India’s New-Age Listed Players In 2025: A Year Of Bruises And Bounces

SUMMARY

• 2025 marked a transition from ‘scale at any cost’ to ‘sustainable growth’, signalling a new maturity phase in India’s listed tech ecosystem

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The year 2025 offered India’s listed tech startups a chance to change their narrative of growth-at-all-costs to sustainable growth and prove their resilience.

After the euphoric IPO rush of 2021-24, the public market got used to the way tech-first startups function and the new business metrics that defined these digital-first firms better such as adjusted EBITDA margin, NOV and contribution margin.