Indian Startup IPOs: The bullish market amidst a futuristic cityscape.
Indian startups raised a record ₹41,248 Cr through IPOs in 2025. Macroeconomic tailwinds, SEBI reforms, and increased retail investor participation fueled the surge. In 2026, investors are expected to prioritize strong fundamentals and profitability.
As of early 2026, five new-age tech companies have debuted, but performance has been mixed. Twenty startups have filed DRHPs, and over 24 are finalizing IPO plans. Unicorns like Flipkart, Zepto, OYO, InMobi, and Zetwerk could raise over ₹47,000 Cr in 2026.
Rehan Yar Khan, Managing Partner at Orios Venture Partners, notes that investors will favor companies demonstrating predictable cash flows and operational discipline over headline growth.
Here are some of the key IPO developments and companies to watch:
Latest Updates:
- B2B manufacturing startup Zetwerk plans to file its DRHP with SEBI within two weeks for a $550 Mn IPO.
- Fintech major PhonePe has temporarily paused its IPO bid amid geopolitical tensions.
- Budget hotel chain FabHotels’ parent Travelstack Tech has received SEBI nod to float its IPO.
Startups That Have Taken The IPO Plunge in 2026:
- Amagi: The SaaS platform’s shares had a lacklustre debut after its IPO was 30.2X oversubscribed.
- Aye Finance: The NBFC saw its shares list flat after its IPO was undersubscribed by 97%.
- Fractal: The SaaS unicorn’s shares made a lacklustre debut and listed at a discount.
- SEDEMAC: Shares of the company made a stellar debut, listing at a premium of 13.5% on the NSE.
- Shadowfax: Shares of the company made a muted debut on the bourses on January 28.
Startups That Have Filed DRHP:
- AceVector: Parent of Snapdeal, filed its updated DRHP, outlining a fresh issue of shares worth ₹300 Cr and an OFS component of up to 6.39 Cr shares.
- AVPL International: Drone manufacturer.
- boAt: Consumer electronics brand.
- Curefoods: Cloud kitchen unicorn.
- InCred Holdings: Financial services.
- Infra.Market: B2B marketplace for construction materials.
- Kissht: Digital lending platform.
- Klassroom: Edtech startup.
- LEAP India: Supply chain solutions.
- Meritto: SaaS platform for educational institutions.
- Moneyview: Fintech startup.
- OYO (PRISM): Travel tech major.
- PhonePe: Digital payments platform.
- Purple Style Labs: Luxury fashion house.
- Shiprocket: Logistics aggregator.
- Tonbo Imaging: Defence tech startup.
- Travelstack Tech: Parent of FabHotels.
- Turtlemint: Insurtech platform.
- Zepto: Quick commerce startup.
Startup IPOs In Pipeline:
- Atomberg: Home appliances maker.
- BRND.ME: House of brands.
- Captain Fresh: B2B seafood platform.
- CARS24: Online marketplace for pre-owned cars.
- Cult.fit: Fitness chain.
- Flipkart: E-commerce marketplace.
- Furlenco: Furniture and appliance rental platform.
- GoBoult: Smart wearables brand.
- Imarticus Learning: Edtech platform.
- InMobi: Adtech platform.
- Kuku FM: Audio-centric OTT platform.
- MakeMyTrip: Online travel aggregator.
- Navi: Fintech startup.
- OfBusiness: B2B e-commerce platform.
- PayNearby: Fintech startup.
- PayU India: Payments solutions provider.
- Practo: Health tech startup.
- Pure EV: Electric vehicle manufacturer.
- Razorpay: Fintech company.
- Rebel Foods: Cloud kitchen unicorn.
- RentoMojo: Omnichannel rental platform.
- Servify: B2B device management platform.
- Square Yards: Proptech platform.
- Table Space: Enterprise managed workspace.
- Udaan: B2B-focused e-commerce platform.
- Wonderchef: Kitchenware and home appliances.
- Zetwerk: B2B platform connecting manufacturers with vendors.
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