Market Scorecard: 18 Startups Raised INR 41K Cr Via IPOs In 2025

India’s startup IPO spring came into full bloom in 2025, with 18 new-age tech companies going public this year. This was 38% higher than 13 such companies that listed on the bourses last year and more than three-fold from just five in 2023. 

The 18 companies that went public this year cumulatively raised INR 41,283.2 Cr via their IPOs. Of this, INR 21,474.30 Cr was raised via offers for sale (OFS) and INR 19,809.61 Cr came through fresh issue of shares.

In contrast, last year saw INR 18,770 Cr being raised via OFS and INR 10,300 Cr via fresh issue, totalling to IPOs worth INR 29,070 Cr. 

Backed by favourable market conditions and improved investor sentiment, new-age tech companies from fintech and consumer internet to EV and SaaS sectors hit the bourses in 2025 to fuel their next phase of growth.

From Urban Company’s blockbuster debut to Groww winning over investors, the year proved to be a milestone for startup IPOs, underpinned throughout by strong domestic inflows.

India’s capital markets have finally matured to the point where public investors are confidently backing new-age businesses. The risk appetite has expanded dramatically. Public markets now see high-growth startups as legitimate value creators, not outliers,” said Ninad Karpe, founder of Karpe Diem Ventures and 100X.VC.

But the real breakthrough wasn’t just in the numbers, it was also in the maturity of the listings. More than half of the capital raised through IPOs came via OFS, allowing founders and early backers to monetise years of equity-building.

“2025 listings tended to follow a hybrid playbook, with IPOs combining fresh capital to fund growth or expansion plans with OFS tranches for early investors. This gave liquidity to backers while still raising meaningful runway capital. IPOs served both as exit windows and balance-sheet accelerators, not purely as cash-out events,” said INVasset PMS’ business head Harshal Dasani.

Overall, the surge in startup IPOs mirrored the broader public listing wave on Dalal Street. By the end of the September quarter (Q3 2025), a total of 146 IPOs had mobilised $7.2 Bn, according to EY’s Global IPO Market report for the nine-month period ended September 2025.

 

How Market Liquidity & Profitability Shaped The IPO Wave

So, what sustained the startup IPO momentum from 2024 into this year?

“A strong macro environment and a buoyant stock market created the perfect window. At the same time, venture investors recognised that IPOs are now a credible and clean exit path, enabling genuine price discovery. Early successes simply accelerated the momentum,” said Karpe. 

For Dasani, improved profitability metrics across new-age tech firms, regulatory clarity, and robust retail participation further energised the listing pipeline. 

With equity markets clearly favouring profitability, most startups now aim to turn profitable before filing their DRHPs. According to Inc42 data, 36 startups, or around 68% of all listed new-age tech companies, are currently profitable.

Let’s now look at the defining themes in the 2025 new-age tech IPO listings.

Key Trends In Startup IPO Listing In 2025

Coworking Startups Lead The IPO Parade 

The coworking segment emerged as one of the most active sectors tapping the public markets in 2025. Strong occupancy levels, corporate demand for hybrid workplaces, and steady profitability helped these companies attract investor interest and secure successful listings.

Four coworking space providers – DevX, IndiQube, Smartworks, WeWork India – went public this year. Notably, markets and investors displayed varied responses to the listings. 

While the market debuts of DevX, WeWork India and IndiQube remained subdued, Smartworks fared better.

IndiQube made a weak debut on the bourses in July, listing at INR 218.7 apiece on the BSE, down 7.7% from the issue price. DevX got listed in September at INR 61.30 on the BSE, marginally above the issue price of INR 61.

Shares of WeWork India listed at a discount at INR 646.5 on the BSE and a slight premium on NSE at INR 650. Its issue price was INR 648. Smartworks, which listed in July, saw better traction as its shares listed at a 7.14% premium on the BSE. 

The coworking IPO wave reflected investor interest and potential in India’s flexible-workspace trend. Execution and profitability will determine the long-term winners in the segment.

On sectoral trends, Karpe said, “Coworking, fintech and consumer services startup were the first in line, next in queue will be SaaS, logistics, and tech-enabled services. The pipeline is only getting stronger.”

Fintech & Ecommerce Continue To Shine 

Fintech and ecommerce startups continued the IPO momentum in 2025, propelled further by improving revenue visibility, growing user base, and profitability. Their validated business frameworks and strong growth trajectories positioned them as top picks for investors. 

Within fintech, investment tech unicorn Groww’s IPO was among the most awaited ones. It listed at a premium of 14% on the bourses in November, raking in INR 6,632 Cr. 

Similarly, Pine Labs’ INR 3,900 Cr IPO, which included both fresh issue and an OFS, also saw strong investor response. Shares of the company listed at a premium of 9.5% to the issue price of INR 242 apiece on the BSE as well as the NSE.

From the ecommerce sector, companies like Lenskart, Meesho and ArisInfra went public in 2025. Lenskart and ArisInfra made muted debuts on the exchanges. There was no respite for the duo post-listing as well. While Lenskart is currently trading slightly above its issue price, ArisInfra’s shares are down about 40% from their issue price.

Post-listing, companies with demonstrable scale and profitable paths saw sharper initial re-rating. Others, especially those with aggressive private valuations and weak profitability often reverted quickly, with listing gains softening or vanishing within weeks. Overall, the performance shows that market discipline is returning and public investors are valuing fundamentals over hype,” said Dasani.

Meanwhile, Meesho delivered one of the standout public listings of 2025, debuting at a premium of about 45% to the issue price. 

Offer For Sale in Spotlight

A defining feature of the 2025 IPO cycle was the expanding role of OFS components, allowing early investors and cofounders to partially or fully liquidate holdings. 

Experts believe that this shift to OFS reflects enhanced liquidity in public markets and heightened trust in late stage startup valuations. 

Groww and Lenskart were among the IPOs with big OFS components. Groww’s IPO included an OFS of INR 5,572.30 Cr, alongside INR 1,060 Cr fresh issue. Similarly, Lenskart raised INR 5,128.02 Cr through OFS and INR 2,150 Cr via fresh issue. 

Meanwhile, WeWork India’s INR 3,000 Cr IPO was completely an OFS. 

Looking ahead to 2026,  analysts expect OFS-heavy public issues to remain the norm. “Founders and growth investors are increasingly seeing IPOs as well-priced and realistic exit or funding milestones. This should reduce dependence on super-late, high-valuation private rounds and promote more disciplined growth financing,” said Dasani.

Karpe added that even when IPOs provide partial exits, founders are likely to return to the markets for further capital. “A listing is no longer the finish line, it marks the beginning of a long-term capital-raising journey,” he added.

What’s In Store For 2026?

The momentum in new-age tech IPOs is expected to carry into next year as well. About 20 such companies are in the queue to get listed in the coming months. While Snapdeal parent AceVector and ecommerce-enablement platform Shiprocket have received SEBI nod for their public issues, fintech giant PhonePe is awaiting clearance. 

Meanwhile, Zepto received board approval to convert into a public entity. The quick commerce unicorn plans to file its DRHP by 2025-end, with an eye on June 2026 listing.

But “selectivity” will be the buzzword for startups eyeing listing next year. “Given the strong pipeline and institutional appetite, the IPO momentum is likely to continue in 2026 but with greater selectivity. Expect high-quality, large-scale issuers to dominate, while firms lacking clarity around profitability or growth could face tougher scrutiny,” said Dasani.

The trend suggests that new-age tech IPOs will face heightened scrutiny, with investors expected to reward disciplined growth, predictable earnings visibility and calibrated valuations.

“Public markets have opened a new, scalable capital channel for tech companies. It will reshape late stage fundraising, valuations, and founder mindset. Public capital is now actively chasing new-age tech companies and that is a game-changer,” added Karpe.

Edited By Vinaykumar Rai