At the start of 2025, markets were brimming with confidence and optimism about the IPOs of new-age tech companies, as 13 such companies got listed on the bourses last year and cumulatively raised INR 29,070 Cr via their public listing. 

From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X. 

Tailwinds favouring the startup IPO frenzy at the outset of the year were aplenty – India’s strong position in the equities market over the last few years, the investor interest in new-age tech companies, more rationalised valuations sought by startups, and renewed focus on profitability and sustainable growth. 

So, it was only natural that industry watchers expected the momentum to percolate well into 2025 as well. However, the picture perfect story of startup IPO mania seems to have gone south barely months into the year. 

While 23 startups were in various stages of undertaking their IPO preparations at the start of the year, most seem to have decided to go slow on their public listing plans. Despite 11 new-age tech companies filing their draft red herring prospectuses (DRHPs) with SEBI, including ArisInfra, Avanse Financial Services, BlueStone, and many receiving regulatory nod, only one listing has materialised so far. 

Ather Energy got listed on the exchanges in May, but it turned out to be a muted debut. 

So, what happened to India’s startup IPO frenzy in 2025? Largely, it was unseen forces that played a spoilsport. The Indian equities markets saw a correction in the first few months of 2025 due to geopolitical tensions, high valuations, tariff war, macroeconomic factors like fears of recession and inflation, and more.

Then, there were also fundamental challenges faced by new-age tech companies. The public market investors want potential listees to be profitable and differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.

“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” said Lightbox Ventures founder and managing director (MD) Sandeep Murthy.

While analysts expect new-age tech IPOs to pick up pace in the second half of 2025, it would be interesting to see what lies in store for the startup ecosystem as the year progresses. To keep an eye on this, we, at Inc42, 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:

• Omnichannel eyewear major Lenskart has converted into a public entity as its bolsters plans for a public listing 

• IPO-bound Groww is all set to raise $202.3 Mn in a Series F funding round from investors like GIC and ICONIQ Capital

• Quick commerce major Zepto has postponed IPO plans by a year and now plans to hit the bourses in 2026 as it looks to reduce its cash burn and improve its profit profile

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.

Now, let’s take a detailed look at the list: 

Startups That Have Taken The IPO Plunge In 2025

Ather Energy

Ather became the first listed Indian new-age tech company of 2025 to go public after it listed on the exchanges on May 6. The EV maker’s public issue saw a muted response as the shares opened at INR 328 on the NSE, a mere 2.18% premium over its IPO price of INR 321.

On the BSE, the stock opened at INR 326.05, a 1.57% premium over the IPO price. With this, it became the second EV startup in the country to go public, after Ola Electric.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather is one of the biggest players in the Indian electric two-wheeler segment. It manufactures and services escooters and operates its own charging infrastructure.

The EV major raised more than $431 Mn in funding prior to its stock market debut from the likes of Hero MotoCorp, GIC, Tiger Global, among others. 

Ahead of the IPO, the Bengaluru-based company’s public issue closed with an oversubscription of 1.43X in late-April 2025. The IPO received bids for 7.65 Cr shares as against 5.34 Cr shares on offer. 

This marked the year-long culmination of Ather’s efforts to get listed on the exchanges. The Bengaluru-based company commenced its IPO proceedings in June 2024 as its board passed a resolution to convert into a public company. A couple of months later in September, it filed its DRHP. 

As per its draft IPO papers, Ather’s public issue was to comprise a fresh issue of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares. 

In December 2024, the company received SEBI’s approval to go ahead with its IPO plans. Four  months later in April 2025, the EV major filed its RHP with SEBI and trimmed the size of its IPO. 

It cut the size of its fresh issue to INR 2,626 Cr and OFS component to up to 1.1 Cr shares. It set a price band of INR 304 to INR 321 per share for its IPO. 

Ahead of the opening of the IPO, the company raised INR 1,340 Cr from 36 anchor investors, including SBI, ADIA, Invesco, Franklin Templeton, among others, at INR 321 apiece. 

Ather managed to trim its net loss by more than 25% to INR 577.9 Cr in the nine-month period ended December 2024 from INR 776.4 Cr in the year-ago period. Revenue from operations zoomed 28.32% to INR 1,578.9 Cr in the first three quarters of FY25 from INR 1,230.4 Cr in the same period last year.

Startups That Have Filed DRHP

Amagi

Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming TV platforms.

It claims to support over 800 content brands, 800 playout chains and 5,000 channel deliveries via its platforms in over 150 countries, and has presence in cities such as New York, Los Angeles, Toronto, London, among others. 

In January, a report claimed that the SaaS company was planning to file its DRHP in the “coming months” to raise INR 3,200 Cr via its IPO. Amagi was said to have roped in Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment bankers to helm its public issue.

In the run-up to the IPO, the SaaS unicorn, in May 2025, appointed Ira Gupta and Giridhar Sanjeevi as independent directors to its board for a period of three years. Days later, it converted into a public entity, with the company’s board passing a special resolution to change the name to “Amagi Media Labs Limited” from “Amagi Media Labs Private Limited” previously. 

On the financial front, Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in FY24 from INR 321.2 Cr in the previous fiscal year. Meanwhile, revenue from operations jumped 29.18% to INR 879.1 Cr from INR 680.5 Cr in FY23.

ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.

Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and chief executive officer (CEO) Siddharth Shah, and Karbonite Ventures, the startup has bagged more than $25 Mn in funding to date. 

In August 2024, the startup kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue will comprise solely a fresh issue of shares, and there will be no offer for sale (OFS) component. 

Later on, the company, in an addendum to its DRHP, informed the markets regulator that it has trimmed the size of the fresh issue in the IPO to INR 579.6 Cr from INR 600 Cr earlier. It received approval from the market regulator for its public listing in November 2024.

In January 2025, the B2B ecommerce platform undertook a pre-IPO placement to raise INR 80 Cr by issuing 36.03 Lakh equity shares for INR 222 per share. 

The startup plans to use the IPO proceeds to repay outstanding credit, support working capital requirements, potential acquisitions and investments in its subsidiary. 

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in the financial year 2023-24 (FY24), while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review.

Avanse Financial Services

Founded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India. 

The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.

In July 2024, SEBI returned the non-bank lender’s DRHP on “technical grounds”. A month later, the company refiled its draft IPO papers with the market regulator. Subsequently, SEBI gave its nod to the NBFC for the IPO in October 2024.

In May 2025, Inc42 exclusively reported that the NBFC appointed former Bajaj Finserv chief operating officer (COO) Rakesh Bhatt as an independent director on its board. 

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC), Mubadala Investment Company and Kedaara Capital, the startup has reportedly raised more than $299 Mn in funding to date. 

As per the DRHP, Avanse clocked a net profit of INR 342.4 Cr in FY24, more than doubling from INR 157.71 Cr in the previous fiscal year. Operating revenue also grew sharply to INR 1,726.9 Cr in the fiscal under review from INR 989.5 Cr in FY23.

Aye Finance

A brainchild of Sanjay Sharma and Vikram Jetley, Aye Finance was founded in 2014. The NBFC’s unique selling proposition (USP) lies in its AI-powered credit assessment algorithms that it leverages to offer loans to small businesses across the country. 

The NBFC has secured $500 Mn in funding to date and counts the likes of Google, ABC Impact, Dutch entrepreneurial development bank FMO, among others, as investors. In the run up to its IPO in January 2025, it secured INR 110 Cr in debt from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

Prior to that in early December 2024, the NBFC’s board approved a proposal to raise up to INR 1,450 Cr through an IPO. Consequently in mid-December, the company filed its draft red herring prospectus with the SEBI for a public listing. 

The markets regulator greenlit the NBFC’s IPO plans on April 3, 2025. 

As per the DRHP, Aye Finance’s IPO will comprise a fresh issue of shares worth INR 885 Cr and an OFS component of INR 565 Cr. The OFS will see the likes of investors such as LGT Capital, CapitalG, A91 Fund, MAJ Invest and Alpha Wave offload their stake in the company. 

The NBFC plans to use the fresh proceeds to meet future capital requirements and for undertaking existing business activities.

Aye Finance’s net profit declined marginally to 107.8 Cr in the first half (H1) of FY25 as against INR 113.89 Cr in the year-ago period. Alongside, operating revenue soared to INR 692.24 Cr during the period from INR 472 Cr in H1 FY24.

boAt

Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C brand that sells products such as headphones, smart watches and speakers. 

The startup has raised more than $171 Mn across multiple rounds from marquee names such as Warburg Pincus,Qualcomm Ventures, Malabar Investments, Innoven Capital, Fireside Ventures, among others. 

boAt has been planning its IPO for some years now. In 2022, it filed its DRHP with SEBI in 2022 for an INR 2,000 Cr public issue but later shelved the plan amid adverse macroeconomic conditions. 

Subsequently, in June 2024, cofounder and CEO Sameer Mehta hinted at an impending IPO and said that boAt would be looking to raise INR 2,000 Cr via the IPO in the next 12-18 months. He also said that the company was looking to turn net profitable yet again in FY25 before moving ahead with IPO plans.

A few months later in September, cofounder and chief marketing officer Aman Gupta echoed the sentiment and said that the startup was eyeing a listing on the Indian stock exchanges in 2025. 

Kicking off its IPO plans in November 2024, boAt reportedly finalised ICICI Securities, Goldman Sachs and Nomura as the bankers to helm its IPO in 2025 at a valuation north of $1.5 Bn. In February 2025, reports claimed that the company was planning to file its DRHP with SEBI via confidential pre-filing route for an INR 2,000 Cr IPO by FY26.

The D2C brand’s board, in late-February 2025, greenlit plans to amend the company’s articles of association (AoA) and raise up to INR 500 Cr via fresh issue of shares during the IPO. Subsequently, the company’s parent Imagine Marketing filed its DRHP via the confidential pre-filing route. 

Meanwhile, on the financial footing, boAt continued to be in the red for the second consecutive fiscal year in FY24. It posted a net loss of INR 79.7 Cr in FY24, down 38% from INR 129.4 Cr in the previous year. Operating revenue also fell 7% to INR 3,117.7 Cr during the year under review from INR 3,376.8 Cr in FY23.

BlueStone

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery brand that sells rings, pendants, earrings and other products. Backed by Prosus, Steadview Capital and Think Investments, the startup has raised more than $184 Mn in funding till date. 

Kicking off its IPO proceedings in August 2024, the jewellery startup raised INR 900 Cr as part of a pre-IPO funding round that catapulted its valuation to $970 Mn. Just four months later in December, the omnichannel jewellery brand filed its DRHP for an INR 1,000+ Cr IPO.

SEBI issued its observation letter to BlueStone to go ahead with the IPO on April 1, 2025.

The IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer-for-sale component of up to 2.40 Cr equity shares. Existing investors Accel, Kalaari Capital, Saama Capital and IvyCap Ventures will offload their stake in the company via OFS.

It plans to use the IPO proceeds to fund its working capital requirements and for general corporate purposes. 

In May, the company bagged INR 40 Cr in debt from BlackSoil and Caspian Impact Investments as the company’s board allotted 800 non-convertible debentures (NCDs) to the two investors at a face value of INR 5,00,000 each to raise the capital. 

On the financial front, BlueStone reported a net loss of INR 59.2 Cr against an operating revenue of INR 348 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25). 

DevX

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others.

The startup, backed by Kalpesh Gala, Unmaj Corporation, and Bidiwala Family Office, last raised $7 Mn in a mix of debt and equity in February 2024. DevX currently operates over 25 coworking spaces in more than 10 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Surat, among others. 

The coworking startup initially filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. At the time, DevX’s IPO consisted solely of a fresh issue of 2.47 Cr shares and no OFS component. 

However, in February 2025, SEBI returned the DRHP of the managed office space provider for unspecified reasons. Subsequently, the company refiled its DRHP with the markets regulator in April 2025. 

As per the updated DRHP, the company has increased the size of its fresh issue to up to 2.75 Cr shares from 2.47 Cr shares earlier. 

It plans to deploy the fresh proceeds for the repayment of debt, expanding its footprint and for general corporate purposes. 

As per the DRHP, DevX reported a net profit of INR 43.7 Lakh in FY24 compared to a loss of INR 12.8 Cr in the previous fiscal. Operating revenue also jumped more than 54% to INR 108.08 Cr in the financial year under review compared to INR 69.91 Cr in FY23. 

It clocked a net profit of INR 38.4 Lakh in the first half (H1) of the fiscal year 2024-25 (FY25) on an operating revenue of INR 59.4 Cr. 

IndiQube

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a coworking space provider that offers workspace design, interior build out and other B2B and B2C-focussed services. 

Backed by WestBridge Capital, Aravali Investment Holdings, and Konark Trust, IndiQube has raised more than $45 Mn in funding to date across multiple rounds. 

Kicking off its IPO proceedings, the Bengaluru-based company turned into a public limited company in December 2024. In the same month, the managed office space provider filed its DRHP with markets regulator SEBI for an INR 850 Cr IPO. In March 2025, SEBI greenlit the coworking space startup’s IPO. 

The company’s IPO will comprise a fresh issue of shares worth up to INR 750 Cr and an offer for sale (OFS) component of up to INR 100 Cr. Promoters and cofounders, Das and Agarwal, plan to offload a part of their stake via OFS.

The company’s shares will be listed on the BSE and the NSE. IndiQube plans to utilise the fresh proceeds to establish new centres, repay certain borrowings, and for general corporate purposes.

IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.10 Cr in the previous fiscal. However, revenue from operations surged 44% to INR 867.66 Cr during the year under review from INR 601.28 Cr in FY23. 

Physics Wallah

Founded in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah (PW) operates online and offline coaching centres for K-12 students and test preparation platforms for various exams. It also has a skilling arm and a study abroad vertical.

In 2024, PW finalised Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for its proposed $400 Mn to $500 Mn public listing in 2025. As per reports, the public issue will likely be a mix of fresh issuance of shares and offer for sale.

Previous reports noted that the edtech unicorn was eyeing a flat valuation of over $2.8 Bn, the number at which it was last pegged. If the plan fructifies, PW will become India’s first edtech startup to list on the stock exchanges.

Ahead of the public listing, the edtech unicorn, in March 2025, appointed three independent directors to its board – former Zomato deputy CFO and Moonstone Ventures founder Nitin Savara, former RBI regional director Rachna Dikshit, and ex-bureaucrat Deepak Amitabh.

The company also changed the designation of Prateek Boob from executive director to wholetime director of the company for a period of five years, effective February 2025. Not just this, the company also issued bonus equity shares worth INR 212.3 Cr to all its stakeholders in the run up to the IPO in March 2025. 

Subsequently in March 2025, the edtech unicorn finally filed its DRHP via confidential route with the SEBI for an INR 4,600 Cr IPO. As per reports, a big chunk of the public issue will comprise the OFS component.

PW reported a net loss of INR 1,131.2 Cr in FY24 compared to INR 84.06 Cr in FY23. The startup’s operating revenue jumped 2.6X to INR 1,940.4 Cr in the fiscal under review from INR 744.3 Cr in FY23.

Shiprocket

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics companies. It partners with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, and caters to customers across 24,000+ pin codes in India. 

Backed by names such as Temasek, Bertelsmann, Tribe Capital, Lightrock, among others, Shiprocket has raised more than $323 Mn in funding to date. 

Kicking off its IPO proceedings, the logistics unicorn’s board, in January 2025, passed a resolution to convert the startup into a public company from a private one. 

In May, the Zomato-backed unicorn filed its DRHP with SEBI via the pre-filling route. In a newspaper ad, the company said that it proposes to list its shares, with a face value of INR 10 each, on the main board of the BSE and the NSE.

While the company has publicly not confirmed the size of its IPO, reports suggest that the logistics startup plans to raise INR 2,000 Cr to INR 2,500 Cr through the IPO. While INR 1,000 Cr to INR 1,200 Cr will be a fresh issue, the remaining would be raised via the OFS.

On the financial front, the startup reported a net loss of INR 595 Cr in FY24, up 74.4% from INR 341 Cr in the year-ago fiscal. Its operating revenue jumped 20.8% to INR 1,316 Cr in the year under review from INR 1,089 Cr in FY23.

Smartworks

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider that offers customisable coworking solutions for enterprises. 

The startup has raised $41 Mn in funding till date and is backed by the likes of Ananta Capital, Keppel Land and Plutus Capital. 

Taking the first step towards its IPO, the startup turned into a public company in July 2024 and changed its name to Smartworks Coworking Spaces Ltd from Smartworks Coworking Spaces Private Ltd previously.

In August 2024, it filed its DRHP with SEBI for an INR 550 Cr initial public offering and received approval from the markets regulator for its listing in December 2024. 

As per its DRHP, the company’s IPO comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) component of up to 67.49 Lakh equity.  In December 2024, the company received approval from the SEBI to go-ahead with its IPO.

Smartworks trimmed 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.

Ullu

Founded by the husband-wife duo of Vibhu Agarwal and Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform that deals with the distribution, promotion, exhibition, marketing and delivery of video content on its streaming platform Ullu. 

It filed its DRHP with the BSE SME for an IPO in February 2024. As per the draft papers, the company’s IPO would comprise a fresh issue of 62.63 Lakh shares and would not have OFS component. Ullu Digital plans to raise INR 135-INR 150 Cr via the IPO. 

The platform plans to use the net proceeds raised via the IPO to meet its expenses for production of new content, purchase of international shows, tech investment, and to meet the working capital requirements.

While Vibhu Agarwal holds a 61.75% stake in Ullu Digital, Megha Aggarwal owns 33.25% of the company. 

In March 2024, the OTT streaming platform came under the scanner of multiple government authorities including SEBI, the Ministry of Corporate Affairs and the Ministry of Electronics and Information Technology (MeitY) for allegedly selling “pornographic” content using school children.

Later on in December 2024, cofounder and CEO Vibhu Agarwal told a publication that Ullu’s IPO was delayed due to certain “obstacles”, adding that the company now plans to hit the bourses by March 2025. However, there have been no further updates on the public listing plans.

Ullu Digital’s net profit declined 16% to INR 12.68 Cr in FY24 from INR 15.14 Cr in the previous fiscal. The streaming major’s revenue from operations rose 7% to INR 99.67 Cr during the fiscal under review from INR 93.15 Cr in FY23. 

WeWork India 

Karan Virwani brought WeWork to India in 2017 through a partnership with his family’s Embassy Group. The coworking major operates over 54 centres spanning across eight cities in India including Mumbai, Delhi NCR, Bengaluru, among others. These centres include over 1 Lakh desks and 8 Mn square feet of space. 

The company has been planning its IPO for some time now. In November 2024, WeWork India rejigged its board and followed it up by raising INR 500 Cr via a rights issue in January 2025. 

Subsequently, in February 2025, the company filed its DRHP with SEBI to raise funds through an IPO. However, the market regulator, in March 2025, said that it has kept the approval for the coworking giant’s IPO in “abeyance”, without specifying any reason. 

WeWork India’s public issue consists solely of an offer-for-sale (OFS) component of up to 4.3 Cr (43,753,952) equity shares 

Of these, promoter group Embassy Buildcon LLP will sell 3.34 Cr shares, while Ariel Way Tenant will offload 1.02 Cr shares. 

As per its DRHP, WeWork India reported a net profit of INR 174.5 Cr in the first half (H1) of the fiscal year 2024-25 (FY25) against an operating revenue of INR 918.1 Cr.

Zappfresh

Founded in 2015 by Deepanshu Manchanda and Shruti Gochhwal, Zappfresh is a D2C meat startup that supplies meat from farms to customers within 90 minutes. 

Taking its first step towards IPO,the startup converted into a public entity in April 2024 after dropping “private” from its name. As per its RoC filings, the company changed its name to DSM Fresh Foods Limited from DSM Fresh Foods Private Limited previously. 

The startup’s parent filed its DRHP for listing on BSE SME in August 2024. Zappfresh’s IPO will comprise a fresh issue of 59.06 Lakh equity shares, with no offer for sale component. 

While there has been clarity on the public issue since then, Zappfresh cofounder and CEO Deepanshu Manchanda, in February 2025, told Inc42 attributed the delays in the company’s public listing to SEBI tightening IPO rules for SMEs in December 2024. Manchanda said that the company is following up with SEBI on the matter and expects Zappfresh to become a listed entity in 2025 itself. 

The D2C meat delivery startup is looking to raise fresh capital in the range of INR 60 Cr to INR 70 Cr via the public issue. 

As per its DRHP, Zappfresh plans to use the proceeds from the IPO to fuel acquisitions, meeting marketing and capital expenditure requirements and for general corporate purposes.

Zappfresh reported a net profit of INR 4.7 Cr in the fiscal 2023-24 (FY24), up 70% from INR 2.7 Cr in the previous year. Meanwhile, operating revenue surged more than 60% to INR 90.4 Cr in the fiscal under review from INR 56.3 Cr in FY23.

Startups Lining Up IPO Plans In 2025

Aequs 

A brainchild of Aravind Melligeri, Aequs is a contract manufacturing company that offers a range of integrated high-precision engineering services including forging, precision machining, surface treatment and aerostructure assembly and testing for the aerospace industry as well as consumer electronics companies.

Founded in 2016, it operates a diversified and vertically-integrated manufacturing platform, which is focussed on exports. It caters to giants like Apple, Airbus, Boeing, Safran, Dassault, Collings Aerospace, among others. Alongside, it also claims to have built India’s first global-scale toys manufacturing ecosystem, the Koppal Toy Manufacturing Cluster, in Karnataka. 

Till date, Aequs has raised more than $81 Mn in funding and is backed by the likes of Avansa Capital, Amicus Capital, Steadview Capital, Catamaran (the family office of Infosys founder Narayana Murthy), Sparta Group, among others. 

Kicking off its IPO proceedings, Aequs’ board, in April 2025, gave its nod to change the name of the company to ‘Aequs Limited’ from ‘Aequs Private Limited’. 

Turning into a public entity marks the first step towards an IPO. In the run up to the public listing, Aequs’ board also approved the appointment of Melligeri as the executive chairman and CEO of the company for five years till May 2030. 

Notably, previous reports suggested that the startup is looking to launch its IPO in late-2025 and is eyeing raising $200 Mn via the public listing. 

On the financial front, the aerospace parts maker narrowed its consolidated net losses by 89% to INR 12.1 Cr in FY24 from INR INR 108.7 Cr in the previous fiscal. Meanwhile, total revenue grew more than 18% to INR 988.3 Cr during the fiscal year under review from INR 836.2 Cr in FY23.

Bira 91

Founded by Ankur Jain in 2015, Bira 91 sells craft, lager and strong beers as well as non-alcoholic beverages. Backed by Sofina, DS Group and Peak XV Partners, Bira 91 has bagged $449 Mn in funding to date across multiple rounds. 

The beer marker’s IPO has been in works for some time now. Although Bira converted into a public company and renamed itself as B9 Beverages Limited back in 2022, it is yet to file its00 DRHP with the SEBI.

However, the company resuscitated its IPO plans in July 2024 amid a spree of new-age tech public listings. At the time, reports said that the alco-beverage brand was looking to list on the bourses in 2026 and had roped in investment banking firm Morgan Stanley to helm its pre-IPO process.

The Delhi NCR-based brand’s operating revenue rose 15% to INR 824.3 Cr in the year ended March 2023 as against INR 718.8 Cr in FY22. Meanwhile, net loss jumped 12% YoY to INR 445.4 Cr in FY23.

Capillary Technologies

Founded in 2008 by Aneesh Reddy, Capillary Technologies is a SaaS startup that offers omnichannel engagement and commerce solutions. 

With presence spanning India, Southeast Asia, MENA, and the US, the startup has raised more than $239 Mn in funding to date. It is backed by the likes of marquee names such as Avataar Ventures, Filter Capital, Peak XV Partners, among others. 

In January 2025, Inc42 exclusively reported that the company has restarted its IPO preparations and will likely file its DRHP with SEBI for a $200 Mn public offering by June 2025. The IPO will comprise a fresh issue of shares in the range of $12 Mn to $24 Mn while the remaining will be part of the OFS component. 

The promoter group and investors who joined the startup’s cap table over the last couple of years are expected to offload their stakes via the OFS. Capillary is eyeing a valuation in the range of $500 Mn to $1 Bn during the potential public listing. 

In May 2025, the SaaS startup received approval from its board to raise INR 2,250 Cr through its IPO. As per filings with RoC, the public issue will comprise a fresh issue of shares worth INR 500 Cr and an offer for sale (OFS) component of INR 1,750 Cr. It also plans to consider raising additional funds in a pre-IPO round.

This will be the SaaS startup’s second stab at a public listing. In 2021, the company filed its DRHP to raise $114 Mn via its market debut. 

In the run up to its IPO, the enterprise tech startup acquired Canada-based martech platform Kognitiv for an undisclosed amount in May 2025.

As per Tofler, the company’s India entity closed FY24 with a revenue of INR 150.1 Cr, up marginally from INR 142.6 Cr in the previous fiscal. Its net loss declined to INR 52.3 Cr in the fiscal under review compared to INR 90.1 Cr in FY23.

Captain Fresh

Founded in 2019 by Utham Gowda, Captain Fresh is a B2B startup that exports and sells fish and seafood. Besides operating a marketplace for fisherfolk to sell their catch, it also offers an end-to-end operations management tool for retail outlets and supermarket chains for sale of seafood.

Backed by the likes of Tiger Global, Prosus and British International Investment (BII), the B2B startup has raised more than $172 Mn in funding to date. 

In May 2024, the company appointed Mathew George as its group chief financial officer (CFO) ahead of its potential IPO. Subsequently, in October, it was reported that Captain Fresh had roped in Axis Capital and Bank of America (BofA) as bankers to helm its planned IPO in the second half of 2025. 

In December 2024, reports surfaced that the B2B seafood chain was in discussions with investors to raise $50 Mn to $100 Mn in its pre-IPO round at a valuation of $600 Mn to $650 Mn. The fundraise is expected to include both primary and secondary components, with existing backers such as Accel and Prosus likely to participate.

The B2B seafood startup is looking to raise $350 Mn to $400 Mn as part of its public issue. Of this, half will be part of the fresh issue while the remaining will be the offer for sale (OFS) component. The startup is said to be eyeing a valuation of $1.3 B to $1.5 Bn for the IPO. 

In February 2025, the B2B seafood startup secured INR 250 Cr as part of its ongoing pre-IPO round led by existing investors Prosus Ventures, Accel and Tiger Global.  

CarDekho

Founded in 2008 by siblings Amit Jain and Anurag Jain, CarDekho operates an online car listing platform, insurance platform InsuranceDekho, and lending platform Rupyy. 

CarDekho has so far raised more than $692 Mn in funding and competes with the likes of CarTrade, Spinny and Cars24. During its last fundraise in 2021, the company was valued at $1.2 Bn. 

As per reports, the auto marketplace is in advanced talks to appoint merchant bankers to helm its IPO, and is eyeing a public listing in 2025. The company is looking to raise nearly $500 Mn at a valuation of $2 Bn to $2.5 Bn.

Its early backers, including Peak XV, Google Capital, and Hillhouse Capital, are expected to offload a part of their stakes via OFS. 

CarDekho plans to utilise the proceeds from the IPO to fuel CarDekho’s geographical and category expansion as well as for future acquisitions. 

However, this is not the first time that CarDekho is planning to list on the bourses. While the company internally was looking to list on the bourses in 2021, the plans did not materialise then.

As per MCA filings, CarDekho Group reported a consolidated operating revenue of INR 2,250.43 Cr in FY24, down 3.49% from INR 2,331.88 Cr in the previous fiscal. Meanwhile, the company trimmed losses by nearly 40% to INR 340.08 Cr during the period under review from INR 566.13 Cr in FY23.

Cult.fit

Founded in 2016 by former Myntra cofounder Mukesh Bansal and ex-Flipkart executive Ankit Nagori (left in 2020), Cult.fit operates a chain of gyms, health-focussed cloud kitchen brand Eat.fit, mental wellbeing platform Mind.fit, primary healthcare vertical Care.fit, among others. 

Backed by the likes of names such as Zomato, Accel, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures, Cult.fit has raised more than $650 Mn to date. 

Jumping on the IPO bandwagon, the fitness startup, in March 2025, kicked off plans for a public listing. As per a report, the company has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as bankers to helm its INR 2,500 Cr public offering.

Cult.fit is reportedly eyeing a valuation of $2 Bn, a steep 27% jump from its last known valuation of $1.56 Bn in 2021 when Zomato invested $100 Mn in the company to acquire a 6.4% stake.

The startup saw its operating revenue zoom 33.6% to INR 926.6 Cr in FY24 from INR 693.7 Cr in the year-ago period. Meanwhile, its consolidated net loss widened 42% to INR 888.5 Cr in the fiscal under review from INR 625.5 Cr in FY23.

Curefoods

Founded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen unicorn that operates a diverse portfolio of brands including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle. 

It claims to manage more than 200 cloud kitchens and offline outlets across 15 cities in India, offering over 10 cuisines. The startup has raised more than $175 Mn in funding to date and is backed by names such as Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance, among others. 

In January 2025, it was reported that the Bengaluru-based cloud kitchen startup was looking to float a $300 Mn to $400 Mn IPO in the latter part of FY26. The startup was said to have initiated talks with bankers for the public issue and was looking to finalise the bankers soon.

In May 2025, the Bengaluru-based cloud kitchen startup converted into a public entity ahead of its IPO. Its board passed a resolution to change its name to ‘Curefoods India Limited’ from ‘Curefoods India Private Limited’. 

On the financial front, the company trimmed its net loss by 49.64% to INR 172.6 Cr in FY24 from INR 342.7 Cr in FY23. Meanwhile, operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.

Droom

Founded in 2014 by Sandeep Aggarwal, Droom operates an ecommerce platform that connects used car dealers with customers. In addition, the company also offers car rental services, and owns a car financing arm, a SaaS vertical, and advertising business. 

The startup has raised nearly $300 Mn in funding to date and is backed by names such as Lightbox, 57 Stars and Seven Train Ventures, among others.

The used car marketplace plans to file its DRHP for an INR 1,000 Cr IPO by June 2025 and is targeting a listing on the exchanges by November 2025. Its public issue will consist of a fresh issue as well as an offer for sale, with the fresh issue likely to be over 50% of the offer. 

Droom is aiming for a valuation of $1.2 Bn to $1.5 Bn for the IPO and has already finalised two middle market banks for the public issue. 

If the plan fructifies, this will be Droom’s second attempt at a public listing. In late 2021, the company filed its IPO papers with markets regulator SEBI to raise INR 3,000 Cr but later deferred the plan due to market volatility.

Meanwhile, the startup also plans to raise nearly INR 200 Cr as part of a pre-IPO round from existing investors and new investors including Indian family offices and high net worth individuals (HNIs). 

In March 2025, the auto tech platform secured $3 Mn in a round co-led by India Accelerator and Finvolve. As per the startup, the proceeds will “expedite” its plans for refiling its draft IPO papers in 2025 itself.

On the financial front, Droom reported a net loss of INR 40.4 Cr in FY24, down 35% from INR 62.1 Cr in the previous fiscal year. Meanwhile, the Lightbox-backed company’s operating revenue also tanked 66% to INR 85.4 Cr in the fiscal under review from INR 253.3 Cr in FY23.

Flipkart

Flipkart was founded in 2017 by Binny Bansal and Sachin Bansal. Later, the duo sold a majority stake in the ecommerce juggernaut to Walmart in 2018 for $16 Bn. Since then, the ecommerce major has become India’s biggest online marketplace and has diversified into a host of new areas, including fintech, travel aggregation, and quick commerce. 

Flipkart, which is also backed by Google, was last valued at $35 Bn during a $1 Bn fundraise. 

Arguably the biggest startup in the country by valuation, the ecommerce major is aiming to list on the Indian bourses soon. Flipkart, which has already received internal approvals to shift its domicile to India from Singapore, may launch an IPO by 2025-end or early-2026. 

In February 2025, Inc42 reported that the company has sped up plans for a public listing and has been rejigging its top brass and strengthening its board. In addition, the top brass has issued directions internally to employees to stick to stricter profit targets, pitch plans for new verticals, and scale up revenues.

The ecommerce major’s B2C arm, Flipkart Internet Private Ltd, reported an operating revenue of INR 17,907.3 Cr in FY24, up from INR 14,825 Cr in the previous fiscal. Meanwhile, loss declined 41% to INR 2,358 Cr from INR 4,028 Cr in FY23.

Fractal

Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal and Ashwath Bhat, Fractal is a SaaS startup that offers artificial intelligence (AI) and advanced analytics solutions to enterprises globally. 

Backed by TPG Capital, Khazanah Nasional and Apax Partners, the enterprise tech startup has raised $685 Mn in funding till date. It turned unicorn in 2022 and was last valued at over $2 Bn. 

As per Fractal’s annual report for FY24, the startup converted into a public company from a private company in May 2024.

Last reported, the company was looking to raise $500 Mn to $600 Mn via its IPO at a valuation of around $3.5 Bn. As per reports, Fractal’s public issue will likely have a “large share” of secondary share sale by existing investors, the quantum of which is still yet to be decided. 

Fractal slipped into the red in FY24 as it reported a net loss of INR 54.7 Cr in the fiscal under review as against a profit of INR 194.4 Cr in the previous fiscal. Meanwhile, revenue from operations jumped 11% to INR 2,196.3 Cr in the fiscal ended March 2024 from INR 1,985.4 Cr in FY23.

Groww

Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks, exchange-traded funds (ETFs) and other financial instruments.

The investment tech major has been looking to list on Indian bourses for some time now. Groww shifted its domicile back to India in March 2024 with an eye on an IPO. It also paid a hefty INR 1,340 Cr in taxes to US authorities to reverse flip back to India. 

In January 2025, reports surfaced that Groww’s parent Billionbrains Garage Ventures plans to file its DRHP by April-May 2025 for an IPO worth over $1 Bn. It is eyeing a public listing by the end of FY26. Previous reports noted that the company was targeting a valuation of $7-8 Bn for the IPO.

The company has also finalised five investment banks, Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal, to helm its public listing. The public issue is expected to largely comprise an offer for sale (OFS) component. 

Meanwhile, in March 2025, the IPO-bound invest tech unicorn’s parent, issued bonus compulsorily convertible preference shares (CCPS) to existing investors Peak XV Partners, Ribbit Capital and Y Combinator, as per a CCI notice. The deal also resulted in the collapse of the differential voting rights (DVR) held by Groww cofounders Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal.

In the same month, the investment tech unicorn was said to be in talks with Singapore’s sovereign wealth fund GIC and existing backer Tiger Global to raise $200 Mn ahead of its listing, for which is is likely to seek a valuation of $6.5 Bn.

Subsequently in May 2025, GIC moved the Competition Commission of India (CCI) to seek approval to acquire over 2.143% stake in the investment tech unicorn. In the same month, it also settled at least two cases with SEBI ahead of the IPO. 

Not just this, Inc42 also reported in May 2025 that the IPO-bound investment tech unicorn signed a definitive agreement to acquire wealthtech startup Fisdom in an all-cash deal, which will peg Fisdom at about $150 Mn. 

Meanwhile, in May 2025 itself, the investment tech major filed its draft IPO papers with markets regulator SEBI via the confidential pre-filing route. Right after that, Inc42 reported that the company’s board was set to vote on raising $202.3 Mn by allotting 1.8 Cr Series F CCPS to Singapore GIC and ICONIQ Capital. 

The company reported a profit of INR 535 Cr in FY24 on an operating revenue of INR 3,145 Cr.

InCred

Founded in 2016 by Bhupinder Singh, InCred Group operates three separate verticals. While InCred Finance is the lending vertical, InCred Capital is the company’s wealth and asset management arm. Finally, InCred Money deals in retail bonds and alternative investments. 

InCred is backed by marquee names such as Abu Dhabi Investment Authority (ADIA), OAKS, Investcorp, Moore Capital, Elevar Equity, among others. 

In December 2024, reports claimed that the fintech unicorn InCred Financial Services was looking to raise INR 4,000 Cr to INR 5,000 Cr via an IPO in late-2025. The company is said to be eyeing a valuation in the range of INR 15,000 Cr to INR 22,500 Cr. 

InCred’s net profit surged 162% to INR 316.3 Cr in FY24 as against INR 120.9 Cr in the previous fiscal. Operating revenue also soared 47% to INR 1,270 Cr during the fiscal under review from INR 864.6 Cr in FY23.

Imarticus Learning

Founded in 2012 by Nikhil Barshikar and Sonya Hooja, Imarticus Learning is an edtech platform that imparts training to individual learners as well as corporate employees in areas such as finance, digital marketing, data analytics, GenAI, business management, human resources, among others.

Imarticus claims to have so far onboarded nearly 40,000 learners across its B2C and B2B platforms. Backed by Global Ivy Ventures, Capian and BLinC Invest, the upskilling platform has raised more than $11.7 Mn in funding to date. 

Speaking with Inc42 in April 2025, cofounder and CEO Barshikar said that the company plans to file its DRHP with SEBI in the next four to five months for INR 750 Cr IPO. As per the CEO, the public issue will comprise fresh issue of shares as well as an offer-for-sale component. 

While the company is yet to finalise its valuation for the IPO, Imarticus Learning’s bankers have pitched a 25X to 30X revenue multiple for its valuation. Considering Barshikar’s claim of INR 205 Cr revenue in FY25, the edtech company could be staring at a valuation of INR 5,000 Cr to INR 6,000 Cr. 

In May 2025, the upskilling platform announced the acquisition of Bengaluru-based edtech platform MyCaptain for INR 50 Cr in a cash and stock deal.

Meanwhile, as per Tofler, the upskilling platform’s revenue jumped more than 16% to INR 159 Cr in FY24 compared to INR 136.8 Cr in the previous year. Net loss also rose nearly 10% to INR 24.6 Cr in the fiscal year under review as against INR 22.4 Cr in FY23. 

Infra.Market

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates a B2B marketplace that sells construction products and other range of building materials such as concrete, steel, pipes, fittings, and chemicals. 

The startup has raised over $415 Mn in funding to date and is backed by marquee investors such as Tiger Global, Accel, and Nexus Ventures.

Infra.Market has set the ball rolling for its IPO and has shortlisted eight investment bankers, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, among others, as advisors for the IPO. 

While the company is eyeing raising $500 Mn to $700 Mn via its IPO, it may also increase it further depending on “market conditions”. Its public issue will comprise a fresh issue of shares as well as secondary share sale. 

While the talks are still in early stages, the proceeds from Infra.Market’s potential IPO will be utilised to repay the debt incurred for the startup’s organic and inorganic growth initiatives.

In the run up to the IPO, the company, in January 2025, raised INR 1,050 Cr as part of its pre-IPO round at a valuation of about $2.8 Bn, up over 10% from $2.5 Bn at which it was last pegged. 

The B2B ecommerce major’s net profit narrowed 17% YoY to INR 155.2 Cr in FY23 while operating revenue soared 90% YoY to INR 11,846.5 Cr during the fiscal under review.

InMobi

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, InMobi is an adtech platform that offers a suite of product discovery and monetisation solutions. 

Headquartered in Singapore, the SaaS startup also has offices in Bengaluru, New York, Beijing, London, Dubai, and several other locations. Backed by the likes of Sherpalo Ventures, SoftBank and Kleiner Perkins, InMobi has raised more than $320 Mn in funding till date and was one of the first Indian new-age tech companies to enter the unicorn club in 2011. 

The SaaS startup is eyeing a public listing in India by October 2025 at a valuation of about $8 Bn to $10 Bn. The adtech major is looking to file its DRHP with SEBI for a $1 Bn IPO.

The IPO will comprise a fresh issue of shares as well as an OFS component. However, the IPO size is yet to be finalised, given discussions with bankers are still on. 

However, this will not be InMobi’s first stab at an IPO. In 2021, it was reportedly planning for an IPO but shelved the plans due to adverse market conditions and funding winter.

Innoviti

Founded in 2002 by Rajeev Agrawal, Innoviti is a digital payments solutions provider that allows businesses to accept payments and integrate real-time sales data into critical business processes. 

Backed by the likes of Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India and Alumni Ventures, the startup has raised more than $87 Mn in funding to date.

In August 2024, the company said it was eyeing a public market debut within the next 12 months. But, later on in January 2025, the company yet again extended its IPO deadline and said that it was looking to list on the bourses by 2025-end. 

Innoviti saw its revenue from operations decline marginally to INR 105.6 Cr in FY24, down from INR 110.2 Cr in FY23. Meanwhile, loss also fell to INR 70.5 Cr during the fiscal under review from INR 86.6 Cr in FY23.

Kissht

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a digital lending platform which offers personal and business loans of up to INR 5 Lakh. It leverages AI and machine learning algorithms to assess creditworthiness of customers. 

In addition, it also offers health-related insurance products and loans against property. 

In April 2025, reports surfaced that the digital lending startup has shortlisted ICICI Securities, UBS Securities, and Motilal Oswal as the investment bankers for its proposed $225 Mn IPO. The public issue will primarily comprise a fresh issue, and the proceeds will be utilised to fund growth and “new business lines”.

The fintech startup plans to file its DRHP by June 2025 and is eyeing a valuation of $900 Mn to $1.1 Bn for the public listing. 

The startup was valued at $344 Mn during its last fundraise of $80 Mn in 2022. Kissht has raised more than $140 Mn in funding to date and counts the likes of Vertex Growth, Brunei Investment Agency, Endiya Partners, and Ventureast among its backers. 

On the financial front, Kissht’s net profit zoomed 234% to INR 82.46 Cr in FY24 from INR 24.67 Cr in the previous year. Operating revenue surged 60% to INR 412 Cr from INR 258 Cr in FY23.

Lenskart

Founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer that caters to customers in India, the UAE, Singapore, Japan, among others.

The company claims to have over 2,500 stores and a customer base of 2 Cr.

Jumping on the IPO bandwagon, the startup, in January 2025, initiated talks with bankers for a $750 Mn to $1 Bn IPO. The company is reportedly eyeing a valuation of $7-8 Bn through its IPO and plans to list on Indian bourses toward the end of FY26. If reports are to be believed, the eyewear major is planning to file its draft papers by May 2025 for an IPO at a valuation of $10 Bn. 

By late-January 2025, the company was said to have roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO. It was said to be looking to raise a pre-IPO round of about $1 Bn.

In late-May, the omnichannel eyewear giant’s board passed a special resolution to change the name of the company to “Lenskart Solutions Limited” from “Lenskart Solutions Private Limited” previously. In its filing with RoC, Lenskart said that the name conversion will enable it to undertake its IPO on “one or more stock exchanges”, without specifying the quantum of the planned issue size. 

The eyewear startup narrowed its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in the previous fiscal year. Meanwhile, operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23. 

Licious

Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious is a D2C brand that sells meat products. Operating on a farm-to-fork business model, the startup is focused on cold-chain food deliveries, including meat and chicken. 

The startup has raised nearly $555 Mn in funding to date and is backed by the likes of Temasek, 3one4 Capital, among others. 

The Bengaluru-based startup has been lining up plans to list on the bourses and is targeting a 2026 listing. As per the reports, Licious is eyeing a public listing at a valuation of more than $2 Bn. The D2C unicorn was last valued at $1.5 Bn in March 2023.

Licious claims to have trimmed its loss by 44% to INR 293.77 Cr in FY24 from INR 528.5 Cr in FY23. Meanwhile, revenue declined 8.4% to INR 685.05 Cr during the fiscal under review from INR 748 Cr in FY23.

Meesho

Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho initially started off as a social ecommerce platform. But, in 2022, it pivoted to the marketplace model, taking on the giants like Flipkart and Amazon.

The ecommerce platform has raised close to $1.36 Bn in funding so far and was last valued at around $5 Bn. 

Meesho’s IPO plans came to light after investor Prosus Ventures, in its half-yearly report for H1 FY25, said that it sees the online marketplace listing on the Indian bourses in the next 18 months.

In contrast, Meesho’s chief financial officer (CFO), in August 2023, said that the company was eyeing a stock market listing in the next 12-18 months. The 18-month deadline ended in February 2025. However, the company is far away from listing as it is yet to reverse flip to the country. However, preparations appear to be underway.

In August 2024, Meesho announced the appointment of four independent directors, with an eye on shoring up its board ahead of its IPO. Subsequently, in March 2025, reports surfaced that the company had shortlisted Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO. 

The ecommerce giant is said to be looking to raise $1 Bn at a likely valuation of $10 Bn. 

In the run up to its IPO, the company’s board, in late March 2025, passed a resolution to allot 20.65 Lakh equity shares to Aatrey and 6.59 Lakh shares to Barnwal on exercise of their ESOPs. 

In May 2025, the SoftBank-backed unicorn’s shareholders approved a proposal to issue 411.4 Cr bonus shares to equity shareholders in the ratio 47:1. Following the allotment, the paid up share capital of the company will increase to INR 420.1 Cr from INR 8.7 Cr earlier.

Meesho narrowed its net loss by 81.8% to INR 304.9 Cr in FY24 from INR 1,675 Cr in the previous fiscal. Operating revenue jumped 32.8% to INR 7,614.9 Cr during the year under review from INR 5,734.5 Cr in FY23. 

Moneyview

Founded in 2016 by Puneet Agarwal and Sanjay Aggarwal, Moneyview initially operated as a personal finance service provider but later diversified into the digital lending space in 2016. It also offers services such as UPI payments, gold SIPs, fixed deposits, digital gold, home loans and loans against property and insurance. 

It claims to have more than INR 15,000 Cr in assets under management (AUM) and has raised more than $190 Mn in funding to date. It locks horns with the likes of listed fintech giant MobiKwik, IPO-bound Navi and MoneyTap, among others.  

The lending tech startup joined the unicorn club last year after it raised INR 38.6 Cr from Accel India and Nexus Ventures. 

Jumping on the IPO bandwagon, the Tiger Global-backed startup has roped in Axis Capital and Kotak Mahindra Capital Company as bankers to oversee its public issue. Moneyview plans to raise more than $400 Mn from its IPO, which will primarily comprise a fresh issue of shares.

In May 2025, the fintech unicorn’s board approved a proposal to change the name of the company from Whizdm Innovations Private Limited to Moneyview Private Limited. In the same month, the fintech unicorn converted into a public company as shareholders approved to alter its name to ‘Moneyview Limited’ from ‘Moneyview Private Limited’.

Its net profit rose a marginal 5% to INR 171.2 Cr in FY24 from INR 162.6 Cr in the prior fiscal. Operating revenue surged 75% to INR 1,012 Cr during the fiscal under review from INR 576.8 Cr in FY23.

Navi 

Founded in 2018 by Flipkart cofounder Bansal and Ankit Agarwal, Navi is a financial services company that offers a range of products, including personal, vehicle, and home loans. Besides digital payments, the company now also offers insurance, and mutual fund investments.

In February 2025, reports emerged that the fintech unicorn had kicked off discussions with merchant bankers to restart its IPO proceedings. While the valuation and other details have not been finalised, Navi is eyeing a public listing in the second half of FY26.

Navi cofounder and executive chairman Sachin Bansal, in April 2025, said that the unicorn is looking to get listed on the bourses in FY26 itself. 

Notably, this is not the first time that Navi has lined up plans to list on the exchanges. In 2022, the company filed its DRHP with SEBI for an INR 3,350 Cr IPO but later shelved the plan amid raging market volatility. 

The Sachin Bansal-led fintech major saw its profit after tax (PAT) tumble 67% to INR 221.9 Cr in FY25 from INR 668.8 Cr in FY24. However, operating revenue rose 19% to INR 2,271.2 Cr in the fiscal under review from INR 1,906.2 Cr in FY24.

NoPaperForms

A brainchild of Naveen Goyal and Suraj Sapra, NoPaperForms, which was founded in 2017, helps educational institutions and edtech businesses automate student enrollment and fee collection processes. 

Serving 1,200 educational institutions including Manipal University, Shiv Nadar University, and PhysicsWallah, the startup also caters to customers in the UAE and Malaysia.

In March 2025, the Info Edge-backed startup, which operates under the brand Meritto, received a go-ahead from its board to undertake a public listing. 

If reports are to be believed, the SaaS startup has appointed two investment bankers, IIFL Capital and SBI Capital, for its IPO. The startup is eyeing an IPO in a range of INR 500 Cr to INR 600 Cr by the end of this year. 

NoPaperForms, which may file DRHP by Q2 FY26, is likely to seek a valuation of INR 2,000 Cr for the public listing. While Info Edge is yet to take a call on whether it will participate in the startup’s IPO, reports claim that the VC firm is unlikely to sell its stake in the company.

On the financial front, NoPaperForms turned profitable in FY24 and clocked a standalone net profit of INR 4 Lakh in the fiscal under review against a loss of INR 15 Cr in the previous fiscal year. Meanwhile, operating revenues jumped 45.4% to INR 70.03 Cr in FY24 from INR 48.18 Cr in FY23.

OfBusiness

Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan and Vasant Sridhar, OfBusiness operates a B2B ecommerce platform that sells construction materials and offers financing solutions to merchants.

In November, the startup reportedly appointed five investment banks, including Axis Capital, Morgan Stanley, JPMorgan, Citigroup and Bank of America to oversee its up to $1 Bn IPO.

The startup is said to be in the process of merging and integrating internal businesses ahead of the public listing. It plans to seek approval from SEBI between March and June 2025 and is eyeing a late-2025 listing. 

As per OfBusiness CFO Bhavesh Keswani, the company is targeting a $750 Mn to $1 Bn IPO, which will include a fresh issuance of shares worth $200 Mn. The remaining amount will be earmarked for OFS. 

The B2B marketplace is looking to debut on the bourses at a valuation of $6 Bn to $9 Bn. 

In January 2025, the B2B unicorn converted itself into a public company. Following its board’s approval, OfBusiness rechristened itself as OFB Tech Limited from OFB Tech Private Limited previously.

OfBusiness saw its consolidated operating revenue surge over 25% YoY to INR 19,296.3 Cr in FY24, while net profit soared to INR 603 Cr during the fiscal under review from INR 463.2 Cr in FY23.

Ola Consumer

Founded by Bhavish Aggarwal, Ola Consumer operates a mobility platform that offers ride-hailing, food delivery and financial services. Backed by SoftBank, Ola has raised more than $3.84 Bn in funding till date and is one of the biggest players in the Indian ride-hailing segment. 

In October 2024, it was reported that the startup had sought approval from its investors to turn into a public entity, the first step towards IPO. Subsequently, the company’s shareholders gave their approval to turn Ola Consumer into a public limited company.

Additionally, the company is also said to be finalising the bankers to handle the public issue. 

Previous reports said that the company had held talks with investment banks like Goldman Sachs, Bank of America, Citi, Kotak, and Axis to helm its $500 Mn IPO at a nearly $5 Bn valuation. 

Ola parent ANI Technologies narrowed its loss by more than half, 57.46%, to INR 328.5 Cr in FY24 from INR 772.2 Cr in the previous fiscal. Operating revenue also declined 5.48% YoY to INR 2,011.9 Cr in the fiscal under review. 

OYO

Founded in 2012, OYO is a travel tech startup that offers vacation homes, casino hotels, coworking spaces, budget hotels, corporate stays and more. 

The hospitality major, which was looking to refile its DRHP by the end of Q1 FY26, appears to have yet again put its public listing plans on backburner due to opposition from investor SoftBank and market volatility.

In May 2025, reports surfaced that SoftBank, which holds over 30% stake in OYO, told the unicorn to postpone its public issue till its earnings are stronger. With this, the hospitality juggernaut has now pushed its IPO timeline to March 2026, with an eye on a valuation above $7 Bn.

This comes close on the heels of the company reportedly reshuffling its ownership structure to prepare for a market debut amid increasing pressure from its creditors. In March 2025, it was reported that lenders, including Mizuho Financial Group, had directed founder and CEO Ritesh Agarwal to cough up the $383 Mn he owes as part of a $2.1 Bn loan package or list by October 2025. 

In late May 2025, reports again surfaced that the hospitality giant had restarted discussions for its public issue, with plans to file its DRHP with SEBI by September 2025. OYO is said to have held initial discussions with multiple investment banks, which pitched a valuation of $6 Bn to $7 Bn during the IPO. All said and done, the startup is now reportedly eyeing a debut on the exchanges by Q4 FY26. 

Not just this, OYO founder and CEO Ritesh Agarwal, in the same month, also publicly sought new “corporate name” suggestions for its parent entity Oravel Stays Limited ahead of the planned IPO. He also offered a reward of INR 3 Lakh and a meeting with him for the selected entry.

Notably, this is not OYO’s first stab at a public listing. In May 2024, the Delhi NCR-based hospitality major officially withdrew its IPO documents. Interestingly, in what was OYO’s second attempt at a public listing, the startup was looking to raise $400 Mn to $600 Mn.

Notably, this was lower than INR 8,430 Cr ($1.2 Bn) that the company was looking to raise during its earlier attempt at an IPO in 2021. 

OYO turned profitable in FY24 with a net profit of INR 229.5 Cr against a net loss of INR 1,286.5 Cr in the previous financial year. However, operating revenue declined 1.3% to INR 5,388.7 Cr in FY24 from INR 5,463.9 Cr in the previous fiscal year.

PayU India

Delaying its IPO plans, the Prosus-backed payments solutions startup plans to go public “sometime after the first quarter” of FY26. As per reports, PayU India has finalised Goldman Sachs as one of the lead bankers to helm the public issue and will likely file its DRHP by early-2025. 

Confirming this, Prosus’ chief investment officer (CIO) Ervin Tu said that it is eyeing a listing for PayU in India in 2025. This is in line with what investor Prosus said in December 2024. At the time, the Dutch investment firm said that it expected the fintech startup to list on the Indian bourses in the next 12-18 months.

Previously, in November 2023, Tu said that PayU could be ready for a public listing in India by the second half of calendar year 2024. At the time, the company was eyeing a $500 Mn IPO but the fintech major later postponed the plans. 

In the run up to its public listing, the company raised INR 1,013 Cr from its parent and Dutch technology investor Prosus via a rights issue in April 2025.

In May 2025, the fintech platform appointed former Reserve Bank of India (RBI) deputy governor Subhash Mundra and DevRey’s founder and president Manoj Kumar Agarwal as non-executive independent directors to its board. It also roped in Prosus India executive Ashutosh Sharma as a non-executive non-independent director.

As per the Dutch investor’s annual report, PayU India’s revenue jumped 11% YoY to $444 Mn in FY24. However, this was lower than the 31% revenue growth reported in FY23 and over 40% jump it clocked in FY22.

Meanwhile, the fintech company’s revenue soared 12% YoY to $237 Mn in the first half of the financial year ending March 2025.

PhonePe

Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe is India’s biggest online payments platform. It regularly accounts for nearly half of all Unified Payments Interface (UPI) transactions processed in the country. 

From offering merely digital payments at the outset, the fintech giant has morphed into a full-fledged financial services platform, offering a host of offerings including insurance products, and broking services to customers. 

The fintech major was acquired by ecommerce juggernaut Flipkart in 2016. Six years later, parent Walmart hived off PhonePe as a separate entity from Flipkart and redomicile the fintech company back to India. In late-2022, PhonePe flipped back to the country, with an eye on listing on Indian bourses. 

However, in June 2024, a senior Walmart executive said that PhonePe’s IPO could take a couple of years, effectively indicating a 2026 IPO. Subsequently in February 2025, the company publicly confirmed that it has commenced preparatory steps in connection with its potential IPO.

The fintech major has picked up four investment bankers, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, to helm its IPO. PhonePe is reportedly eyeing a valuation of up to $15 Bn for its FY26 IPO, which will likely comprise both primary and secondary issuance of shares. 

Taking its first step towards public listing, the Walmart-owned digital payments giant, in April 2025, converted into a public company and changed its name to “PhonePe Limited” from “PhonePe Private Limited” earlier. 

The fintech major saw its consolidated net loss narrow 28% YoY to INR 1,996 Cr in FY24 while revenue soared 74% YoY to INR 5,064 Cr. 

Pine Labs

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs is a payment solutions provider that sells point of sales (PoS) devices and other payment systems to businesses. It also helps businesses deploy rewards and cashback solutions.

Pine Labs kickstarted its IPO proceedings in June 2024 as it began moving its domicile back to India for a $1 Bn public listing at a valuation of over $6 Bn.

Subsequently, in November 2024, reports surfaced that the fintech major has shortlisted five investment banks – Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies – to helm its IPO, which is expected to be launched in the first half of FY26.

In March 2025, the fintech major’s CEO Amrish Rau said that the company is looking to launch its IPO in the second half of 2025. As per a report, Pine Labs is targeting a $1 Bn public issue, which will comprise a fresh issue of shares as well as an offer for sale component.

In May 2025, shareholders of the fintech major greenlit a proposal to change the name of the company to ‘Pine Labs Limited’ from ‘Pine Labs Private Limited’, effectively turning into a public entity. In the same month, it also confirmed that it was evaluating options for raising additional capital, including through an IPO of its equity shares. 

The company also appointed Amrita Gangotra and Smita Chandramani Kumar as independent directors on its board, effective March 24, 2025. 

Pine Labs has raised nearly $1.6 Bn in funding to date and is backed by the likes of Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, among others. 

As per data available on Tofler, Pine Labs reported a 233% jump in its net loss to INR 187.2 Cr in FY24 from INR 56.1 Cr in the previous year. Operating revenue grew 2.2% to INR 1,309.6 Cr during the fiscal under review from INR 1,280.5 Cr in FY23. 

Pure EV

A brainchild of Nishanth Dongari and Rohit Vadera, the startup manufactures electric bikes and scooters namely eePluto 7G MAX, ETRANCE Neo+, ePluto 7G, ecoDryft 350 and 3TrystX.

It has raised more than $14 Mn in funding till date and counts the likes of Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, among others, as backers. 

Setting its plans to become India’s second listed EV player in motion, the startup, in August 2024, said it plans to list on the bourses in 2025. 

In March 2025, Inc42 reported that the Hyderabad-based Pure EV’s board passed a special resolution, in September 2024, to change the status of its parent, PuR Energy, from private to public.

However, it continues to be a loss-making entity and reported a net loss of INR 9.3 Cr in FY23. Meanwhile, revenue from operations also declined 42% to INR 131.28 Cr from INR 225.98 Cr in FY22. 

Razorpay

Founded in 2014 by IIT-Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay is an omnichannel payments and banking platform. Starting off as a payment gateway, the fintech major has grown to a multi-product platform offering SME payroll management, banking, lending, payments, insurance, and other fintech solutions.

Razorpay claims to clock an annualised total payment volume (TPV) exceeding $180 Bn and caters to a majority of India’s unicorns. 

In February 2025, cofounder and CEO Mathur told Inc42 that the company has pushed the pedal on redomiciling back to India. 

“When we started thinking about our future, especially in terms of an IPO, we had to decide not just when we wanted to go public but also where. It became quite clear to us that India is our home market. This is where people know us, use our services daily — directly or indirectly — so it made logical sense to list here,” Mathur told Inc42.

In March 2025, the fintech unicorn’s board approved a proposal to change the name of the company to ‘Razorpay Software Limited’ from ‘Razorpay Software Private Limited’, a crucial step in preparation for its IPO. The company also affirmed that it is eyeing a public listing in the next two years. 

Pushing the pedal on its listing plans, Razorpay reverse flipped back to the country in May 2025 by merging its Delaware-registered parent entity with the Indian subsidiary, Razorpay Software India Pvt Ltd. 

The company is expected to pay nearly $150 Mn in taxes to the Indian government as part of the reverse flip process. Previous reports also estimated that the fintech giant would have to shell out an additional $250 Mn to $300 Mn in taxes to the US government to complete the cross-border shift. 

To date, Razorpay has raised nearly $740 Mn in funding and is backed by the likes of marquee names such as Y Combinator, Tiger Global, Peak XV Partners, Lone Pine Capital, Alkeon Capital Management, GIC, among others. 

The fintech major saw its net profit soar over 365% to INR 33.5 Cr in FY24 from INR 7.2 Cr in the year ago fiscal. On similar lines, operating revenues jumped 9% to INR 2,475 Cr in the fiscal under review compared to INR 2,283 Cr in FY23.

Rebel Foods

Founded by Kallol Banerjee and Jaydeep Barman in 2011, Rebel Foods is a cloud kitchen startup that operates multiple quick service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee and Wendy’s, among others. 

The startup has raised more than $563 Mn in funding across multiple rounds so far and is backed by names such as Coatue Management, Lightbox and Peak XV Partners. Besides, Singapore sovereign investment fund Temasek is also said to be looking to acquire a significant shareholding in the startup.

In October 2024, reports surfaced that the cloud kitchen unicorn was looking to list on the Indian bourses in the next 12-18 months. Ahead of the IPO, the company’s early investors such as Coatue Management, Lightbox and Peak XV plan to offload partial stakes in the startup to Temasek. 

Ahead of the planned listing, the cloud kitchen unicorn, in April 2025, reportedly closed a $25 Mn funding round from Qatar Investment Authority at a valuation of $1.4 Bn.

Servify

Founded in 2015 by Sreevathsa Prabhakar, Servify is a B2B device management startup that offers services such as device protection, product buyback, and device exchange. The startup earns a majority of its revenue from sale of services such as device protection plans and platform licences.

Besides India, the startup also operates in countries such as the US, Canada, China, the Middle East, among others. Servify has raised nearly $130 Mn in funding to date and counts names such as BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars, among others, as its backers. 

In January 2025, Inc42 exclusively reported that the Mumbai-based startup kicked off preparations for its IPO by roping in three investment bankers. Servify plans to raise $400 Mn to $500 Mn through the public issue at a valuation of $1.5 Bn.

The company’s public issue will primarily comprise the OFS component (about 55-60%), while the remaining 40-45% will be a fresh issue of equity shares. It plans to file its DRHP with SEBI by August 2025 and is eyeing a listing in late-2025 or in the first quarter of 2026. 

The company is also in advanced talks with existing as well as new investors to raise $100 Mn in a pre-IPO round before filing its draft papers at a unicorn valuation. 

On the financial front, Servify saw its operating revenue jump 23% to INR 754 Cr in FY24 from INR 611 Cr in FY23. Meanwhile, net losses declined 59% YoY to INR 93.81 Cr in FY24.

Shadowfax

Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup that offers hyperlocal and on-demand deliveries to businesses. 

The Flipkart-backed startup competes with the likes of Delhivery, XpressBees, LoadShare, Ripple and Pickrr. It is also backed by the likes of Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm and Trifecta Capital.

Kicking off its IPO proceedings, the logistics startup turned into a public entity in March 2025 by dropping the word ‘private’ from its erstwhile name “Shadowfax Private Technologies Limited”.

While it is yet to make a formal announcement, the logistics services platform is reportedly looking to raise INR 2,500 Cr to INR 3,000 Cr via its public market debut at a valuation of INR 5,000 Cr to INR 8,000 Cr. There is no clarity on the timeline for the IPO, but its promoters and investors have kicked off discussions with merchant bankers for the IPO.

In February 2025, Shadowfax raised INR 34.24 Cr in its Series F funding round from existing investors Mirae Asset and Nokia Growth Partners. In the run up to its IPO, the company also roped in Bijou Kurien, Ruchira Shukla and Pirojshaw Sarkari as independent directors to its board.

Subsequently in March 2025, the IPO-bound logistics major raised INR 65.4 Cr from its cofounders Vaibhav Khandelwal and Abhishek Bansal at a post-money valuation of $750 Mn. While Bansal infused INR 37.3 Cr, Khandelwal invested INR 28.1 Cr. The fundraise was part of the startup’s larger ongoing funding round of about $50 Mn. 

Shadowfax trimmed its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous year. Revenue from operations jumped 33% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in FY23.

Shiprocket

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics companies. It partners with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, and caters to customers across 24,000+ pin codes in India. 

Backed by names such as Temasek, Bertelsmann, Tribe Capital, Lightrock, among others, Shiprocket has raised more than $260 Mn in funding to date. 

Kicking off its IPO proceedings, the logistics unicorn’s board, in January 2025, passed a resolution to convert the startup into a public company from a private one. This comes as the company is said to be eyeing a listing on the bourses by FY26. 

On the financial front, the startup reported a net loss of INR 595 Cr in FY24, up 74.4% from INR 341 Cr in the year-ago fiscal. Its operating revenue jumped 20.8% to INR 1,316 Cr in the year under review from INR 1,089 Cr in FY23. 

Tonbo Imaging

Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, Tonbo Imaging is a defence tech startup that designs, builds, and deploys advanced imaging and sensor systems. It sells a range of products including smart thermal weapon sights, border and coastal surveillance systems, see-through armors, AI-based seekers, gun shock simulators, among others.

The startup has raised more than $59 Mn  in funding to date and counts the likes of Artiman Ventures, Celesta Capital, Qualcomm Ventures, among others, as its backers. It was last pegged at a valuation of $175 Mn during its $20.4 Mn Series D pre-IPO fundraise in April 2025.

With presence across Europe, APAC region, the US, Australia, and Israel, the startup counts NATO, US Navy SEALs, Israeli Defense Forces (IDF), the defence ministries of India and Armenia, among others, as its customers.

Speaking with Inc42 in May, Tonbo cofounder and CEO Lakshmikumar said that the startup will file its DRHP with SEBI by August 2025 for an INR 800 Cr to INR 1,000 Cr IPO. It has already appointed IIFL Securities and JM Financial as the book running lead managers for its public issue. 

Tonbo claims to have posted a net profit of INR 72.5 Cr in the year ended March 2025 (FY25) against a core business revenue of INR 460 Cr. In FY24, Tonbo’s revenue from its core business stood at INR 380 Cr, while it posted a profit of INR 67 Cr.

Turtlemint

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates an insurtech platform that helps financial advisors distribute insurance to their community of customers. The startup claims to have so far catered to more than 3 Lakh advisors across offerings such as car, bike, health, and term life insurance. 

Backed by the likes of Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners and Nexus Venture Partners, the insurtech startup has raised more than $197 Mn in funding to date. 

In April 2025, it was reported that Turtlemint was in talks with four bankers – Motilal Oswal, JM Financials, ICICI Securities and Jefferies – to launch its $200 Mn to $250 Mn IPO in late-2025. As per the report, the company plans to file its DRHP with SEBI by June 2025 and hit the bourses by October 2025. 

Turtlemint’s total income surged 3X to INR 507 Cr in the fiscal year ended March 2024 (FY24) from INR 157 Cr in the previous year. However, net profit remained flat at INR 6 Cr during the fiscal under review. 

Urban Company

Founded in 2014 by Abhiraj Singh Bahl, Raghav Chandra, and Varun Khaitan, Urban Company is a hyperlocal services startup that offers a range of services such as home cleaning, appliance salon and massage, repair services, painting, among others.

Backed by Tiger Global, Prosus and Steadview Capital, the Delhi NCR-based startup has raised more than $646 Mn in funding to date. 

In January 2025, reports surfaced that the hyperlocal services startup was looking to file draft papers for its INR 3,000 Cr IPO before the end of March. The company’s public issue will largely comprise fresh issue of shares. 

It appointed Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley to helm the IPO. 

Subsequently, in February 2025, the Gurugram-based home services marketplace’s board approved a resolution to turn the company into a public entity, renaming it from “Urbanclap Technologies India Private Limited” to “Urbanclap Technologies India Limited”. 

In late-April 2025, the company filed its draft red herring prospectus for an INR 1,900 Cr public issue. As per the DRHP, the startup’s IPO will comprise a fresh issue of up to INR 429 Cr and an offer for sale component of INR 1,471 Cr. 

The company plans to utilise the fresh proceeds for development of new technology, lease payments for its offices and marketing activities.

On the financial front, Urban Company turned profitable in the first nine months of FY25 (9M FY25) with a profit before tax of INR 27.1 Cr as against a loss before tax of INR 57.8 Cr in the year-ago period. On the back of a deferred tax of INR 215.5 Cr, the company posted a profit after tax of INR 242.6 Cr in the period under review compared to a loss of INR 57.8 Cr in 9M FY24.

Meanwhile, its operating revenue rose 41% to INR 846 Cr in 9M FY25 from INR 601 Cr a year ago. 

Meanwhile, in FY24, Urban Company’s top line rose 30% YoY to INR 827 Cr and loss narrowed 70% YoY to INR 92.77 Cr in the fiscal under review. 

Wakefit

A brainchild of Ankit Garg and Chaitanya Ramalingegowda, Wakefit was founded in 2016. The D2C startup sells a range of products such as mattresses, pillows, bed frames, mattress protectors, home decor and furniture. 

Backed by Peak XV Partners, Investcorp, Verlinvest, SIG, among others, Wakefit has raised more than $100 Mn since its inception. It competes with the likes of The Sleep Company, Duroflex, Kurlon and Sleepwell in the burgeoning Indian mattress and home decor market. 

Kicking off its IPO proceedings in April 2025, the D2C startup reportedly shortlisted Axis Capital, IIFL Capital Services and Nomura as bankers for its IPO. The startup is looking to raise around INR 1,500 Cr to INR 2,000 Cr as part of the public listing. However, there was no clarity on the company’s timeline to list on the bourses. 

Meanwhile, on the financial front, Wakefit managed to trim its net loss by 90% to INR 15.05 Cr in FY24 from INR 145.68 Cr in the previous fiscal year. Operating revenue rose 21% to INR 986.35 Cr during the fiscal under review from INR 812.62 Cr in FY23.

WonderChef

Founded in 2009 by celebrity chef Sanjeev Kapoor and Ravi Saxena, Wonderchef is an omnichannel kitchenware and home appliance maker that sells a wide range of products like coffee machine, mixer grinders, cast iron pans, among others. 

The startup sells its offerings via its own website, ecommerce platforms as well as its own exclusive business outlets (EBOs). Backed by the likes of Sixth Sense Ventures, Amicus Capital, Godrej Family Office, Malpani Group, among others, the brand has raised more than $30 Mn in funding to date. 

In April 2025, Inc42 exclusively reported that the kitchenware brand plans to file its DRHP with SEBI by mid-June and is looking to launch the public issue by the end of November or in December this year.  

It is eyeing a valuation of INR 1,800 Cr ($200 Mn), double compared to its last-known valuation of around $100 Mn. The startup’s IPO will primarily comprise an offer for sale 

On the financial front, Wonderchef turned profitable in FY24 with a net profit of INR 1.6 Cr as against a loss of INR 51.8 Cr in FY23. Revenue from operations jumped almost 20% to INR 377.7 Cr in the fiscal under review from INR 315.6 Cr in FY23. 

Sources told Inc42 that the company closed FY25 with a revenue of INR 800 Cr. 

Zepto

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a quick commerce startup that claims to offer 10-minute deliveries of groceries and other items. 

Backed by Y Combinator, Nexus Venture Partners, Glade Brook Capital, Motilal Oswal AMC, the quick commerce startup has raised nearly $2 Bn in funding to date.

In preparation for its IPO, the quick commerce major shifted its domicile back to India from Singapore in January 2025. As part of its public listing plans, the company also set up a new entity, Zepto Marketplace Private Limited to pivot to a marketplace model from its current B2B2C structure. 

In September 2024, it was reported that the quick commerce major commenced active discussions with domestic and global merchant bankers, including Morgan Stanley and Goldman Sachs, for a potential IPO by August 2025. 

Zepto was initially targeting a $450 Mn public issue but later internally increased the size to $800 Mn to $1 Bn, including a $300-400 Mn OFS component. 

It is also looking to shore up domestic shareholding in the company to 50% from 33% currently ahead of the IPO. In March 2025, a report noted that Zepto is pushing existing investors and employees to offload stakes worth $250 Mn at $5 Bn valuation. The private equity arms of Motilal Oswal Financial Services and Edelweiss Financial Services are said to be in talks to lap up the shares.

Afterwards in May 2025, it was reported that the company onboarded Motilal Oswal’s founders Motilal Oswal and Raamdeo Agrawal on its cap table through a $100 Mn secondary deal.

In April 2025, the quick commerce major undertook a rebranding exercise and changed the name of its registered entity from Kiranakart Technologies Private Limited to Zepto Private Limited, after receiving approval from the RoC.

However, taking a U-Turn, the quick commerce major, in June 2025, reportedly postponed its IPO plans by a year. The company now plans to hit the bourses in 2026 as it looks to reduce its cash burn and improve its profit profile. 

Zepto’s net loss declined 2% to INR 1,248.64 Cr in FY24 from INR 1,271.84 Cr in the previous fiscal year. Meanwhile, revenue from operations more than doubled to INR 4,454.52 Cr in the fiscal year ended March 2024 from INR 2,025.70 Cr in FY23.

Zetwerk

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk connects manufacturers with vendors and suppliers of industrial machine components.

Backed by Greenoaks Capital, Lightspeed Venture Partners, Mars Growth Capital, Peak XV Partners, among others, the B2B manufacturing unicorn has raised more than $793 Mn in funding till date.

In February 2025, it was reported that the Peak XV-backed B2B marketplace had finalised Axis Capital, Goldman Sachs Group and Kotak Mahindra Bank as bankers to helm its potential IPO later in the year.

The company is looking to raise at least $400 Mn to $500 Mn during the IPO and is eyeing a valuation of nearly $5 Bn. The public issue will also reportedly include a “small” secondary component.

In March 2025, Inc42 exclusively reported that the B2B manufacturing unicorn has secured INR 43 Cr in a funding round co-led by Arc Investments and Oriental Biotech Limited.

The contract manufacturing startup saw its loss zoom 82% to INR 108.7 Cr in FY23 from INR 59.76 Cr in the previous fiscal year. Operating revenue jumped nearly 130% to INR 11,448.6 Cr during the fiscal under review from INR 4,960.5 Cr in FY22.

Last Updated: June 8, 07:20 AM IST

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