India’s stock market is witnessing an exciting shift—one that’s putting the country on the global IPO map. After a phenomenal 2024 that broke records in terms of capital raised and startup listings, 2025 is already buzzing with anticipation. The country is not just home to tech innovation anymore; it’s where bold ventures are going public, rewriting the rules of business scalability.
In 2024, India saw 13 new-age tech startups going public—more than double the number from 2023. These companies raised INR 29,070 Cr in total, split between fresh issues worth INR 10,300 Cr and OFS (Offer for Sale) worth INR 18,770 Cr. This surge is part of a larger trend.
Over the past five years, 851 IPOs have launched in India. Now, experts believe we could cross the 1,000-IPO mark within just two years.
Startups That Filed DRHP in 2024
1. Ecom Express – Logistics Enabler for E-commerce
With clients like Amazon and Flipkart, Ecom Express is key to India’s ecom backbone. Filed for a ₹2,600 Cr IPO, reducing its FY24 losses by 67%.
2. Aye Finance – AI-Driven MSME Lending
NBFC using AI for credit decisions, backed by Google. Revenue surged in FY25 H1, though profits dipped slightly.
3. DevX – Coworking Space Provider
Operating in 10+ cities, DevX flipped into profitability with a lean team and robust real estate strategy.
4. IndiQube – Flexible Office Space Solutions
Despite rising losses, it saw a 44% jump in revenue due to demand for hybrid workspaces.
5. BlueStone – D2C Jewellery Brand
Omnichannel player known for elegant jewellery. Clocked INR 348 Cr in Q1 FY25 revenue despite net loss.
6. ArisInfra – AI-Based Construction Procurement
Streamlining material sourcing for real estate developers with AI. Posted minor losses amid high revenue.
7. Smartworks – Enterprise Coworking Spaces
Focused on large-scale managed offices; its revenue crossed INR 1,000 Cr, signaling strong enterprise demand.
8. Ather Energy – EV Scooter Pioneer
One of India’s top EV startups, with Hero MotoCorp among backers. Revenue growth slowed, but losses rose due to expansion costs.
9. Avanse Financial Services – Education Financing
Offers student and institutional loans. FY24 profit more than doubled, signaling strong market demand.
10. Ullu – OTT Platform
Focuses on regional and niche content. Maintains profitability with INR 99.6 Cr revenue in FY24.
11. Zappfresh – D2C Meat Startup
Farm-to-fork delivery model, ensures 90-minute meat delivery. Revenue and profit both surged in FY24.
Here are the startups lined up to go public in 2025, covering sectors from fintech and EV to SaaS and e-commerce:
Upcoming IPO Stars of 2025
- Bira 91 – India’s craft beer brand, backed by Peak XV and Sofina, eyeing broader market reach.
- boAt – Wearables brand facing revenue dip but with solid brand equity among youth.
- Capillary Technologies – SaaS CRM & loyalty solutions provider with a global footprint.
- Captain Fresh – Seafood exporter using AI to optimize B2B seafood sourcing.
- CarDekho – Auto marketplace also running insurance and lending arms.
- Cult.fit – Fitness-tech platform with gyms, food, and mental health verticals.
- Curefoods – Cloud kitchen giant with diverse brands like CakeZone and EatFit.
- Droom – Used car platform with value-added services like financing and SaaS.
- Flipkart – The ecom behemoth, ready for its second act post-Walmart acquisition.
- Fractal – AI & analytics firm serving Fortune 500 clients.
- Groww – Online investment platform with growing profits and retail investor love.
- InCred – Diversified financial services player; profits surged 162% YoY.
- Imarticus Learning – Upskilling platform for finance, data science & AI skills.
- Infra.Market – B2B marketplace for construction supplies with INR 11K Cr+ revenue.
- InMobi – One of India’s first unicorns; a global adtech force.
- Innoviti – Smart payment infrastructure for offline businesses.
- Kissht – Digital loans platform for personal and small biz lending.
- Lenskart – Eyewear D2C unicorn, now operating in UAE, Singapore & Japan.
- Licious – Farm-to-fork meat delivery startup cutting losses sharply.
- Meesho – Social commerce to mainstream marketplace transition; strong revenue growth.
- Navi – Fintech by Flipkart’s co-founder; offers loans, insurance, mutual funds.
- NoPaperForms – CRM & automation for educational institutions.
- OfBusiness – Lending meets B2B material commerce with 25%+ revenue growth.
- Ola Consumer – Ride-hailing, fintech, and food—under one mobility ecosystem.
- OYO – Hospitality and travel tech brand, now profitable after major revamp.
- PayU India – Payment gateway major, with diverse payment suite.
- PhonePe – UPI powerhouse, processing nearly half of India’s digital payments.
- Physics Wallah – Edtech unicorn, expanding into skilling & study-abroad.
- Pine Labs – POS and merchant payments company eyeing omnichannel expansion.
- Pure EV – Electric bike manufacturer offering budget-friendly models.
- Razorpay – Fintech super app for payments, payroll, and banking.
- Rebel Foods – Multi-brand cloud kitchen with presence across QSR segments.
- Servify – Device protection & exchange platform for top OEMs.
- Shadowfax – Logistics startup with strong FY24 turnaround and revenue rise.
- Shiprocket – Logistics aggregator helping SMBs ship across India.
- Turtlemint – Insurance distribution startup serving 3L+ financial advisors.
- Urban Company – Service marketplace with salons, cleaning, and repairs.
- Wakefit – D2C furniture & sleep brand scaling fast with reduced losses.
- WonderChef – Kitchenware & home appliances startup co-founded by Sanjeev Kapoor.
- Zepto – Quick commerce rocketship doing 10-min deliveries; revenue doubled.
- Zetwerk – B2B contract manufacturing unicorn serving large industrial clients.
India’s IPO momentum is not a flash in the pan, it’s a reflection of deepening capital markets, maturing startups, and growing investor trust. As new sectors like EV, AI, and quick commerce join the IPO fray, 2025 could become the country’s most IPO-active year yet.
For founders, investors, and market watchers—this is a moment worth tracking. The next wave of India’s public companies is more diverse, more tech-driven, and more ambitious than ever.
