15 New-Age Tech Companies That Hit The Bourses In 2025

The IPO boom has been the most defining story of 2025 for the Indian startup ecosystem. A total of 15 new-age tech companies, from Urban Company to Groww, made their public market debut during the year. 

This number is set to grow further as three new-age tech IPOs – Meesho, Aequs, and Wakefit – are set to open in the next few days. Considering the strong pipeline, it wouldn’t be surprising if a few more new-age tech companies choose to launch their IPOs before 2025 ends. 

On the back of this surge, the IPO count in 2025 tripled from five in 2023 and surpassed last year’s tally of 13 listings. Including the three upcoming IPOs, the total count of new-age tech IPOs this year stands at a record 18, underscoring the maturity of the Indian startup ecosystem. 

However, the IPO story did not look so promising early into the year. The first half of 2025 saw just two listings materialise – Ather Energy and ArisInfra. However, the second half witnessed a flurry of activity as companies completed their paperwork and market tailwinds gave the much-needed push. 

This momentum was fuelled by a mix of factors, with the most prominent being rising domestic inflows and an improvement in investor sentiment. 

But the biggest winners, besides startups, turned out to be VC and PE firms. Accel’s 27X return on Urban Company and Y Combinator’s 29X gain from Groww stood out as landmark windfalls.

As part of Inc42’s annual ‘Year In Review’ series, let’s take a look at the new-age tech companies that stepped onto D-Street this year. 

New-Age Tech IPOs In 2025

Editor’s Note: This is not a ranking of any kind and the featured companies have been listed in alphabetical order.

ArisInfra Misses The Mark 

The B2B ecommerce marketplace made its debut on the exchanges on June 25, with its shares getting listed at INR 205 on the NSE, a 7.65% discount to the issue price of INR 222. On the BSE, the stock got listed at INR 209, a 5.81% discount to the issue price. 

The company raised INR 499.6 Cr via its public issue, which consisted solely of a fresh issue of shares. 

The public offer was oversubscribed 2.65X, led by strong retail demand at 5.59X. NIIs also subscribed 3.14X with bids for 1.12 Cr shares, while the QIB portion was subscribed 1.42X.

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B procurement platform for construction materials like concrete, steel, cement, and chemicals. Its promoter group includes the founders, along with PharmEasy cofounder Siddharth Shah, his family office, and relatives. 

On the financial front, the company posted a consolidated net profit of INR 15 Cr in the second quarter (Q2) of the ongoing fiscal year (FY26) as against a loss of INR 2 Cr in the same quarter of previous fiscal. Revenue jumped 38% YoY and 14% QoQ to INR 241.1 Cr.

Ather Energy’s Muted Listing 

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is one of the largest players in India’s electric two-wheeler market. It listed on the D-Street on May 6, becoming the second Indian EV startup to make public market debut, after Ola Electric. 

Its shares opened at INR 328 on the NSE, a 2.18% premium to the IPO price of INR 321. On the BSE, the stock opened at INR 326.05, a 1.57% premium. 

Before its IPO, the EV major had raised over $431 Mn from the likes of Hero MotoCorp, GIC, and Tiger Global. Its public issue was oversubscribed 1.43X, drawing bids for 7.65 Cr shares against 5.34 Cr shares on offer. 

Ather’s public issue comprised a fresh issue of up to INR 2,626 Cr and OFS of up to 1.1 Cr shares. By selling shares via the OFS route, investor IIT Madras raked in 40X return, while Tiger Global lapped up 8X gain.

On the financial front, Ather managed to trim its loss by 22% to INR 154.1 Cr in Q2 FY26 from INR 197.2 Cr in the same quarter previous year. Its operating revenue jumped 54% YoY and 40% QoQ to INR 898.8 Cr.

BlueStone’s Shine Fades On D-Street Debut 

The omnichannel jewellery brand hit the bourses on August 19. Its shares got listed at INR 508.8 apiece on the BSE, a discount of 1.5% to the issue price of INR 517. On the NSE, the stock opened 1.3% lower than the issue price at INR 510. 

The new-age jewellery brand’s IPO closed with a 2.7X subscription.

BlueStone initially filed the DRHP for a fresh issue of over INR 1,000 Cr, however, it was later cut to INR 820 Cr. The OFS component was also pared down to 1.4 Cr shares from the earlier planned 2.4 Cr shares.

On the financial front, BlueStone’s consolidated net loss declined 38% to INR 52.1 Cr in Q2 FY26 from INR 84.5 Cr in the same quarter last year. Operating revenue zoomed 38% to INR 513.6 Cr from INR 373.4 Cr in Q2 FY25. 

Capillary Technologies’ Underwhelming Debut 

SaaS major Capillary Technologies, which provides loyalty management and customer engagement solutions to its customers, made a muted debut on the exchanges on November 21. 

The company’s shares got listed at INR 560 apiece on the BSE, a discount of 2.9% to the issue price. On the NSE, the stock got listed at INR 571.90 per share, nearly 1% below the issue price. 

The IPO comprised a fresh issue of INR 345 Cr and an OFS of 92.29 Lakh shares. In contrast to its muted debut, the SaaS company’s public issue was oversubscribed 52.95X. 

On the financial front, Capillary reported a net profit of INR 1 Cr in the first half (H1) of FY26 as against a loss of INR 6.8 Cr in the previous year. Revenue from operations rose 25% YoY to INR 359.2 Cr.

DevX’s Flat Public Listing 

The coworking space provider’s shares got listed on the bourses at INR 61.3 on the BSE on 

September 17 as against the issue price of INR 61. On the NSE, the stock listed flat at INR 61. 

This followed a long regulatory journey. The coworking space company had first filed its DRHP in September 2024, but SEBI returned the draft in February 2025 for unspecified reasons. After refiling, DevX finally secured the regulator’s approval in August for its INR 143.3 Cr IPO.

Prior to the listing, the company raised INR 63.2 Cr from anchor investors. Following this, its public issue closed with an oversubscription of 63.97X as investors bid for 84.1 Cr shares as against 1.32 Cr shares on offer. 

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others. 

On the financial front, DevX’s net profit declined 71% to INR 1.8 Cr in Q2 FY26 from INR 6.2 Cr in the year-ago quarter. Operating revenue for the September quarter surged 50% to INR 51.8 Cr from INR 34.5 Cr in the year-ago quarter. 

Groww Among The Top IPOs In 2025

The investment tech unicorn made its public market debut on November 12. Shares of Groww listed 14% above their issue price at INR 114 apiece on the BSE. On the NSE, the stock got listed at INR 112, a premium of 12% to the issue price.

Groww’s public issue comprised a fresh issue of INR 1,060 Cr and an OFS component of 55.72 Cr shares, with early backers Peak XV, Y Combinator and Tiger Global offloading their shares.

The company’s public issue was oversubscribed 17.6X, receiving bids for 641.86 Cr shares against 36.48 Cr shares available for subscription.

While Peak XV netted 52X gain on its investment in the company, Y Combinator got 29X return.

The fintech company posted a 12% increase in its consolidated net profit to INR 471.3 Cr in Q2 FY26 from INR 420.2 Cr in the same quarter last year. Operating revenue declined 9.5% to INR 1,018.7 Cr during the quarter under review from INR 1,125.3 Cr in Q2 FY25.

IndiQube’s Tepid Debut 

WestBridge Capital-backed IndiQube is a coworking space provider that offers workspace design, interior build out and other B2B and B2C-focussed services. The company’s shares got listed on the BSE and the NSE at INR 218.7 and INR 216, respectively. Notably, both the listings were below the issue price of INR 237.                                            

While IndiQube filed DRHP for a fresh issue of INR 850 Cr IPO, it later trimmed the IPO size to INR 700 Cr. 

The company raised INR 314 Cr from anchor investors. The public issue saw strong demand and closed with a 12.4X subscription after attracting bids for 21.2 Cr shares against 1.71 Cr shares on offer. 

On the financial front, IndiQube managed to trim its net loss for Q2 FY26 by 43% to INR 29.9 Cr from INR 52.5 Cr in Q2 FY25. Operating revenue surged 39% YoY to INR 350.1 Cr. 

 

Lenskart Makes Muted Debut Amid Valuation Debate

Peyush Bansal-led Lenskart’s IPO was one of the most anticipated ones this year. On November 10, the company’s shares got listed at INR 395 per share on the NSE, a discount of 1.74% to the issue price of INR 402. On the BSE, the stock listed at a 3% discount at INR 390.

The company sought a valuation of INR 70,000 Cr (about $7.8 Bn) for the IPO, triggering widespread debate on social media. 

The IPO comprised a fresh issue of up to INR 2,150 Cr and an OFS component of 12.76 Cr shares. The issue closed with 28.26X oversubscription, receiving bids for 281.88 Cr shares against 9.97 Cr shares available for subscription. 

The omnichannel eyewear retailer, which has a presence in India, Japan, Southeast Asia and the Middle East, raised INR 190 Cr ahead of the IPO.

Early backers including SVF II Lightbulb (SoftBank), Schroders, PI Opportunities, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures offloaded their shares through the OFS and gained hefty returns on their investments. 

The omnichannel eyewear brand posted a 19.8% rise in its consolidated net profit for the second quarter of FY26 (Q2 FY26) to INR 103.4 Cr from INR 86.3 Cr in the same period last year. Its revenue surged 20.8% to INR 2,096.1 Cr during the quarter under review from INR 1,735.7 Cr in Q2 FY25. 

PhysicsWallah Makes A Stellar Debut 

PhysicsWallah became the first major edtech company to list on the bourses on November 18. On the BSE, its shares got listed at INR 143.10, a premium of 31.39% to the issue price of INR 109. On the NSE, the shares got listed at INR 145, a premium of 33%. 

The IPO, which comprised a fresh issue of INR 3,100 Cr and an OFS of INR 380 Cr, was subscribed 1.8X. 

PhysicsWallah cofounders Alakh Pandey and Prateek Maheshwari sold shares worth 190 Cr each through the OFS, while none of the institutional investors participated in the sale.

Before the IPO, both Pandey and Maheshwari owned 40.31% each in the company. Among institutional investors, WestBridge held a 6.40% stake in the company, followed by GSV Ventures with 2.85% stake and Lightspeed with 1.79%.

While the company is yet to disclose the financial results for Q2 FY26, it reported a net loss of INR 125.5 Cr in Q1. Operating revenue rose 33% to INR 847 Cr from INR 635.2 Cr in Q1 FY25. 

Pine Labs Makes A Strong Start

Pine Labs made its public market debut last month, joining peers like Paytm and MobiKwik on the exchanges. The fintech unicorn’s shares got listed at INR 242 apiece on the BSE and the NSE on November 14, a premium of 9.5% to the issue price. 

The IPO comprised a fresh issue of shares of INR 2,080 Cr and an OFS of 8.23 Cr shares. It was oversubscribed 2.46X.

Early backers, including Peak XV, Actis and Temasek, reduced their stake via the OFS. Peak XV made 39.5 X return from the IPO, while Temasek raked in a 2.9X gain.

Just before its public listing, Pine Labs received three key payment licences from the Reserve Bank of India (RBI), allowing it to operate across the full range of digital payment services in the country.

The company also turned profitable in Q1 FY26. Its net profit stood at INR 4.8 Cr in the June quarter as against a loss of INR 27.9 Cr in Q1 FY25, on the back of tax credit worth INR 9.6 Cr.

Revenue from operations zoomed almost 18% to INR 615.9 Cr in Q1 FY26 from INR 522.4 Cr in the year-ago period.

Smartworks Lists On A Strong Note

Smartworks was yet another coworking company to go public this year. Its shares got listed at INR 436.10 apiece on the BSE, a premium of 7.14% to the issue price of INR 407. On the NSE, the stock got listed at INR 435.

The coworking space provider’s IPO comprised a fresh issue of INR 445 Cr and an OFS component of 33.79 Lakh shares. Smartworks secured INR 173.64 Cr from anchor investors, and its IPO wrapped up with a strong 13.45X oversubscription. Investors placed bids for 13.9 Cr shares as against 1.04 Cr shares on offer. 

On the financial front, the company managed to trim its net loss by 80% to INR 3.1 Cr in Q2 FY26 from INR 15.8 Cr in the year-ago period. Operating revenue zoomed over 21% YoY and 12% QoQ to INR 424.8 Cr. 

Urban Company’s Stellar IPO

This was among the most successful IPOs of 2025. The consumer services company’s public issue closed with an oversubscription of a whopping 103.63X, receiving bids for 1,106.45 Cr shares against 10.67 Cr shares on offer. 

Its shares made their public market debut on September 17, listing at INR 161 on the BSE, up 56.3% from the issue price of INR 103. On the NSE, the stock opened at INR 162.25. 

The IPO comprised a fresh issue of shares worth INR 472 Cr and an OFS component of INR 1,428 Cr. 

Backed by Tiger Global, Prosus and Steadview Capital, the Delhi NCR-based company raised more than $646 Mn in funding before its IPO. The public listing gave hefty returns to its backers. Accel minted 27X return on its investment, while Elevation Capital made 19X gain. Bessemer India’s gain stood at 14X. 

Prior to the IPO, Urban Company founders Abhiraj Bhal, Varun Khaitan and Raghav Chandra offloaded shares worth INR 259 Cr each between September 2024 and March 2025.

In Q2 FY26, the company’s net loss zoomed to INR 59.3 Cr from INR 1.8 Cr in Q2 FY25. Operating revenue rose 37% YoY and 4% QoQ to INR 380 Cr in Q2 FY26.

WeWork India’s Lacklustre Listing

Shares of WeWork India made a flat debut on the bourses and listed at INR 646.5 on the BSE, marginally lower than the issue price of INR 648. On the NSE, the shares opened slightly above the issue price at INR 650.

The company’s IPO comprised only an OFS component of 4.62 Cr equity shares. 

Notably, WeWork India initially operated as the Indian arm of US-based coworking space provider WeWork Inc, in partnership with Embassy Group. Prior to the IPO, WeWork Inc held a 27% stake in its former Indian subsidiary through its affiliate and investor shareholder 1 Ariel Way Tenant Limited. The rest of the stake was owned by the Embassy Group. 

Promoter group Embassy Buildcon LLP divested 3.54 Cr shares, while Ariel Way Tenant sold 1.08 Cr shares via the OFS. The coworking space providers’ IPO was oversubscribed 1.15X, receiving bids for 2.92 Cr shares against 2.54 Cr shares on offer. 

On the financial front, WeWork India turned profitable in the second quarter of the ongoing fiscal year (Q2 FY26), posting a profit of INR 6.4 Cr as against a net loss of INR 31.5 Cr in the year-ago quarter. Its operating revenue rose 22% YoY and 7% QoQ to INR 574.7 Cr during the quarter under review. 

Zappfresh Enters The Market Against The Odds

D2C meat startup Zappfresh listed on BSE SME at INR 120, a premium of 20% over its issue price of INR 100. However, the listing was not without hurdles.

The IPO, which comprised only a fresh issue of 59.06 Lakh shares, saw weak response initially and was subscribed only 52%. Following this, the company extended the IPO. To attract investors, it also reduced the IPO price band to INR 95-100 from INR 96-101 earlier. 

Later, the issue was oversubscribed 1.36X, with investors bidding for 53.12 Lakh shares as against 39.08 Lakh shares on offer. 

The company’s net profit zoomed 2.9X to INR 7 Cr in the first half of FY26 (H1 FY26) from INR 2.4 Cr in the year-ago period. Operating revenue zoomed 43% YoY to INR 95.6 Cr during the period under review. 

Zelio E-Mobility Cruises Onto D-Street

The EV company’s shares listed on BSE SME in October at INR 154.9, a premium of 13% to the issue price of INR 136.

The public issue of the company, which sells electric scooters and electric three-wheelers through a nationwide network of over 200 dealers, comprised a fresh issue of INR 62.83 Cr and an OFS component of INR 15.50 Cr.

The IPO closed with an oversubscription of 1.5X

On the financial front, the OEM’s net profit zoomed 69% to INR 11.8 Cr in H1 FY26 from INR 7 Cr in the same period last year. Revenue from operations surged 77% YoY to INR 133.3 Cr.

[Edited By Vinaykumar Rai]