprises a fresh issue of up to ₹1,100 Cr and an OFS component of up to ₹1,242.3 Cr.
Meanwhile, Shiprocket slashed its net loss by 87.5% YoY to ₹74.5 Cr in FY25, while revenue grew 24% YoY to ₹1,632 Cr. In H1 FY26, the company’s net losses narrowed 10% YoY to ₹38.3 Cr on an operating revenue of ₹942.7 Cr, up 15% YoY.
Tonbo Imaging
Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza, Tonbo Imaging is a defence tech startup that designs and builds advanced imaging and sensor systems. Its product portfolio includes smart thermal weapon sights, see-through armors, AI-based seekers, and gun shock simulators.
The company has raised over $59 Mn to date from investors such as Artiman Ventures, Celesta Capital, and Qualcomm Ventures. It was last valued at $175 Mn during its $20.4 Mn pre-IPO fundraise in April 2025.
With presence across Europe, APAC region, the US, Australia, and Israel, the startup counts NATO, US Navy SEALs, Israeli Defense Forces (IDF), the defence ministries of India and Armenia, among others, as its customers.
Tonbo Imaging’s IPO plans came to light after CEO Lakshmikumar, in May 2025, said that the startup would soon file its DRHP with SEBI for an ₹800 Cr to ₹1,000 Cr IPO. The company filed its draft papers a few months later in December.
As per its DRHP, the public issue consists solely of an OFS component of up to 1.81 Cr equity shares.
Tonbo clocked a net profit of ₹5.4 Cr in Q1 FY26 on an operating revenue of ₹68.7 Cr.
Travelstack Tech
Founded in 2014 by Vaibhav Aggarwal and Adarssh Mnpuria, FabHotels runs a chain of 1,379 budget hotels across 50 Indian cities.
In 2020, the startup entered the travel-focussed SaaS segment with TravelPlus, an enterprise platform for booking travel, managing approvals, and processing expenses. TravelPlus counts names such as Eternal, Infra.Market, Zepto, Titan Company, and UnifyApps as customers.
Both verticals operate under the consolidated entity Travelstack Tech. Kicking off its IPO process, Travelstack filed its DRHP with SEBI in mid-December 2025.
The proposed IPO features a fresh issue of up to ₹250 Cr alongside an OFS of up to 2.69 Cr shares. Fresh proceeds will fund working capital, repay borrowings, and support general corporate purposes.
Financially, Travelstack posted a net profit of ₹32.2 Cr in H1 FY26, driven by a ₹37.4 Cr deferred tax gain, on operating revenue of ₹400.4 Cr.
For the full FY25, the company slashed its net loss by 95% to ₹6.3 Cr from ₹114.1 Cr in the year ago fiscal. Operating revenue surged 31% to ₹716.4 Cr from ₹547.8 Cr in FY24.
Turtlemint
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates an insurtech platform that enables financial advisors to distribute car, bike, health, and term life insurance to their customer networks. It claims to serve over 3 Lakh advisors nationwide.
The startup has raised more than $197 Mn to date from investors such as Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, and Nexus Venture Partners.
In April 2025, reports surfaced that Turtlemint had engaged Motilal Oswal, JM Financial, ICICI Securities and Jefferies as bankers for its IPO. Thereafter, the startup swiftly pre-filed its DRHP with SEBI in September 2025, and secured market regulator’s approval three months later in December.
In January 2026, the insurtech soonicorn filed its updated DRHP with SEBI for its IPO, which will comprise a fresh issue of shares worth up to ₹660.7 Cr and an OFS component of up to 2.86 Cr shares.
In H1 FY26, the soonicorn’s consolidated net loss widened over 26% YoY to ₹125.1 Cr, while operating revenue more than doubled (109%) YoY to ₹463.3 Cr .
Zepto
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a quick commerce startup that delivers groceries and other essentials. Backed by Y Combinator, Nexus Venture Partners, Glade Brook Capital, and Motilal Oswal AMC, the quick commerce unicorn has raised nearly $2.5 Bn to date.
In April 2025, reports first surfaced that the quick commerce major was gearing up for a $800 Mn to $1 Bn listing. However, Zepto paused IPO plans in June 2025 for a year to cut cash burn and improve profitability.
Reviving IPO ambitions in November 2025, Zepto confidentially pre-filed its DRHP with SEBI for a $1.3 Bn (₹11,682 Cr) public issue, which will comprise both a fresh issue of shares and an offer-for-sale.
On the financial front, Zepto narrowed its net loss 2% to ₹1,248.64 Cr in FY24 from ₹1,271.84 Cr in the year ago fiscal. Revenue from operations more than doubled to ₹4,454.52 Cr from ₹2,025.70 Cr in FY24.
Startup IPOs In Pipeline
Atomberg
Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg began as a B2B supplier of energy-efficient BLDC fans before entering the D2C segment in 2016. It has since expanded to manufacture mixer grinders, water purifiers, and small appliances.
The startup designs and manufactures its products in India and sells them via offline retailers, online marketplaces and its own website. Backed by names such as Steadview Capital, Jungle Ventures and A91 Partners, Atomberg has raised over $126 Mn in funding to date.
In early December 2025, reports emerged that the home appliances maker was in talks with investment bankers for a $200 Mn (₹1,790 Cr) IPO. The public issue, slated for late 2026, will likely combine both a fresh issue as well as an OFS.
In the run up to its IPO, Atomberg was also negotiating an ₹40 Cr ($4.8 Mn) secondary round with Forj Capital, White Whale Partners and others, potentially valuing the company at ₹5,000 Cr ($600 Mn).
As per Tofler, Atomberg’s revenue grew 31.5% to ₹848.6 Cr in FY24 from ₹645.1 Cr in the year ago fiscal. Losses, however, expanded nearly 47% to ₹202.9 Cr from ₹138.1 Cr in FY24.
Captain Fresh
Founded in 2019 by Utham Gowda, Captain Fresh runs a B2B seafood platform that exports fish. It also operates a marketplace that connects fisherfolk with buyers. It also provides end-to-end operations management tools for retail outlets and supermarket chains.
Backed by Tiger Global, Prosus, and British International Investment (BII), the startup has raised over $172 Mn to date.
Captain Fresh took its first official step toward listing in July 2025 by converting to a public entity and dropping the word “private” from its name. Subsequently in August 2025, Inc42 reported that the startup had confidentially pre-filed its DRHP with SEBI for a $400 Mn public issue, split between a $200 Mn fresh issue and a $150-200 Mn offer-for-sale.
However, in late December 2025, the startup withdrew its DRHP from SEBI due to delays in regulatory clearances for an acquisition in Europe. Captain Fresh plans to refile papers in early 2026 once approvals are secured.
Captain Fresh flipped to profitability in FY25, posting a consolidated net profit of ₹42.4 Cr as against a loss of ₹229 Cr in the year ago fiscal. Operating revenue skyrocketed 145% to ₹3,421 Cr from ₹1,395 Cr in FY24.
CARS24
Founded in 2015 by Vikram Chopra, Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal and Chopra, CARS24 operates an online marketplace that allows users to buy and sell pre-owned cars.
It has lately also forayed into new segments like auto-focussed content commerce market with Team BHP and vehicle information platform space with CarInfo. Having raised more than $1.3 Bn to date, the startup entered the unicorn club in 2020 after its $200 Mn Series E fundraise.
The auto tech major’s IPO plans came to light in January 2026 after cofounder and CEO Chopra said that CARS24 was looking to list on the bourses in the next six to twelve months (July 2025 to January 2026). He, however, did not offer any details about the size of the public issue or the targeted valuation.
If the plan materialises, CARS24 would become the second auto tech startup to go public, after rival CarTrade.
On the financial front, CARS24’s operating revenue jumped 25% to ₹6,917.1 Cr in FY24 compared to ₹5,529.6 Cr in the year ago fiscal. Net losses also rose 7% to ₹498.4 Cr from ₹467.7 Cr in FY23.
Cult.fit
Founded in 2016 by ex-Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori (who left in 2020), Cult.fit runs a fitness empire spanning gyms, cloud kitchen Eat.fit, mental wellness platform called Mind.fit, among other verticals.
Backed by Zomato, Accel, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures, the startup has raised over $650 Mn to date.
Joining the IPO wave, Cult.fit kicked off public listing plans in March 2025. Reports indicate that the company has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers to manage its ₹2,500 Cr public offering.
The fitness chain is targeting a valuation of $2 Bn (₹18,141 Cr) via its IPO, a 27% jump from $1.56 Bn (₹14,148 Cr) at which it was pegged in 2021 when Zomato invested $100 Mn for a 6.4% stake.
The unicorn’s operating revenue surged 33.6% to ₹926.6 Cr in FY24 from ₹693.7 Cr a fiscal earlier. Consolidated net loss, however, widened 42% to ₹888.5 Cr from ₹625.5 Cr in FY23.
Flipkart
Founded in 2007 by Binny Bansal and Sachin Bansal, Flipkart has grown from a small online bookstore into India’s largest ecommerce marketplace. Walmart acquired majority control in the ecommerce juggernaut in 2018 for $16 Bn. Since then, it has also expanded into fintech, travel tech and quick commerce.
Flipkart was last valued at $35 Bn after a $1 Bn fundraise in 2024. Arguably the biggest startup in the country by valuation, the ecommerce major is aiming to list on the Indian bourses soon.
In line with this, the decacorn received in-principle approval from a Singapore court in September 2025 to reverse flip back to India. Last heard, the company was projecting the redomiciling process to be completed by 2025-end, with a likely public listing in 2026.
The ecommerce major’s B2C arm, Flipkart Internet Private Ltd, reported an operating revenue of ₹20,493 Cr in FY25, up from ₹17,907 Cr in FY24. Meanwhile, losses also narrowed 37% to ₹1,494 Cr from ₹2,359 Cr, showing improved unit economics despite diversification.
Furlenco
Founded in 2012 by Ajith Mohan Karimpana, Furlenco operates a furniture and appliance rental platform across 28 cities like Bengaluru, Mumbai, Delhi NCR, Chennai, and Kolkata. With over 300 SKUs, the platform also sells new furniture.
Backed by Sheela Foam, Lightbox Ventures, Crescent Ventures, and White Oak, Furlenco has raised more than $290 Mn to date.
Founder Karimpana revealed in December 2025 that the company is targeting an IPO after FY27.
The furniture rental startup turned profitable in FY25, with a net profit of ₹3.1 Cr as against a net loss of ₹130.2 Cr in FY24. Meanwhile, its revenue from operations spiked 64% to ₹228.7 Cr in the fiscal under review from ₹139.6 Cr in FY24.
Imarticus Learning
Founded in 2012 by Nikhil Barshikar and Sonya Hooja, Imarticus Learning is an edtech platform that offers upskilling programs in finance, digital marketing, data analytics, GenAI, and others to individual learners and corporate employees.
The platform claims to have trained nearly 40,000 learners across B2C and B2B verticals. Backed by Global Ivy Ventures, Capian, and BLinC Invest, Imarticus has raised over $11.7 Mn to date.
In April 2025, cofounder and CEO Barshikar told Inc42 the company was looking to file its DRHP with SEBI for an ₹750 Cr IPO, which would comprise both fresh issue of shares and an OFS. However, there appears to be no clarity on this front so far.
While the company is yet to finalise its valuation for the IPO, bankers are said to have pitched a 25X to 30X revenue multiple for its valuation. Considering Barshikar’s claim of ₹205 Cr revenue in FY25, the edtech company could be staring at a valuation of ₹5,000 Cr to ₹6,000 Cr.
In May 2025, the upskilling platform acquired Bengaluru-based edtech MyCaptain for ₹50 Cr in a cash-and-stock deal.
On the financial front, Imarticus Learning’s revenue grew over 16% to ₹159 Cr in FY24 from ₹136.8 Cr in FY23, as per Tofler. Net losses, however, shot up nearly 10% to ₹24.6 Cr from ₹22.4 Cr in the year ago fiscal.
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 tools.
Based in Singapore, the SaaS company also maintains offices in Bengaluru, New York, Beijing, and Dubai. With investments from Sherpalo Ventures, SoftBank, Kleiner Perkins, and others, InMobi has secured over $320 Mn in funding to date and was one of India’s earliest unicorns back in 2011.
Last heard, the startup was planning to file its DRHP with SEBI for a potential $1 Bn listing at a valuation of $8 Bn to $10 Bn. Latest reports suggest that the company plans to list on the bourses by FY27. However, the final size of the IPO and valuation remain undecided amid ongoing talks.
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 enables businesses to accept payments and integrate real-time sales data into critical business processes.
The company has raised over $87 Mn in funding from investors like Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India, and Alumni Ventures.
In August 2024, Innoviti signalled plans for a public listing within 12 months. However, by January 2025, it pushed the timeline again, targeting a debut by the end of 2025. That appears to have not materialised, and there is no clarity so far on its IPO plans.
On the financial front, Innoviti’s revenue from operations rose 35% to ₹143 Cr in FY25 from ₹106 Cr in the year ago fiscal, while losses narrowed 11% to ₹62 Cr from ₹70 Cr in FY24.
Kuku FM
Founded in 2018 by Lal Chand Bisu,Vikas Goyal and Vinod Kumar Meena, Kuku FM is an audio-centric OTT platform that hosts audiobooks, podcasts, and original shows in multiple Indian languages.
The startup claims to have raised more than $156 Mn in funding to date and is backed by marquee names such as Vertex Ventures, Krafton, IFC and Paramark Ventures.
In December 2025, reports first emerged that the OTT soonicorn was looking to list on the bourses. The company is said to have appointed Kotak Mahindra Capital, Axis Bank and Morgan Stanley as bankers to helm its potential $200 Mn (about ₹1,820 Cr) IPO.
However, the company is yet to turn into a public entity, the first step towards an eventual public listing.
Kuku FM’s net losses soared 59% to ₹ 153 Cr in FY25 from ₹96 Cr the prior fiscal, while operating revenue soared 175% to ₹242 Cr from ₹88 Cr in FY24.
Moneyview
Founded in 2016 by Puneet Agarwal and Sanjay Aggarwal, Moneyview started off as a personal finance platform before pivoting to digital lending. Today, it offers services such as UPI payments, gold SIPs, fixed deposits, digital gold, home loans, loans against property, and insurance.
The company claims to manage over ₹15,000 Cr in AUM and has raised more than $190 Mn in funding. It competes with players like listed fintech MobiKwik, IPO-aspirant Navi, and MoneyTap.
Moneyview entered the unicorn club in 2024 after a ₹38.6 Cr infusion from Accel India and Nexus Ventures.
The Tiger Global-backed lending tech platform has already enlisted Axis Capital and Kotak Mahindra Capital as bankers for its $400 Mn public issue, which will likely be dominated by fresh issue of shares.
In May 2025, the company’s board approved a proposal to change the name of the company from Whizdm Innovations Private Limited to Moneyview Private Limited. This was followed by shareholder approval to convert the company into a public entity.
Its net profit rose a hefty 40% to ₹240.3 Cr in FY25 from ₹171.1 Cr in the prior fiscal. Operating revenue surged 75% to ₹2,339.1 Cr during the fiscal under review from ₹1,342.4 Cr in FY24.
Navi
Founded in 2018 by Flipkart cofounder Bansal and Ankit Agarwal, Navi is a fintech startup that offers a range of financial services such as loans, digital payments, insurance, and mutual fund investments.
Reports in February 2025 indicated that the fintech startup had begun talks with merchant bankers to revive its IPO ambitions. While the valuation and other details are yet to be finalised, Navi is likely eyeing a public listing in the second half of FY26.
Navi cofounder and executive chairman Sachin Bansal later confirmed in April 2025 that the company aims to go public in FY26.
This isn’t Navi’s first attempt at going public. It first filed a DRHP with SEBI in 2022 for an ₹3,350 Cr offering but scrapped the plan amid market turbulence.
On the financial front, the startup’s profit after tax plunged 67% to ₹221.9 Cr in FY25 compared to ₹668.8 Cr in the year ago period. This came even as operating revenue grew 19% to ₹2,271.2 Cr from ₹1,906.2 Cr in FY24.
OfBusiness
Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan and Vasant Sridhar, OfBusiness runs a B2B ecommerce platform that sells construction materials and offers financing solutions to customers.
In November 2024, the startup roped in five investment banks, namely Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America, to helm its IPO. Subsequently, CFO Bhavesh Keswani revealed plans for a $750 Mn to $1 Bn public issue, comprising $200 Mn in fresh shares and the rest via OFS.
OfBusiness is said to be targeting a valuation of $6 Bn to $9 Bn via its D-Street debut.
The B2B unicorn saw its operating revenue surge 25% to ₹19,296.3 Cr in FY24 from ₹15,342.6 Cr in the year ago fiscal. Meanwhile, net profit rose 30% to ₹603 Cr from ₹463.2 Cr in FY23.
PayNearby
Founded in 2016 by Anand Kumar Bajaj and Yashwant Lodha Subhash Kumar, PayNearby utilises its network of local retail shop owners to facilitate digital financial services for its customers. Its offerings include cash withdrawals, remittances, bill payments, deposits, and insurance.
The fintech startup claims to have more than 12 Lakh retail partners under its belt and has raised nearly $4 Mn in funding to date.
Kicking off its IPO preparations, cofounder and CEO Bajaj shared in August 2025 that PayNearby is eyeing a FY27 listing. The company is also finalising a merchant banker as it looks to file its DRHP with the SEBI soon.
PayNearby’s standalone operating revenue slipped 4% to ₹355 Cr in FY24 from ₹368 Cr in the year ago fiscal. Meanwhile, profits fell 25% to ₹1.5 Cr from ₹2 Cr in FY23.
PayU India
Prosus-backed payments solutions provider PayU India’s IPO ambitions remain on hold. In June 2025, the Dutch giant announced it was deferring the listing to first strengthen its operations.
This was the third time that the company delayed its IPO plans. Early 2025 reports had suggested that PayU was gearing up to file its DRHP for a post-Q1 FY26 markets debut, but the plans failed to materialise.
Earlier in November 2023, Prosus’ then CIO Ervin Tu had projected readiness for a H2 2024 listing via a $500 Mn IPO. That plan also fizzled.
The June 2025 postponement of the IPO followed a ₹1,013 Cr rights issue from parent Prosus in April 2025. Notably, a few months later in September, reports once again surfaced that the fintech major was looking to raise $250 Mn to $300 Mn in a pre-IPO round to broaden its investor base, test demand, and set a benchmark valuation for the listing.
As per parent Prosus’ annual report, PayU India’s revenue climbed 21% to $669 Mn in FY25 from $551 Mn in the year ago fiscal. The investor also claimed that PayU’s India payment arm broke even in H2 FY25 while adjusted earnings before interest and taxes (aEBIT) margin improved by 1 percentage point to -2% in the financial year under review.
Pure EV
Founded in 2017 by Nishanth Dongari and Rohit Vadera, Pure EV is an original equipment manufacturer (OEM) that makes electric bikes and scooters. The startup has raised over $14 Mn from backers such as Bennett Coleman and Company, Hindustan Times Media Ventures, and Ushodaya Enterprises.
In September 2024, the Hyderabad-based EV maker’s board approved a proposal to convert the company into a public entity.
PureEV swung to the black in FY25, with a net profit of ₹2.5 Cr compared to a mere ₹5 Lakh in the year ago fiscal. Meanwhile, operating revenue rose a mere 9% to ₹134.9 Cr from ₹123.6 Cr in FY24.
Razorpay
Founded in 2014 by IIT-Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay has evolved from a simple payment gateway to an omnichannel fintech giant for payments, banking, SME payroll, lending, insurance, and more.
It claims to process an annualised total payment volume (TPV) exceeding $180 Bn and caters to a majority of India’s unicorns.
In March 2025, the fintech unicorn’s board approved a proposal to convert the startup into a public entity. Accelerating plans, the company reverse flipped back to India in May 2025 by merging its US-based parent entity with its Indian arm Razorpay Software Pvt Ltd.
Thereafter in January 2026, reports surfaced that the fintech juggernaut was soliciting bids from bankers like Kotak Mahindra and Axis Capital for an IPO, which would comprise a fresh issue worth ₹4,500 Cr.
The company is also negotiating a pre-IPO round, which will mainly comprise secondary transactions, to hit a valuation benchmark.
Razorpay has so far raised nearly $740 Mn from heavyweights such as Y Combinator, Tiger Global, Peak XV Partners, Lone Pine Capital, Alkeon Capital, and GIC.
The startup’s net profit skyrocketed 365% to ₹33.5 Cr in FY24 from ₹7.2 Cr in the year ago period, even as operating revenue shot up a mere 9% to ₹2,475 Cr from ₹2,283 Cr in FY23.
While the company is yet to officially file its FY25 numbers, Razorpay claimed that it slipped into the red during the fiscal due to an ESOP expense of ₹1,209 Cr and tax payments linked to its reverse flip to India. Meanwhile, operating revenue is said to have surged 65% YoY to ₹ 3,783 Cr in FY25.
Rebel Foods
Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods is a cloud kitchen unicorn that operates multiple quick service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, Wendy’s, among others.
The startup has so far amassed over $563 Mn in funding from the likes of Coatue Management, Lightbox, Peak XV Partners, and Temasek. The startup was last pegged at $1.4 Bn during its last $25 Mn fundraise from Qatar Investment Authority in April 2025.
The company’s IPO plans first came to light in October 2024 after reports surfaced that Rebel Foods was looking to list on the bourses in the next 18 months (April 2026). However, the company is yet to even file its DRHP.
However, in a major top-level rejig in July 2025, the company’s cofounder and India CEO Ankush Grover was appointed as global CEO, while incumbent Jaydeep Barman was elevated to the role of chairman and group CEO.
On the financial front, the unicorn’s net losses shrank 12% to ₹336.6 Cr in FY25 from ₹380.3 Cr in the year ago fiscal. Meanwhile, operating revenues grew 14% to ₹1,617.4 Cr from ₹1,420.2 Cr in FY24.
RentoMojo
Founded in 2014 by Geetansh Bamania and Ajay Nain, RentoMojo is an omnichannel rental platform that leases appliances, furniture, and furnishings via its app, website and 65 physical stores across 22 Indian cities.
Backed by Accel, Chiratae Ventures and Bain Capital, the startup has raised over $45 Mn in funding to date.
Hopping on the IPO bandwagon, RentoMojo has enlisted IIFL and Motilal Oswal enlisted as bankers for a potential D-Street debut by FY27. In line with this, the company’s board approved a proposal to rebrand the registered entity from Edunetwork Pvt Ltd to RentoMojo Pvt Ltd in October 2025.
However, the startup is yet to turn into a public entity, the first step before going for a public listing.
On the financial front, it posted an operating revenue of ₹193 Cr in FY24 compared to ₹121 Cr in the previous year. Meanwhile, net profit grew 3.6X YoY to ₹22 Cr in FY24.
While the company is yet to file its FY25 numbers, sources claimed that the company minted a net profit of ₹40 Cr in the fiscal under review, up 82% YoY.
Servify
Founded in 2015 by Sreevathsa Prabhakar, Servify is a B2B device management platform that offers protection plans, buybacks, and exchanges. The startup earns a majority of its revenue from sale of services such as device protection plans and platform licences.
Besides India, it also operates in the US, Canada, China and the Middle East. The startup has raised nearly $130 Mn in funding to date from BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars, and others.
Inc42 exclusively reported in January 2025 that the Mumbai-based startup had enlisted three investment bankers for a $400 Mn to $500 Mn IPO at a likely valuation of $1.5 Bn. The offering will likely lean heavily on OFS (55-60%), with the remaining 40-45% reserved for fresh issue of shares.
Servify was previously looking to list on the exchanges by Q1 2026, but the plan looks far-fetched as the company is yet to even file its draft IPO papers with the markets regulator.
Meanwhile, Servify saw hefty improvement on the financial front in FY24 as loss shrank 59% YoY to ₹93.81 Cr. This came largely on the back of operating revenue increasing 23% YoY to ₹754 Cr in the fiscal under review.
Square Yards
Founded in 2014 by husband-wife duo Tanuj Shori and Kanika Gupta Shori, Square Yards runs a full-stack proptech platform for property search, property management tools, and home interior financing.
The startup has raised more than $200 Mn in funding from Reliance Group, ADM Capital, Bennett Coleman & Co Ltd (BCCL), Genkai Capital, and others.
On the IPO front, Square Yards plans to file its DRHP with SEBI by March 2026 for an ₹2,000 Cr listing at a unicorn valuation. The public issue will likely be split equally between a fresh issue of shares and an OFS.
If the IPO materialises, Square Yards will be among a handful of Indian startups where founders will continue to hold more than 50% stake.
On the financial front, the proptech startup clocked an operating revenue of ₹1,400 Cr in FY25 on a gross profit of ₹316 Cr.
In FY24, the Gurugram-based company reported a revenue of ₹996.13 Cr compared to ₹663 Cr in FY23. It trimmed its net losses by 12% to ₹216 Cr during the fiscal year under review from ₹256 Cr in FY23.
Table Space
Founded in 2017 by the late Amit Banerji, Karan Chopra, Kunal Mehra, Srinivas Prasad, Krishnaswamy Nagarajan, Anurag Tyagi, Nitish Bhasin and Anamika Gupta, Table Space offers enterprise managed workspace to companies across multiple Indian cities.
It counts names such as EY, Dell, Fujitsu, AMD, Shell, and JCI as clients. The startup has so far raised $407 Mn from the likes of Hillhouse Capital, Rava Partners, and Alta Capital.
The Bengaluru-based startup kicked off its IPO proceedings in July 2025 after it turned into a public entity by dropping the word “private” from its name. In the same month, it also roped in independent directors to bolster its board ahead of the listing.
This follows previous reports that the company had roped in Axis Capital as a bookrunner for its IPO and was looking to go public at a valuation of $2.5 Bn. However, the plans were likely delayed after cofounder Banerji passed away in January 2025. In the aftermath, it appointed cofounders Chopra and Mehra as co-CEOs.
On the financial front, the company’s net profit tanked 75% to ₹11 Cr in FY24 from ₹45 Cr in the year ago period despite operating revenue jumping 37% to ₹898 Cr from ₹658 Cr in FY23.
Wonderchef
Founded in 2009 by celebrity chef Sanjeev Kapoor and Ravi Saxena, Wonderchef sells a range of kitchenware and home appliances such as coffee machine, mixer grinders, cast iron pans, among others.
The startup sells its offerings via its own website, ecommerce platforms as well as its own exclusive business outlets (EBOs). Backed by the likes of Sixth Sense Ventures, Amicus Capital, Godrej Family Office, Malpani Group, among others, the brand has raised more than $30 Mn in funding to date.
The D2C brand was mulling filing its DRHP with SEBI for an OFS-heavy IPO at a likely valuation of ₹1,800 Cr. This is double compared to Wonderchef’s last-known valuation of ₹900 Cr.
The D2C brand’s net profit soared 300% to ₹6 Cr in FY25 as against a profit of ₹1.6 Cr in the year ago fiscal. Revenue from operations jumped 13.9% to ₹430 Cr in the fiscal under review from ₹377.7 Cr in FY24.
Zetwerk
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk operates a B2B platform that connects manufacturers with vendors and suppliers of industrial machine components.
The unicorn has so far raised over $793 Mn to date from the likes of Greenoaks Capital, Lightspeed Venture Partners, Mars Growth Capital and Peak XV Partners.
Kicking off its IPO plans in February 2025, the unicorn began lining up bankers for a $500 Mn IPO at a likely valuation of nearly $5 Bn. Zetwerk later dialed back the plans, saying that it would list on the bourses in 2027.
By November 2025, Zetwerk reversed its course again and appointed six bankers, namely Kotak Mahindra Capital, JM Financial, Avendus Capital, HSBC, Morgan Stanley and Goldman Sachs, for a $750 Mn OFS-heavy IPO. The company is now slated to file its DRHP with SEBI in early-2026.
Meanwhile, Zetwerk reported a gross revenue of ₹12,798 Cr in FY25, down 11% from ₹14,443 Cr in the year ago period. Meanwhile, the company slashed its losses by 60% to ₹371 Cr as against ₹918 Cr in FY24.
Last Updated: February 8, 08:00 AM IST
The post Indian Startup IPO Tracker 2026 appeared first on Inc42 Media.
No comments