Indian Startups Heading for IPO in 2026: The Complete List

After a record-breaking year for startup IPOs in 2025, momentum for new-age tech companies going public appears even stronger in 2026. 24 startups have already filed their DRHPs with SEBI, while over 26 are in various stages of finalising their IPO plans.

Dalal Street emerged as a founder’s paradise in 2025, with 18 Indian startups listing on the bourses and collectively mopping up a record ₹41,248 crore from public markets. 6 new-age tech companies made their debut in the first three months of 2026 alone, though unlike 2025, most listings so far this year have been flat or lacklustre.

What is different about 2026 is the tone. “IPO-bound startups in 2026 will be increasingly defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone.” Unicorns including Flipkart, Zepto, OYO, InMobi, and Zetwerk alone could raise over ₹47,000 crore in 2026, making it one of the biggest years for startup IPOs, even as investors prioritise profitability over growth headlines.

In this article, we have covered two categories: startups that have already listed in 2026 or late 2025, and startups currently in the IPO pipeline, ranked by how far along they are in the SEBI process.

Meesho

Meesho is the most prominent startup IPO to have actually completed its journey heading into 2026.

Meesho’s IPO opened on December 3, 2025, and closed on December 5, 2025, with shares listing on BSE and NSE on December 10, 2025. The issue was a book build offering of ₹5,421.20 crore, comprising a fresh issue of ₹4,250 crore and an offer for sale of ₹1,171.20 crore. The price band was set at ₹105 to ₹111 per share.

Meesho was founded in December 2015 by Vidit Aatrey and Sanjeev Barnwal, both IIT Delhi batchmates, to help Indian housewives and small resellers earn income from their phones. As of June 30, 2025, Meesho had 213 million annual transacting users and processed approximately 2 billion orders in the last twelve months.

Ahead of listing, Meesho reduced its offer for sale by 40%, targeting a valuation of approximately $5.8 billion, with early investors Elevation Capital and Peak XV Partners trimming their share sale quotas. Meesho’s successful listing is now the benchmark every other 2026 IPO-bound startup is being measured against.

OYO (PRISM)

OYO’s IPO journey is the longest-running and most dramatic of any Indian startup, and it just reached its most significant milestone yet.

Oravel Stays first filed a DRHP with SEBI in September 2021 seeking to raise ₹8,430 crore at a $9 billion valuation. Multiple refiling rounds, a complete business restructuring, a significant valuation reset, and four and a half years later, the company finally received SEBI’s observation letter on June 5, 2026.

The listing entity is now PRISM, the renamed parent holding company previously called Oravel Stays. The issue is structured as a 100% fresh issue of ₹6,650 crore at a target valuation of $7 to 8 billion.

Oravel Stays reported consolidated revenues of approximately ₹5,604 crore in FY25, around 13% growth year-on-year, and achieved positive EBITDA. Q1 FY26 PAT was ₹200 crore plus, the company’s strongest quarter to date.

Key shareholders include founder-CEO Ritesh Agarwal holding approximately 30% to 33% of the company, with SoftBank Vision Fund and SVF India Holdings holding a larger combined stake. Other notable investors include Microsoft, Airbnb, Lightspeed Venture Partners, and Peak XV Partners. Book running lead managers include Kotak Mahindra Capital, JM Financial, Citigroup, and J.P. Morgan.

The company is expected to file its Updated DRHP publicly in early July 2026, opening it for public comments for 21 days, with listing targeted for H2 2026.

Zepto

Zepto’s IPO is moving faster than almost any other name on this list, and it carries the highest stakes for India’s quick commerce sector.

Zepto filed its confidential DRHP with SEBI in December 2025, received SEBI’s formal approval on May 8, 2026, and filed its Updated DRHP on June 9, 2026, planning to raise ₹8,010 crore via fresh issue alongside an OFS component, making it the first dedicated quick commerce company set for a domestic stock exchange debut.

The offer for sale component covers up to 113,466,566 equity shares by existing investors including Nexus Ventures, Contrary ZEP Holdings, Razor Ventures Zepto, and Kaiser Foundation Hospitals. Book running lead managers include Axis Capital, Morgan Stanley India, Goldman Sachs India, Motilal Oswal Investment Advisors, HSBC Securities, JM Financial, and IIFL Capital Services.

As per the latest financials in the prospectus, Zepto reported revenue of ₹22,623.58 crore and a net loss of ₹5,905.19 crore. Revenue more than doubled in FY26 from ₹11,109.9 crore in FY25, though net losses widened from the previous year.

Zepto operated 1,139 dark stores as of March 31, 2026, supporting a catalogue of over 46,000 SKUs, and order volume grew at a CAGR of approximately 119.5% between fiscal 2024 and fiscal 2026. Advertising revenue jumped 33 times to ₹1,636 crore in FY26 from ₹49 crore in FY24, a margin driver that requires almost no incremental spending on riders or warehouses.

The filing has not been without controversy. Co-founders Aadit Palicha and Kaivalya Vohra received summons from the Enforcement Directorate in April 2026 tied to the Foreign Exchange Management Act, requiring a full-spectrum review of foreign investments, financial statements, and shareholding structure. The promoters complied and submitted the requested documents. Separately, Zepto is facing an ongoing Competition Commission of India investigation over alleged anti-competitive pricing practices.

The company is currently looking at a potential market debut around July 2026.

You May Also Read: Zepto Success Story: How Two 19-Year-Old Stanford Dropouts Built India’s Most Audacious Startup

PhonePe

PhonePe’s IPO has moved further through the regulatory process than almost any other name on this list, but it is also the one most affected by global market conditions.

SEBI issued its observation letter granting formal approval for the PhonePe IPO on January 20, 2026, with the company expected to raise around ₹12,000 crore at a valuation of nearly $15 billion. The IPO is structured entirely as an Offer for Sale of up to 5.06 crore equity shares, with promoter WM Digital Commerce Holdings (Walmart’s subsidiary) selling 4.59 crore shares, while Tiger Global and Microsoft plan to offload their entire holdings.

PhonePe was founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, originally as part of the Flipkart ecosystem before becoming an independent entity in 2022 following Walmart’s acquisition of Flipkart. The company holds a 49.15% market share of UPI TPV for customer-initiated transactions as of September 2025, a position sustained for 58 consecutive months, with revenue growing at a CAGR of 56.25% from ₹2,914.29 crore in FY23 to ₹7,114.86 crore in FY25.

Then global events intervened. On March 16, 2026, PhonePe put its IPO plans on hold as the Iran war rattled global stock markets. CEO Sameer Nigam said the company remains committed to a public listing in India and will resume the process once there is stability in global capital markets.

Once it resumes, the IPO is expected to raise approximately ₹11,000 to 13,000 crore, with a targeted valuation in the range of $12 billion to $15 billion, making it one of the year’s largest Indian public listings. Book running lead managers include Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Morgan Stanley India, Axis Capital, and Goldman Sachs.

You May Also Read: PhonePe crosses 10 Bn monthly UPI transactions, leads digital payments market

Flipkart

Flipkart’s IPO remains the least concrete of the major names, but the scale being discussed makes it one of the most closely watched.

Flipkart has not yet filed its DRHP or announced a price band. Posts in circulation point to April 2026 as a pitching window for banks, which would align with a late-2026 paperwork cycle, with a Mumbai listing targeted before March 2027.

There has been talk of an IPO from Flipkart for some time, and 2026 is the next window. Walmart remains the majority owner, and the company has started the process of moving its structure back to India, a necessary step before any listing. The estimated valuation is approximately $60 to 70 billion.

The most repeated estimate across reports is a total IPO size of about $1 billion to $10 billion, with proceeds earmarked for supply chain strengthening, grocery and quick commerce expansion, and continued marketplace investments. The structure is expected to include both fresh capital and an offer for sale, widening public float while keeping Walmart as the controlling shareholder.

If Flipkart’s IPO materialises at the scale being discussed, it would be among the largest public listings in Indian corporate history, startup or otherwise.

boAt

boAt is expected to list in 2026 with a proposed IPO size of around ₹1,500 crore. As per the revised DRHP, the boAt IPO will comprise a fresh equity issue totalling ₹500 crore, along with an offer for sale of ₹1,000 crore by existing shareholders and promoters.

This is boAt’s second attempt at a public listing after its original ₹2,000 crore filing in 2022 was withdrawn due to volatile market conditions. The company’s co-founders, Aman Gupta and Sameer Mehta, both stepped down from executive roles shortly before the most recent DRHP filing, with Gaurav Nayyar taking over as CEO, signalling a deliberate governance reset ahead of going public.

InCred Holdings and Infra.Market

Not every 2026 IPO-bound company is a consumer brand. Two names from financial services and B2B commerce are also well along in the process.

InCred Holdings filed its DRHP with SEBI via the confidential pre-filing route by November 2025, aiming for an IPO size of ₹3,000 to 4,000 crore, and received the regulator’s nod for its IPO in February 2026. Founded in 2016 by Bhupinder Singh, InCred Group runs three verticals: InCred Finance for lending, InCred Capital for wealth and asset management, and InCred Money for retail bonds and alternative investments, backed by investors including the Abu Dhabi Investment Authority, Investcorp, and Moore Capital. InCred Holdings reported a 21% jump in net profit to ₹373.1 crore in FY25, with operating revenue surging 47% to ₹1,873.6 crore.

Infra.Market, founded in 2016 by Souvik Sengupta and Aaditya Sharda, runs a B2B marketplace helping customers procure construction materials including concrete, steel, pipes, fittings, and chemicals. The startup has raised over $415 million from investors including Tiger Global, Accel, and Nexus Ventures. In October 2025, Infra.Market confidentially pre-filed its draft IPO papers for a nearly ₹5,000 crore listing, with the public issue likely split equally between a fresh issue and an OFS.

Garuda Aerospace

In April 2026, the Chennai-based dronetech startup Garuda Aerospace filed its DRHP with SEBI via the confidential pre-filing route. While the exact IPO size is yet to be determined, the company’s board approved a proposal in March to raise up to ₹750 crore via fresh issue and an undisclosed OFS component. Garuda Aerospace, founded in 2015 by Agnishwar Jayaprakash, reported a net profit of ₹11 crore in H1 FY26 against an operating revenue of ₹41.2 crore. It is the smallest IPO size on this list but a meaningful signal that India’s dronetech sector is maturing toward public markets.

The Bigger Names Still Watching from the Sidelines

A handful of India’s largest private companies remain in earlier preparation stages, with no confirmed DRHP filed as of this writing.

Reliance Jio Platforms is internally preparing for a public listing, potentially India’s largest-ever IPO, but is reportedly awaiting final government notifications on revised SEBI norms before filing its DRHP. Jio Platforms is likely to go public in 2026, with revised norms suggesting companies above ₹5 lakh crore market cap may dilute only 2.5% equity.

The NSE itself, with a valuation of approximately ₹4.75 lakh crore, intends to sell about 10% of its shares, potentially raising ₹47,500 crore. Recent settlements with SEBI and management’s efforts to increase compliance and openness suggest clearance is approaching.

2026 IPO Pipeline at a Glance

Conclusion

As many as 112 companies raised ₹180,000 crore through mainboard IPOs as of the data cited, exceeding the previous record of ₹162,000 crore mobilised by 78 IPOs in FY25. Industry trackers expect over ₹250,000 crore to be mobilised from 190 plus public issues in 2026.

The defining theme across every name on this list, from OYO’s hard-won profitability turnaround to Zepto’s advertising-revenue pivot to PhonePe’s geopolitically delayed timeline, is that 2026 is rewarding discipline over storytelling. Companies that spent the last two years fixing unit economics are getting cleared by SEBI. Companies still leaning on growth narratives, like Flipkart’s still-forming structure, remain in earlier stages.

This list will be updated as new DRHPs are filed and existing filings progress through SEBI approval.

[Disclaimer: This article has been updated to reflect IPO statuses confirmed as of June 2026. Any changes in filing status, valuation, or listing dates will be added and revised in this post regularly. If you find any information incorrect or outdated, please email us and we will rectify it promptly.]