Indian Listed New-Age Tech Company Tracker: Market Cap, Revenue & More

For years, we at Inc42 have tracked the Indian tech startup ecosystem and seen it grow from a kid to an adult. Among the clearest signs of evolution and maturity of this ecosystem is the growing number of startups eyeing a public listing now.

For Indian companies, achieving a public listing has for long symbolised operational progression, transparency, and long-term viability. For startups, it’s a relatively new but increasingly critical rite of passage, one that not only signals coming of age but also creates pathways for investor exits and wealth creation.

Currently, nearly 15 startups, including boAt, Shadowfax, Meesho, among others, are in various stages of their IPO journey. Meanwhile, over 50 Indian new-age tech companies have already crossed the milestone and are now listed on the bourses.

The count includes the likes of Groww, Eternal, Lenskart, and Ather Energy, who made their much anticipated market debuts in 2024. The list doesn’t include Indian companies like MakeMyTrip, Zoomcar and Freshworks, which are listed on Nasdaq in the US

India’s startup IPO wave has reached its peak in 2025, surpassing last year’s momentum.

While 13 startups went public in 2024, the number has already been overtaken this year, with 17 companies — including BlueStone, Ather Energy, ArisInfra Solutions, IndiQube, Smartworks, Urban Company, DevX, WeWork India, Zappfresh, Zelio E-Mobility, Lenskart, Groww, Pine Labs, PhysicsWallah and Capillary Technologies — making their market debut.

A further uptick in startup listings is anticipated in 2025’s final quarter as there is a long queue of new-age tech companies getting ready to drive to Dalal Street. Now, startups like Meesho, Aequs, Shadowfax, Cure Foods, boAt and Wakefit are expected to file their RHPs soon as their draft IPO papers have already been approved by the SEBI. 

As of now, the total market capitalisation of the listed companies stands at over $143 Bn.

To consolidate all the information about listed startups, Inc42 has launched the Indian Listed New-Age Tech Company Tracker. From the movement in the shares of the companies since their listing to the financial performance of these companies, the tracker is your one-stop resource to know everything you need about the listed tech companies.

Read our methodology here. 

Inside The Dalal Street Startup Ride

Indian startups had gained a reputation for being “loss making” by prioritising growth at all costs and market share over immediate profitability. The trend of putting scale ahead of the bottom line was at its peak amid the funding boom of 2020-22. 

While prioritising growth is not wrong for startups, especially at early stages, the start of funding winter in 2022 gave a reality check to the Indian startup ecosystem. Subsequently, startups started pushing for profitability. Giving further wings to the aggressive profitability push was the ambition to list on the exchanges.

While new-age tech companies look to turn profitable before filing their draft IPO papers, those that cross the line manage to stay in the green, data shows. About 68% of the listed new-age tech companies, 36 to be precise, are currently profitable.

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In terms of profits, Sanjeev Bikhchandani-led internet company Info Edge towers over the rest. It posted a net profit of INR 962 Cr in FY25. Prominent internet companies Justdial and IndiaMART trail Info Edge in terms of profitability, raking in profits of INR 584 Cr and INR 551 Cr in FY25, respectively. 

It is pertinent to mention that these companies have been listed on the bourses for years now, with Info Edge making its public market debut in 2006. While these companies trace their origin back to the 90s, a large majority of the new-age tech stocks under Inc42’s purview are about a decade old. 

From a broad perspective, Inc42 data reflects that the median time taken for a startup to get listed on the bourses is 12 years. While listing for 18-year-old ixigo and 19-year-old Fino Payments Bank came relatively much later, recently listed ArisInfra’s IPO materialised within four years of its operations.  

Meanwhile, the new-age tech companies that have made their public market debuts in the past couple of years haven’t necessarily seen their bottom lines fare well. Foodtech major Swiggy, which listed in November last year, incurred the highest net loss in FY25 at INR 3,117 Cr. Its competitor Eternal recorded a net profit of INR 551 Cr in the fiscal. 

EV makers Ather Energy and Ola Electric also incurred heavy losses, posting net loss of INR 1,060 Cr and INR 2,276 Cr in FY25, respectively. 

On the bourses, investors have rewarded profitable new-age tech companies. The median stock price increase for profitable companies has been 31% since their listing, while the loss-making ones have witnessed a decline of 42%.

Sectors Driving India’s Startup IPO Boom

The startup sectors producing the most number of listed companies is proportional to the private funding trends witnessed in the Indian startup ecosystem. For context, of the total $12 Bn funding secured by Indian startups in 2024, more than $2.5 Bn in fresh capital was netted by fintech startups. Enterprise tech and consumer services sectors share the second spot, with each raising $1.8 Bn in 2024. 

In line with this, the fintech and ecommerce sector have accounted for eight public listings till date – the highest number.  The dominance of these sectors on the bourses is expected to continue as the likes of Meesho, PhonePe, boAt and Wakefit would soon be making their public market debuts.

Meanwhile, the number of startups hailing from other sectors is also expected to surge. For instance, the number of listed real-estate tech startups may go up to seven from six currently, with Infra.Market having filed its IPO papers confidentially with the SEBI. 

Delhi-NCR Home To Highest Number Of Listed Startups

While Bengaluru continues to be the startup capital of India, Delhi and its neighbouring cities Gurugram and Noida account for the most number of listed new-age tech companies. Overall, the Delhi NCR region is home to 19 listed new-age tech companies, ahead of Mumbai’s eight and Bengaluru’s eight. 

While nine companies, including Eternal, Delhivery, and PB Fintech, call Gurugram their home, Awfis, EaseMyTrip, MapmyIndia and E2E Networks are from Delhi. Noida on the other hand is home to four listed new-age tech companies, including Paytm and Info Edge. 

Delhi-NCR contributes $91.3 Bn in the cumulative $147 Bn market cap of new-age tech companies. 

Last updated: November 22

The Indian Listed New-Age Tech Company Tracker will be updated periodically with fresh data.  

[Edited by: Vinaykumar Rai]