IPO Wave To Continue: 20+ New-Age Tech Companies Eye Public Listing In 2025

Initial public offerings (IPOs) headlined the Indian startup ecosystem in 2024. Thirteen new-age tech companies went public this year and raised a cumulative INR 29,000 Cr in total from their public listings.

Buoyed by healthy activity in the markets and positive performance of already listed startup stocks, almost all new-age tech companies, from foodtech major Swiggy to insurtech giant Go Digit General Insurance, made their public market debuts in 2024 at a premium over their issue prices.

This came on the back of a positive market sentiment, growing investor appetite for new-age tech IPOs, and inflows from foreign institutional investors. 

The 2024 IPO wave also provided high returns for venture capital (VC) and private equity (PE) firms. For context, Accel raked in 34.9X returns by offloading a partial stake in Swiggy and Elevation Capital made a whopping 47X gains from the IPOs of Swiggy and ixigo.

Owing to the high enthusiasm for new-age tech IPOs in the public markets, more and more such companies are pulling up their socks to list on the bourses. As per Inc42 data, as many as 23 startups are in various stages of their IPO timeline. 

While the likes of ArisInfra, Ecom Express, and Smartworks have received nod from the Securities and Exchange Board of India (SEBI) for their respective IPOs, Ather Energy, BlueStone, and DevX have filed their draft red herring prospectuses (DRHPs) and are awaiting the market regulator’s go ahead. 

Then there are companies like Infra.Market, Ola Consumer, boAt, IndiQube, OfBusiness that have set eyes on a D-Street listing soon. Consequently, the IPO boom of new-age tech companies is expected to continue in 2025 as well. 

So, as part of Inc42 ‘Indian Tech Outlook’ series, we have curated a list of all the potential new-age tech IPOs of 2025. 

Editor’s Note: This is not a ranking of any kind. The companies have been listed alphabetically across three separate buckets. 

New-Age Tech Companies Ready To Go Public

1. With SEBI Nod In Place, ArisInfra Eyes INR 580 Cr IPO 

B2B ecommerce platform ArisInfra received SEBI’s nod for its INR 580 Cr public listing in November 2024, three months after filing its DRHP with SEBI in August. 

Its IPO will consist solely of a fresh issue of shares, with no existing investor offloading its stake. Further, the company is likely to undertake a pre-IPO placement of up to INR 115.92 Cr prior to filing its red herring prospectus (RHP).

Founded in February 2021 by Ronak Morbia and Bhavik Khara, ArisInfra uses AI and machine learning to simplify construction material procurement.  The company, which is backed by investors like PharmEasy CEO Siddharth Shah, Think Partners, Logx Ventures, Karbonite Ventures, among others, has raised more than $25 Mn till date.

It competes with OfBusiness, which is also eyeing an IPO in 2025.

In FY24, ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr, while revenue from operations stood at INR 696.84 Cr as against INR 746.07 Cr in FY23.

2. Early-2025 IPO On The Cards For Avanse Financial Services?

Non-banking financial company (NBFC) Avanse Financial Services is expected to hit the bourses in the early months of 2025 as the company received approval from SEBI for its INR 3,500 Cr IPO in October 2024.

The NBFC, which initially filed its DRHP in June 2024, had to refile its draft IPO papers in August after SEBI returned back the documents on technical grounds. 

Backed by Warburg Pincus, Kedaara Capital, Mubadala Investment Company and Avendus, the NBFC is looking to raise INR 3,500 Cr via its IPO. The public issue will comprise a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of shares worth up to INR 2,500 Cr. 

The company’s biggest stakeholder Olive Vine Investment, an affiliate of Warburg Pincus which owns 58.38% stake, will offload shares worth up to INR 1,758 Cr. International Financial Corporation (IFC) and Kedaara Capital will also sell shares worth up to INR 342 Cr and INR 400 Cr, respectively.

Founded in 2013, Avanse offers education financing for students and educational institutions in India. It also caters to students looking to study abroad and offers skill enhancement loans.

Avanse’s profit after tax more than doubled to INR 342.4 Cr in FY24 from INR 157.71 Cr in the previous fiscal year. Operating revenue also nearly doubled to INR 1,726.9 Cr from INR 989.5 Cr in FY23.

3.  Ecom Express Eyes INR 2,600 Cr IPO Delivery In 2025

Logistics major Ecom Express received SEBI’s nod for its INR 2,600 Cr IPO in December 2024. The startup had filed its DRHP with SEBI in August.

As per its draft IPO papers, the public issue will include a fresh issue of shares worth INR 1,284 Cr and an OFS of up to INR 1,315 Cr.

Founded by Manju Dhawan, K Satyanarayana, Sanjeev Saxena and late TA Krishnan in 2018, Ecom Express is a logistics solutions provider that caters to ecommerce platforms, D2C brands, and quick commerce players. It counts Warburg Pincus, PG Esmeralda, British International Investment (BII), among its key investors.

Ecom Express, which competes with the likes of Delhivery, claims to cover more than 27,000 pin codes across India. 

Ecom Express managed to narrow its consolidated loss by 67% to INR 255.8 Cr in the fiscal year ended March 2024 from INR 428.1 Cr in FY23. Operating revenue rose a marginal 2.15% YoY to INR 2,609 Cr during the fiscal under review.

4. Smartworks Eyes A Seat On The IPO Bus 

Following the suit of its rival Awfis, which went public in 2024, coworking space startup Smartworks kicked off its IPO proceedings in 2024 and turned into a public company in July. It subsequently filed its DRHP in August and received SEBI’s nod for its INR 550 Cr IPO in December 2024. 

As per its DRHP, the company’s IPO comprises a fresh issue of equity shares worth INR 550 Cr and an OFS of up to 67.49 Lakh shares.

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider that offers customisable coworking solutions for enterprises. It competes with the likes of Awfis, WeWork India and IndiQube.

Backed by Singapore-based real estate major Keppel Land, Ananta Capital and Plutus Capital, Smartworks has raised $41 Mn in funding till date.

It managed to narrow its net loss to INR 49.9 Cr in FY24 from INR 101.4 Cr in FY23. Operating revenue jumped 46% YoY to INR 1,039.3 Cr during the year under review.

Startups In The Waiting Lane For SEBI Nod

1. Ather Energy Revs Up For INR 3,100 Cr IPO

Electric two-wheeler maker Ather Energy is planning to hit the bourses in 2025. In September, the startup filed its DRHP for INR 3,100 Cr IPO. 

The proposed IPO will be a combination of fresh issue of equity shares and OFS of up to 2.2 Cr equity shares. Besides, the company is also planning to raise a pre-IPO funding of nearly INR 620 Cr. 

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy manufactures electric two-wheelers and battery packs and also has its own charging infrastructure. The company counts Hero MotoCorp, Caladium Investment, National Investment and Infrastructure Fund (NIIF), Tiger Global, GIC and 3STATE Ventures among its key investors.

Hero MotoCorp with 37.2% stake is the biggest stakeholder in Ather Energy.

Ather Energy, which competes with the likes of Ola Electric, TVS Motor, and Bajaj Auto, reported a subdued FY24. Net loss stood at INR 1,059.7 Cr, up 22% YoY. Meanwhile, operating revenue rose a meagre 0.4% to INR 1,789.10 Cr during the year fiscal from INR 1,783 Cr in FY23.

2. Aye Finance Eyes Debut On Bourses

NBFC Aye Finance is targeting its public market debut in 2025 after filing DRHP in December. 

As per the DRHP, the company is looking to raise INR 1,450 Cr via its IPO. The public issue will include a fresh issue of equity shares worth INR 885 Cr and OFS of up to INR 565 Cr. 

Founded by Sanjay Sharma and Vikram Jetley in 2014, Aye Finance provides business loans to small and micro enterprises across India. Additionally, it leverages its AI-powered credit assessment algorithms to assess risk in the absence of traditional business documents.

The company is backed by notable investors like Google parent Alphabet, ABC Impact and FMO, among others. It has raised a total funding of over $485 Mn till date.

Aye Finance’s net profit surged 291.7% to INR 171.6 Cr in FY24 from INR 43.8 Cr in the previous fiscal year. Operating revenue jumped 66.86% to INR 1,040.21 Cr during the year under review from INR 623.42 in FY23. 

3. BlueStone Takes A Shine To The Bourses

Prosus-backed omnichannel jewelry brand BlueStone is preparing to go public by the second quarter of 2025 to raise over INR 1,000 Cr via its IPO.

If the IPO plans materialise, BlueStone will be the first Indian new-age tech jewellery startup to hit the bourses.

In December 2024, the startup filed its DRHP for an IPO, which will comprise a fresh issue of shares worth INR 1,000 Cr and OFS of up to 2.40 Cr shares. Investors like Accel and Kalaari Capital will dilute their stakes via the OFS.

It has roped in investment bankers including Axis Capital, IIFL Securities and Kotak Mahindra Capital to helm its public issue.

Prior to filing its draft IPO papers, the company raised INR 900 Cr as part of its pre-IPO funding round in August 2024, which pushed its valuation to $970 Mn. The company has raised more than $219.31 Mn till date.

Founded by Gaurav Singh Kushwaha and Vidya Nataraj in 2011, BlueStone is an omnichannel jewellery startup that sells rings, pendants, earrings and other products. It competes with the likes of CaratLane, GIVA among others. 

The startup managed to narrow its loss by almost 15% YoY to INR 142.2 Cr in FY24, while operating revenue surpassed the INR 1,000 Cr mark. As per the DRHP, BlueStone reported a net loss of INR 59.2 Cr on an operating revenue of INR 348 Cr in Q1 FY25. 

4. DevX Vies For A Space In The Startup IPO Club 

Coworking space provider DevX is also in line to list on the Indian bourses in 2025. The startup filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. 

DevX’s IPO will consist solely of a fresh issue of 2.47 Cr equity shares. 

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, workspace solution offerings, among others. It counts Zomato, WhiteOak, Tim Hortons, Hitachi, Darwinbox as its major clients.

DevX competes with the likes of WeWork, IndiQube and Awfis.The company, which counts Kalpesh Harakhchand Gala, Unmaj Corporation, Bidiwala Family Office among its notable backers, raised $7 Mn earlier this year. It has raised around $13.3 Mn of funding till date.

It posted a net profit of INR 43.7 Lakh in FY24 compared to a net loss of INR 12.83 Cr in the previous fiscal. Operating revenue jumped to INR 108.08 Cr from INR 69.91 Cr in FY23. 

5. OTT Platform Ullu Targets BSE SME Listing 

OTT streaming platform Ullu is looking to raise INR 135 Cr to INR 150 Cr via its IPO in the coming year and filed its DRHP in February 2024 for a listing on the BSE SME platform.

As per its DRHP, the IPO will only consist of a fresh issue of 62.63 Lakh shares. 

Founded by Vibhu Agarwal and his wife Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform that distributes, promotes, exhibits and markets various types of content on its digital platform and app, Ullu. 

It landed in a controversy in March after SEBI, corporate affairs ministry, and electronics and IT ministry launched a probe into the company for allegedly selling “pornographic” content using school children. 

Ullu competes against the likes of ZEE5, Hoichoi, as well as Netflix, Amazon’s Prime Video, among several others.

The platform posted a 2X jump in its operating revenue  to INR 93.1 Cr in FY23 from INR 46.8 Cr in the previous fiscal year. 

6. IPO On Zappfresh’s Menu In 2025

D2C meat delivery startup Zappfresh filed its DRHP in August 2024 for a public listing on BSE SME. As per the DRHP, its IPO will solely consist of a fresh issue of 59.06 Lakh equity shares. 

The startup turned into a public company in May 2024.

Founded by Deepanshu Manchanda and Shruti Gochhwal in 2015, Zappfresh delivers meat in the Delhi NCR region through its website and app. It claims to procure fresh meat from farms and promises delivery under 90 minutes. 

Backed by SIDBI Venture Capital, Dabur Family Office, LetsVenture, Keiretsu Forum, among others, Zappfresh has raised more than $10 Mn in funding to date. The startup, which competes with the likes of  Licious and FreshToHome, recently acquired Mumbai-based seafood delivery brand Bonsaro.

Zappfresh posted a 70% jump in its net profit to INR 4.66 Cr in FY24 against INR 2.73 Cr in the previous year. Revenue from operations also jumped over 60% during the fiscal under review to INR 90.43 Cr from INR 56.28 Cr in FY23.

Startups Stacking Up IPO Plans

1. boAt To Join IPO Club 

D2C audio giant boAt has two major goals on its agenda in 2025 – profitability and going public. 

In June 2024, cofounder and CEO Sameer Mehta said that the company would go public in the next 12-18 months. This was followed by cofounder and chief marketing officer Aman Gupta reiterating the same in September 2024 and announcing a 2025 timeline to hit the bourses. 

Pursuant to this, boAt, which competes with the likes of Noise, JBL and Sony, roped in ICICI Securities, Goldman Sachs and Nomura as investment bankers for its potential INR 2,000 Cr IPO. The company plans to go for IPO only after it becomes net profitable once again in FY25, as per Mehta. 

It is pertinent to mention that boAt first filed its DRHP in 2022 but shelved the public listing plans amid uncertain macroeconomic conditions. 

Founded by Gupta and Mehta in 2016, boAt sells products such as headphones, smart watches and speakers. It has raised more than $176.23 Mn in funding till date. 

The D2C brand managed to narrow its net loss by 38% to INR 79.7 Cr in FY24 from INR 129.4 Cr in the previous year. Operating revenue declined 7% to INR 3,117.7 Cr during the year under review from INR 3,376.8 Cr in FY23.

2. CarDekho Drives On The IPO Lane

Auto marketplace CarDekho, which owns InsuranceDekho and Rupyy, is planning to file its DRHP for a $500 Mn (INR 4,100 Cr) IPO by March next year. The Jaipur-based startup is planning to raise this amount at a valuation of $2- $2.5 Bn. 

Founded by Amit Jain and Anurag Jain in 2008, CarDekho operates an app-based car listing platform. CarDekho, which competes with the likes of CarTrade, Spinny and Cars24, has raised more than $692 Mn in funding till date.

As per media reports, CarDekho is also mulling to onboard bankers soon for the public issue. 

It is pertinent to note that this is CarDekho’s second attempt for an IPO. Before this, the company was planning to hit the markets in 2021. However, the plans didn’t materialise then.

Its consolidated revenue jumped 1.5X to INR 2,331 Cr in FY23 from INR 1,600 Cr in the previous fiscal year. Net loss rose marginally to INR 562 Cr from INR 535 Cr in FY22. 

3. Captain Fresh’s $350 Mn IPO Blueprint

B2B seafood chain Captain Fresh is planning to raise $350-$400 Mn via its IPO in 2025 at a valuation of  $1.3-1.5 Bn. 

While the company is yet to file its DRHP, reports estimate that Captain Fresh plans to have the fresh issue and the OFS component evenly split right in between. Meanwhile, the company has already onboarded Axis Capital and Bank of America (BofA) as bankers for its IPO. 

Founded by Utham Gowda in 2019, Captain Fresh exports and distributes fish and seafood. Besides operating a marketplace for fisherfolk to sell their catch, it also works with retail outlets and supermarket chains for end-to-end operations management of seafood sales. 

The startup, which is backed by Tiger Global, Prosus, and British International Investment (BII), has raised more than $172 Mn till date. Captain Fresh competes with the likes of Licious, Zappfresh and Meatigo. 

4. As AI Mania Grips Globe, SaaS Unicorn Fractal Plans IPO 

AI-driven SaaS unicorn Fractal has been planning its IPO for some time now. In early 2024, the startup indicated that it would file its DRHP for its $600 Mn IPO by September this year. Later, the timeline was shifted to November and the size of the public issue was cut to $500 Mn at a minimum valuation of $3.5 Bn. 

As the year comes to an end, the company is yet to turn in the papers. Its IPO will likely be a combination of fresh issue of shares and offer for sale.

Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, Fractal offers AI and advanced analytics solutions to multiple Fortune 100 companies. It operates platforms like Qure.ai, Theremin.ai, Eugenie.ai and Samya.ai. 

Backed by Khazanah Nasional and Apax Partners, Fractal has raised a total of $685 Mn in funding till date. The SaaS major entered the unicorn club in 2022 after it raised $360 Mn from TPG Capital. 

Fractal reported a profit of INR 194.4 Cr in FY23 as against a loss of INR 148.4 Cr in FY22. Operating revenue jumped 53% YoY to INR 1,985.4 Cr in FY23.

5. IndiQube Lines Up INR 1,500 Cr IPO Plan

Coworking space provider IndiQube is mulling hitting the bourses in 2025. In preparation for its IPO, the Bengaluru-based startup turned into a public limited company from a private limited company in December 2024. 

In September, Inc42 exclusively reported that the coworking space provider was planning to file DRHP soon for an INR 1,000 Cr to INR 1,500 Cr IPO. 

Founded by Rishi Das and Meghna Agarwal in 2015, IndiQube is a managed office space provider that claims to offer ‘office in a box’ experience to clients, encompassing workspace design, interior build out and a plethora of B2B & B2C services.

Backed by the likes of WestBridge Capital, Helion Ventures’ Ashish Gupta, Aravali Investment Holdings, among others, IndiQube has raised a total funding of around $45 Mn till date. It competes with the likes of Awfis, Smartworks and DevX.

While the company is yet to file its FY24 financial results, sources told Inc42 that the startup reported a profit of about INR 60 Cr on an operating revenue of around INR 850 Cr during the year. 

6. Tiger Global-Backed Infra.Market Eyes $700 Mn IPO 

B2B construction startup Infra.Market plans to raise $500 Mn to $700 Mn through its IPO, which will be a combination of fresh issue of shares and OFS. 

While the startup is yet to file its DRHP, it has started preparing the ground for its public listing. It has shortlisted Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services and Nuvama Wealth Management as advisors for its IPO.

Additionally, Infra.Market is mulling to raise a pre-IPO funding of around $150-200 Mn (about INR 1,250-1,680 Cr) from existing investors, including Tiger Global, Foundamental and Evolvence. It may also add new investors to its cap table.

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market manufactures construction materials under its private-label brands and leverages technology to digitise the procurement process. The startup has raised a total of $500 Mn since its inception.

On the financial front, Infra.Market posted a 144% jump in its net profit to INR 378 Cr in FY24 from INR 155 Cr in the previous fiscal year. Operating revenues jumped 23% YoY to INR 14,530 Cr.

7. Innoviti Gears Up For IPO

Digital payment solutions provider Innoviti, in August 2024, announced plans to go public within the next 12 months. However, there has been no further update on the IPO.

Founded by Rajeev Agrawal in 2002, the company allows merchants to accept payments and integrate real-time sales data into critical business processes. It claims to process over INR 72,000 Cr of purchase volume annually from across 2,000 Indian cities and over 20,000 offline and 3,000 online merchants. 

The company competes with the likes of  PayU, Amazon Pay, among others. Backed by key investors including Alumni Ventures and Treficta Capital, Innoviti has raised a total of $100.16 Mn in funding till now. 

The fintech company saw its revenue from operations jump more than 48% YoY to INR 110 Cr in FY23. Meanwhile, loss rose to INR 86.56 Cr from INR 73.4 Cr in FY22.

8. OfBusiness Sets The Ball Rolling For $1 Bn IPO

B2B marketplace OfBusiness plans to raise $750 Mn to $1 Bn through its IPO, which could potentially happen in 2025. 

With an eye on a valuation between  $6 Bn to $9 Bn, the startup has roped in Axis Capital, Morgan Stanley, JPMorgan, Citigroup and Bank of America to helm its IPO. However, the company is yet to file its DRHP.

The IPO will likely comprise a fresh issue worth $200 Mn, while the remaining amount will be through an offer-for-sale component. 

Founded by Nitin Jain, Asish Mohapatra, Ruchi Kalra, Vasant Sridhar and Bhuvan Gupta, OfBusiness provides raw material procurement and financing solutions to SMEs in manufacturing and infrastructure sectors. The platform facilitates procurement of materials including metals, chemicals, polymers, and agri commodities.

Backed by Alpha Wave, SoftBank and Tiger Global, OfBusiness has raised a total of $878 Mn in funding till date. The company’s early investor Zodius Capital recently made a complete exit via a secondary share sale of around $100-120 Mn. 

OfBusiness’ consolidated operating revenue surged over 25% to INR 19,296.3 Cr in FY24 from INR 15,342.6 Cr in the previous fiscal year. Its net profit grew 30% YoY to INR 603 Cr in FY24.

9. Ola Consumer Hitches A Ride To Bourses

Fresh off the public listing of Ola Electric in 2024, Bhavish Aggarwal’s second, or rather the original unicorn, venture Ola Consumer is now also in the line to hit the market in 2025. The mobility giant is said to be planning a $500 Mn IPO at a valuation of $ 5 Bn.

Ola Consumer, the ride-hailing major, has already turned into a public company, removing the “private” tag from the parent entity’s name. However, the company is yet to file its DRHP.

The company, which was founded in 2010, counts Tiger Global, Qualcomm Asia, Tekne Capital, Lyon Assets, Z47 among its investors.

Besides its ride hailing business, Ola Consumer offers credit via Ola Credit, UPI payments via Ola Pay, among others. It has raised a total of $4.74 Bn till date and competes with the likes of Uber, Rapido and BluSmart.

Ola parent ANI Technologies’s loss nearly halved to INR 772.2 Cr in FY23 from INR 1,522.3 Cr in the previous year. Operating revenue rose 42% YoY to INR 2,799.3 Cr .

10. PhysicsWallah Plans To Become First Listed Edtech

Edtech startup PhysicsWallah is looking to become the first Indian edtech company to hit the bourses. The startup is mulling to raise $400 Mn to $500 Mn via its IPO at a valuation of $2.8 Bn.

While the company hasn’t filed its DRHP yet, it turned into a public company in December 2024. It has also been in talks with multiple merchant bankers to helm its IPO.

Founded by Alakh Pandey and Prateek Maheshwari in 2020, PhysicsWallah operates tech-enabled offline and hybrid centres for K-12 students across 105 cities in the country. Its offerings also include test preparation verticals across various exams, a skilling arm and study abroad verticals. 

It is pertinent to note that the startup raised $210 Mn in its Series B round, led by Hornbill Capital, in 2024. Backed by WestBridge Capital, GSV Ventures and Lightspeed Venture Partners, PhysicsWallah has raised a total of $310 Mn in funding till date. It competes with the likes of BYJU’S, Unacademy, Vedantu, among others. 

Talking about the financial health of the company, its net loss surged 13.5X to INR 1,131.2 Cr in FY24 from INR 84.06 Cr in FY23. Operating revenue soared 2.3X YoY to INR 1,940 Cr in FY24.

11. Pure EV Looks To Ride The IPO Wave 

Hyderabad-based EV manufacturer Pure EV said in August 2024 that it was mulling listing on the bourses in 2025. However, the original equipment manufacturer (OEM) is yet to file its DRHP. 

There is no clarity on the size of the IPO and the potential valuation being sought by the company.

Founded by Nishanth Dongari and Rohit Vadera in 2015, the startup manufactures electric bikes and scooters. The company also has an EV and battery manufacturing unit in Telangana. 

Pure EV’s competitor Ola Electric went public earlier this year. If Pure EV’s plans for its IPO materialise, it’ll become the second Indian EV manufacturer to go public.

Backed by notable investors, including Bennett Coleman and Company, Hindustan Times Media Ventures, and Ushodaya Enterprises, Pure EV has raised more than $14 Mn in funding till date. 

On the financial front, the company posted a net loss of INR 9.3 Cr in FY23. Revenue from operations declined 42% to INR 131.28 Cr from INR 225.98 Cr in FY22. 

 12. Zepto Kicks Off Discussions For IPO 

While 2024 was all about “10 minute” deliveries, one of the prominent players in this segment, Zepto, is eyeing its public listing in 2025. The quick commerce giant plans to raise around $450 Mn via its IPO, which will comprise a fresh issue of shares as well as an OFS component. 

As per reports, the startup is already in talks with domestic and global merchant bankers, including Morgan Stanley and Goldman Sachs, to lead its IPO.

Founded by Aadit Palicha and Kaivalya Vohra in 2021, Zepto is a quick commerce startup that claims to offer 10-minute deliveries of groceries and other items. The startup competes with the likes of Swiggy’s Instamart and Zomato’s Blinkit.

It is pertinent to note that Zepto has been aggressively expanding its footprint in the country. The startup raised more than $1.3 Bn in 2024, raising its valuation to $5 Bn. 

Zepto’s consolidated revenue more than doubled to INR 4,454.52 Cr in FY24 from INR 2,025.70 Cr in the previous fiscal year. Net loss declined 2% YoY to INR 1,248.64 Cr.

13. Zetwerk Mulls $1 Bn IPO 

B2B marketplace Zetwerk kicked off discussions with investment banker JP Morgan this year for its $1 Bn IPO by late 2025 or mid-2026.

Founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary in 2018, Zetwerk connects manufacturers with vendors and suppliers of industrial machine components. The company is yet to file its DRHP for the upcoming IPO but has set a 12-18 month timeline for its public listing.

Backed by investors such as Greenoaks Capital, Lightspeed Venture Partners, Peak XV Partners, among others, the B2B unicorn has raised more than $793 Mn in funding till date. It competes with the likes of Bijnis, ZYOD and Fashinza.

In December, it closed a $70 Mn funding round led by Khosla Ventures at a valuation of $3.1 Bn.

Zetwerk’s loss surged 82% YoY to INR 108.7 Cr in FY23. Revenue from operations jumped nearly 130% to INR 11,448.6 Cr during the fiscal under review from INR 4,960.5 Cr in FY22.

[Edited By Vinaykumar Rai]