PhonePe Slams The Brakes On The IPO Cavalcade

by · Inc42

SUMMARY

  • PhonePe’s postponement now appears to be just the first visible sign of a broader rethink
  • Added to Saved Stories in Login

Since the beginning of the year, India has been  gearing up for one of its busiest years in the public markets. Dozens of high-profile startups were preparing to tap public investors, and the IPO pipeline looked packed. But over the past few weeks, that momentum has cooled noticeably, with several companies choosing to delay their plans.

Fintech giant PhonePe became the most visible example last week when it officially announced a temporary pause to its IPO plans. The company said the decision was driven entirely by volatility in global equity markets and that it intends to revive the process once global conditions stabilise.

This slowdown comes even as several other large-scale startup listings are lined up for the next year and a half. Quick-commerce firm Zepto quietly filed for a $1.22 Bn IPO in December, making it one of the most anticipated listings of 2026. 

Around the same time, OYO’s parent PRISM submitted pre-filed draft papers, shortly after shareholders approved its third attempt at going public. Meanwhile, Flipkart has now completed its full redomiciling to India after receiving government approval, with the NCLT clearing its reverse flip late last year, a key precursor to its eventual India listing.

All this was building toward what was expected to be a blockbuster 18 months for India’s public markets. More than 48 startups across fintech, ecommerce, enterprise tech, consumer internet, logistics, foodtech, advanced hardware and even deeptech were preparing to go public. The 2026 IPO class was widely expected to surpass the 18 listings seen in 2025.