Indian Startup IPO Tracker 2025

by · Inc42

SUMMARY

  • As per Inc42 data, 20 startups are in various stages of undertaking their IPO preparations at the outset of 2025
  • Key factors that are likely to contribute to the public listing mania in 2025 are India’s strong position in the equities market and rationalised valuations sought by startups in 2024
  • While the overall outlook for startup IPOs in 2025 remains positive, the focus of investors continues to be on profitable and sustainable ventures
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At the start of 2025, markets were brimming with optimism about new-age tech IPOs. Thirteen startups hit Dalal Street last year, cumulatively raising INR 29,070 Cr via their public listings. 

From sectoral giants like Swiggy and FirstCry to smaller players like TAC Infosec, their successful IPOs not only proved the mettle of these startups but also gave spectacular returns to their early investors (30X in some cases). 

The investor confidence was further bolstered by increasingly rational valuations and the focus of Indian founders on sustainable profitability. Therefore, it was only natural for industry watchers to expect a booming year (2025) in terms of startup IPOs.

However, the IPO momentum ran into unexpected headwinds early in 2025. Despite multiple new-age tech companies filing their draft red herring prospectuses (DRHPs) and many receiving SEBI nod, just two listings – Ather Energy and Arisinfra – materialised in the first half of the year.

The reason? A correction in the Indian equities market caused by global geopolitical tensions, escalating tariff wars and cautious investor sentiment. 

Even though the first half of the year remained muted for new-age tech IPOs, the second half did not disappoint and exceeded expectations. As many as 16 startups have already made their D-Street debuts since the start of July. 

However, in terms of performance, not everyone was destined for an upbeat listing. While BlueStone, Lenskart, DevX and IndiQube’s public market debuts remained lacklustre, Meesho, Smartworks, Groww and Zappfresh garnered healthy responses from investors. 

However, the star of the 2025 startup IPO season so far has been Urban Company, which shook the market by listing at 56.3% premium.

As the year approaches its end, the road ahead looks even more promising as startup IPOs have already crossed 2024’s record numbers. With 21 startups already filing their DRHPs with the SEBI, 2025 is headed for a blockbuster year on the new-age tech IPO front.  

With all eyes on what’s going to unravel next, we have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. 

But, before we dive into the list, here are the latest developments from the Indian IPO landscape: 

Latest Updates:

  • Hotel chain FabHotel’s parent Travelstack Tech has filed its DRHP with SEBI for an IPO, which will comprise a fresh issue worth INR 250 Cr and an OFS of 2.69 Cr shares
  • Audio OTT platform Kuku FM has roped in Kotak Mahindra Capital, Axis Bank and Morgan Stanley as bankers to helm its potential $200 Mn listing
  • Three months after pre-filing its IPO papers, insurtech soonicorn Turtlemint has received regulatory approval from the SEBI to float its public issue.

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.