Indian Startup IPO Tracker 2025

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 went south barely months into the year. 

While 25 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 24 new-age tech companies filing their draft red herring prospectuses (DRHPs) with SEBI, including Urban Company, Fractal Analytics, and many receiving regulatory nod, only five listings have materialised so far. 

While Smartworks’ July IPO saw enthusiastic response from markets, Ather Energy’s May listing turned out to be a muted debut. B2B ecommerce platform ArisInfra, workspace solutions provider IndiQube and new-age jewellery brand BlueStone, too, saw lacklustre debuts.

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 MD Sandeep Murthy.

Nevertheless, it would be interesting to see what lies in store for the startup ecosystem as the year approaches its end. 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:

• Education-focused NBFC Avanse Financial Financial Services is mulling delaying its planned IPO amid slowing loan demand due to stricter US visa rules

• Mumbai-based fintech startup PayNearby is lining up plans for its IPO next fiscal year to fuel its expansion

• Hillhouse-backed Table Space has taken the first step towards its IPO by turning into a public entity

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

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 CEO Siddharth Shah, and Karbonite Ventures, the company has bagged more than $25 Mn in funding to date. 

In August 2024, the company kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue was to comprise solely a fresh issue of shares, with no OFS. 

Later, the company first trimmed the size of the fresh issue to INR 579.6 Cr and then to INR 499.6 Cr. It received approval from the market regulator for its public listing in November 2024.

In the run up to its IPO, ArisInfra raised INR 224.8 Cr from anchor investors, including the likes of Astorne Capital VCC, Niveshaay Hedgehogs Fund, and Nexus Global Opportunities Fund. Its public issue closed with an oversubscription of 2.65X, with investors bidding for 3.47 Cr shares as against 1.31 Cr shares on offer. 

The company made a lacklustre stock market debut on June 25. ArisInfra’s shares listed at INR 205 on the NSE, a 7.65% discount over its issue price of INR 222. On the BSE, the stock debuted at INR 209, a 5.81% discount over its issue price.

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in FY24, while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review. The company reported a net loss of INR 0.51 Cr in Q4 FY25, down 97% YoY, on an operating revenue of INR 221.1 Cr, up 7% YoY. 

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. 

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 culmination of Ather’s year-long efforts to get listed on the exchanges. In September 2024, 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 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. 

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 17% to INR 234.4 Cr in Q4 FY25 from INR 283.3 Cr in the year-ago period. Revenue from operations rose 29% to INR 676.1 Cr in the quarter under review from INR 523.4 Cr in the same period last year.

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.

Subsequently, the company filed its RHP, in which it trimmed the size of its fresh issue to INR 820 Cr from INR 1,000 Cr previously. It also slashed the size of its OFS component to 1.4 Cr shares from 2.4 Cr shares earlier. 

The new-age jewellery brand had set a price range of INR 492 to INR 517 for its IPO. Subsequently, its public issue closed with an oversubscription of 2.7X. 

However, BlueStone had a lacklustre stock market debut on August 19 and its shares listed at INR 508.80 apiece, a discount of 1.5% to the issue price of INR 517. On the NSE, the stock opened 1.3% lower from the issue price at INR 510. 

On the financial front, BlueStone’s net loss widened 56% to INR 221.8 Cr in FY25 from INR 142.2 Cr in the previous year. Operating revenue zoomed 39.9% to INR 1,770 Cr during the fiscal under review from INR 1,265.8 Cr in FY24.

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 raised more than $45 Mn in funding across multiple rounds before it came out with its IPO. 

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

Subsequently, in its RHP, the company trimmed the size of its public issue by INR 150 Cr to INR 700 Cr. The IPO comprised a fresh issue of shares worth INR 650 Cr and an OFS of INR 50 Cr. 

Ahead of the IPO, the workspace solutions provider raised INR 314 Cr by allotting 1.3 Cr equity shares to anchor investors INR 237 apiece. Subsequently, its public issue closed with an oversubscription of 12.4X, with investors bidding for 21.2 Cr shares as against 1.71 Cr shares on offer.

However, IndiQube had a lacklustre market debut. Shares of the workspace solutions provider listed at INR 218.7 apiece on the BSE, down 7.7% from the issue price of INR 237. On the NSE, it listed at INR 216, a discount of 8.8% over its issue price.

IndiQube’s net loss declined 60% to INR 139.6 Cr in FY25 from INR 341.5 Cr in the previous fiscal. However, revenue from operations jumped 28% to INR 1,059.3 Cr during the year under review from 830.6 Cr in FY24. 

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 then filed its DRHP with SEBI for INR 550 Cr IPO in August 2024. It received approval from the markets regulator for its listing in December 2024. 

More than seven months after the market regulator’s nod, Smartworks filed its RHP in July 2025. The coworking startup trimmed the size of its fresh issue to INR 445 Cr from INR 550 Cr previously. It also almost halved the size of the OFS component to up to 33.79 Lakh shares from 67.49 Lakh shares earlier.

Smartworks raised INR 173.64 Cr from anchor investors. Its public issue closed with an oversubscription of 13.45X, with investors bidding for 13.9 Cr shares as against 1.04 Cr shares on offer. 

Subsequently, on July 17, Smartworks made its stock market debut. The stock debuted at INR 436.10 on the BSE, a premium of 7.14% over the issue price of INR 407. On the NSE, shares of the company opened at INR 435, a 6.88% premium over the issue price.

On the financial front, the company’s net loss jumped 26.5% to INR 63.2 Cr in FY25 from INR 49.9 Cr in the previous year. Operating revenue jumped 32.3% to INR 1,374.1 Cr during the year under review from INR 1,039.3 Cr in FY24.

Startups That Have Filed DRHP

AceVector

A brainchild of Kunal Bahl and Rohit Bansal, AceVector’s genesis lies in the founding of ecommerce platform Snapdeal in 2010. Since then, the umbrella entity has grown to also include listed ecommerce enablement platform Unicommerce and house of brands platform Stellaro Brands. 

The three entities were consolidated under a single group brand, AceVector, in 2022. Three years later, AceVector now wants to go public. 

In July 2025, the consolidated entity filed its DRHP for an INR 500 Cr IPO, which will primarily comprise a fresh issue of shares. 

As per Tofler, AceVector clocked revenue to the tune of INR 379.8 Cr in FY24, up a marginal 2.1% from INR 372 Cr in the previous year. It managed to trim its net loss by 43% to INR 160.4 Cr in the fiscal under review compared to INR 282.2 in FY23.

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’. 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. 

In June 2025, the Karnataka-based contract manufacturing company filed its DRHP with SEBI via the confidential pre-filing route for a $200 Mn IPO. Prior to this, the company also raised INR 128 Cr via a rights issue. The round was led by its holding company Aequs Manufacturing Investments Pvt Ltd, with participation from existing backers like Amicus Capital, Steadview Capital, Amansa Investments, and others. 

On the financial front, the aerospace parts maker narrowed its consolidated net loss by 89% to INR 12.1 Cr in FY24 from 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.

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. 

The SaaS unicorn’s IPO plans first came to light in January 2025 when a report claimed that the company had roped in Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment bankers to helm its public issue.

Subsequently in May 2025, it converted into a public entity after the company’s board passed a special resolution to change its name to “Amagi Media Labs Limited” from “Amagi Media Labs Private Limited” previously. 

After much ado, the media-focused SaaS unicorn filed its DRHP in July 2025 for its IPO, which will comprise a fresh issue of shares worth up to INR 1,020 Cr and an OFS component of up to 3.41 Cr shares.

On the financial front, Amagi’s consolidated net loss declined 72% to INR 68.7 Cr Cr in FY25 from INR 245 Cr in the previous fiscal year. Revenue from operations jumped 32.2% to INR 1,162.6 Cr from INR 879 Cr in FY24.

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 August 2025, it was reported that the NBFC was mulling delaying its IPO plans amid slowing loan demand due to stricter US visa rules. 

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 December 2024, the NBFC 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. 

Aye Finance’s net profit declined marginally to INR 107.8 Cr in H1 FY25 as against INR 78.79 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.

Capillary Technologies

Founded in 2008 by Aneesh Reddy, Capillary Technologies is a SaaS startup that offers end-to-end customer engagement tools for brands to increase customer retention via personalised omnichannel communication. It also offers a customer data platform and reward network.

With presence spanning India, Southeast Asia, MENA, and the US, the company 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. 

The SaaS startup first attempted to list on the exchanges in 2021, when it filed its DRHP to raise $114 Mn via its market debut. However, the company later postponed the plans amid roiling market volatility and the onset of funding winter. 

In May 2025, the SaaS startup received approval from its board to raise INR 2,250 Cr through its IPO. A month later in June 2025, the company refiled its DRHP with the SEBI to list on NSE and BSE. 

As per the DRHP, Capillary’s IPO will consist of a fresh issue of INR 430 Cr and an OFS component of 18.3 Mn shares. Under the OFS, investors including Ronal Holdings, Trudy Holdings, Filter Capital India, Sripathi Venkata Ramana Reddy, among others will offload their stakes. 

The SaaS platform plans to utilise the proceeds from the IPO to build up its cloud infrastructure, invest in research, design and development of its products and platform, purchase computer systems, acquire companies and for general corporate purposes. 

The IPO-bound SaaS company turned profitable after a span of three fiscal years in FY25 with a profit after tax (PAT) of INR 13.3 Cr against a loss of INR 59.4 Cr in FY24. It clocked an operating revenue of INR 598.3 Cr during the year under review, up 14% from INR 525.1 Cr in FY24. 

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. 

Taking the first official step towards its public listing, Captain Fresh, in July 2025, turned into a public entity after its board approved a resolution to drop the word “private” from its name. 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 August 2025, Inc42 reported that the B2B seafood startup filed its DRHP via the confidential pre-filing route for a $400 Mn IPO. The public issue will comprise a fresh issue of $200 Mn and an offer for sale of $150 Mn to $200 Mn. Previous reports suggested that the startup was eyeing a valuation of $1.3 Bn to $1.5 Bn for the IPO. 

Captain Fresh had posted a revenue of INR 1,395 Cr in FY24 and posted a loss of INR 229 Cr. Meanwhile, sources said that the startup turned profitable and clocked a net profit of INR 40 Cr on a revenue of INR 3,200 Cr in FY25.

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 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’. 

In late-June 2025, the company filed its DRHP with SEBI to list on the exchanges. As per its draft IPO papers, Curefoods’ public issue will comprise a fresh issue of shares worth up to INR 800 Cr and an OFS of up to 4.85 Cr equity shares. 

Existing backers Iron Pillar, Crimson Winter, Accel, Chiratae Ventures, Global eCommerce Consolidation Fund, Alteria Capital and others will sell their shares via the OFS. 

The startup will utilise the fresh proceeds from the IPO to set up new cloud kitchens, bolster and expand presence, purchase new machinery and equipment, pay debt and make lease payments, and step up sales and marketing efforts.

Notably, as per the DRHP, cloud kitchen major is also facing multiple criminal cases and allegations of child labour.

On the financial front, the company’s net loss remained flat at INR 169.9 Cr in FY25 as against INR 172.6 Cr in the previous fiscal year. Meanwhile, operating revenue rose 27.4% to INR 745.8 Cr during the fiscal year under review from INR 585.1 Cr in FY24.

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 company 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 for unspecified reasons. Subsequently, the company refiled its DRHP with the markets regulator in April 2025. As per the updated draft IPO papers, the company has increased the size of its fresh issue to up to 2.75 Cr shares from 2.47 Cr shares earlier. 

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 55% 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 H1 of FY25 on an operating revenue of INR 59.4 Cr. 

Fractal Analytics

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

Backed by TPG Capital, Khazanah Nasional and Apax Partners, it 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, it converted into a public company from a private company in May 2024.

In August 2025, the 3, which will comprise a fresh of shares worth up to INR 1,279.3 Cr and an OFS component of up to INR 3,620.7 Cr. 

It plans to utilise the fresh proceeds from the IPO to repay or prepay the borrowings of its US-based subsidiary, set up a new office in India, fuel R&D and boost sales and marketing initiatives. 

As per its DRHP, Fractal reported a net profit of INR 220.6 Cr in FY25 as against a net loss of INR 54.7 Cr in the previous year. Operating revenue jumped nearly 26% to INR 2,765.4 Cr during the year under review from INR 2,196.3 Cr in FY24.

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, 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 had 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. 

In May 2025, the investment tech major filed its draft IPO papers with markets regulator SEBI via the confidential pre-filing route. In June, Groww closed its Series F funding round at $202.3 Mn from GIC and ICONIQ Capital at a valuation of $7 Bn.

Groww Invest Tech, which operates online stock broking giant Groww, reported a profit after tax of INR 1,819 Cr in FY25 compared to a loss of INR 799 Cr in the previous fiscal year. Meanwhile, operating revenue jumped 30% to INR 3,844 Cr for the period under review from INR 2,958 Cr in FY24.

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. 

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. 

At the end of March 2025, the company had more than 5.3 Cr registered users and INR 4,086.6 Cr in assets under management. 

In April 2025, reports surfaced that the digital lending startup had shortlisted ICICI Securities, UBS Securities, and Motilal Oswal as the investment bankers for its proposed Mn IPO. 

In June 2025, the fintech startup turned into a public entity. Following the move, the name of the company’s parent changed to OnEMI Technology Solutions Limited from OnEMI Technology Solutions Private Limited previously.

In August 2025, the lending tech startup filed its DRHP with SEBI to raise up to INR 1,000 Cr via the fresh issue. Its IPO will also comprise an OFS component of up to 88.8 Lakh shares, which will see existing backers Vertex Ventures, Endiya Partners, Ventureast and others pare their stakes.

The startup plans to utilise the fresh funding to augment the capital base of its NBFC subsidiary, Si Creva Capital, and for general corporate purposes. 

On the financial front, Kissht’s consolidated net profit declined 18% to INR 160.6 Cr in FY25 from INR 197.3 Cr in the previous year. Operating revenue declined 20% to INR 1,337.5 Cr from INR 1,674.5 Cr in FY24.

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 2,723 stores and a customer base of 2 Cr. The Gurugram-based company has raised more than $1.75 Bn in funding to date from the likes of ChrysCapital, Abu Dhabi Investment Authority (ADIA), Temasek, among others.

Jumping on the IPO bandwagon, the eyewear giant, in January 2025, reportedly roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO. 

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. 

Subsequently, in July 2025, Lenskart filed its DRHP with SEBI to raise up to INR 2,150 Cr via fresh issue of shares. The IPO will also comprise an additional OFS of up to 13.2 Cr shares, which will see promoters as well as investors like SoftBank, Temasek and Kedaara partially offload their stakes. 

Lenskart swung to the black and reported a profit of INR 297.3 Cr in FY25 compared to a net loss of INR 10 Cr in the previous fiscal year. On similar lines, revenue from operations rose 22.6% to INR 6,652.5 Cr in the fiscal under review from INR 5,427.7 Cr in FY24.

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. 

In March 2025, reports surfaced that the company had shortlisted Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO. In June 2025, the ecommerce giant’s board passed a resolution to convert into a public entity. 

In June, the ecommerce major received approval from the National Company Law Tribunal (NCLT) to shift its headquarters back to India from the US. Days later, the startup’s board passed a resolution to merge its US-based entity Meesho Inc along with its India entity Meesho Ltd., thereby completing the reverse flip to India.As a part of this redomiciling process, Meesho is staring at tax liabilities north of $288 Mn (around INR 2,480 Cr).

In the same month, Meesho’s board also approved a proposal to raise up to INR 4,250 Cr (nearly $500 Mn) via fresh issue of shares as part of its IPO. 

In July 2025, the ecommerce major filed its DRHP with markets regulator SEBI via the confidential pre-filing route for a $1 Bn (about INR 8,550 Cr) IPO. Sources said that Meesho’s public issue will comprise a fresh issue of shares worth INR 4,250 Cr ($497 Mn) as well an OFS component. 

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. 

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 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.

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. In July 2025, the edtech juggernaut received SEBI’s approval for its IPO, four months after filing its draft IPO papers. 

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.

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 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 late-June 2025, the fintech unicorn filed the DRHP with the markets regulator SEBI for an IPO, which will comprise a fresh issue of shares worth up to INR 2,600 Cr and an offer for sale of up to 14.78 Cr shares. 

Besides cofounder Kapoor, backers Mastercard, Peak XV Partners, Temasek, Paypal, among others will sell their shares in the OFS. Pine Labs is eyeing a listing on the NSE and the BSE.

In August 2025, the fintech major appointed former Motilal Oswal Financial Services and Avendus Capital senior executive Sameer Kamath as its new CFO.

Pine Labs turned profitable in the first nine months of FY25, reporting a profit after tax (PAT) of INR 26.1 Cr as against a loss of INR 151.6 Cr in the same period last fiscal. Meanwhile, the company’s operating revenue stood at INR 1,208.2 Cr in 9M FY25, marking a 23% growth from INR 982.1 Cr. 

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, Ecom Express, 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”.

In July 2025, the logistics startup filed its DRHP with SEBI through the confidential pre-filing route. The company has also appointed ICICI Securities, JM Financial, and Morgan Stanley as the lead bankers for the IPO.

Later in the same month, the logistics company’s board approved a proposal to raise up to INR 2,000 Cr via its upcoming IPO, which will comprise a fresh issue of shares worth up to INR 1,000 Cr and an OFS component of up to INR 1,000 Cr. 

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 $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. 

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 company 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.

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. 

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 shortlisted Axis Capital, IIFL Capital Services and Nomura as bankers for its IPO. 

In June 2025, the Bengaluru-based D2C startup’s shareholders passed a special resolution to change its name to ‘Wakefit Innovations Limited’ from ‘Wakefit Innovations Private Limited’. 

In June 2025, the D2C furniture and mattress startup filed its DRHP with the markets regulator SEBI to raise INR 468 Cr via fresh issue of shares. The IPO will also comprise an offer for sale of up to 5.8 Cr equity shares.

As part of the OFS, the company’s cofounders and promoters Garg and Ramalingegowda, along with backers, including Peak XV Partners, Redwood Trust, Paramark and Verlinvest, among others, will offload shares via OFS route.

The company plans to utilise the proceeds from the IPO to expand its retail store network by setting up 117 new stores. A chunk of the capital will also be invested towards marketing initiatives. 

On the financial front, Wakefit clocked a revenue INR 971 Cr from operations in the first nine months (9M) of FY25 against a net loss of INR 8.8 Cr. 

In FY24, the company managed to trim its net loss by 90% to INR 15.05 Cr 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.

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

Three months later in July 2025, SEBI reinstated the company’s public listing bid and said that it was processing or re-evaluating the coworking major’s DRHP. A few days later, the capital markets regulator gave its nod to the company to launch its IPO.

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

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 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.

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, which will primarily consist of a fresh issue as well as an offer for sale. 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.

In March 2025, the auto tech platform secured $3 Mn in a round co-led by India Accelerator and Finvolve. 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 startup’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.

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 (August to September) for an 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. 

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. 

In June 2025, Zerodha cofounders and siblings Nikhil and Nithin Kamath acquired a minority stake in InCred Holdings Limited, the parent of InCred Financial Services Ltd, by acquiring shares worth INR 250 Cr ahead of the company’s potential IPO.

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.

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. In late-June 2025, Infra.Market raised an additional $50 Mn in debt funding from Mars Growth Capital.

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.

LEAP India

Founded in 2013 by Sunu Mathew, LEAP India offers supply chain solutions via asset pooling, which allows companies to pool in their assets such as pallets and containers for use by multiple companies. It provides other services such as inventory management platform, transportation, returnable packaging, and repair and maintenance of tools and assets, among others. It also sells electric and fossil fuel-powered forklift trucks via its subsidiary TRON. 

The company has raised more than $184 Mn till date since its inception and is backed by the likes of marquee names such as KKR, Mayfield, Sixth Sense Ventures and TVS Capital Funds.

In July 2025, reports surfaced that it roped in UBS, Avendus Capital, IIFL and JM Financial as lead managers for its upcoming IPO. The company is said to be looking to file its DRHP by the end of August 2025 and list on the exchanges by early-2026. 

Existing backer KKR is looking to make a partial exit via IPO and has pegged the startup at a $2.5 Bn valuation for the public listing. 

This follows the company turning into a public entity in July 2025. It also appointed Sanjiv Gupta and Harinarayan Nair as independent directors to its board.

Notably, this is LEAP India’s second stab at a public listing. In 2022, the startup was looking to raise about INR 1,000 Cr via public listing but postponed the plans later amid roiling market volatility. 

On the financial front, LEAP India clocked an operating revenue of INR 319 Cr in FY24, up 27% from INR 249 Cr in the previous fiscal year. Meanwhile, profits jumped 336% to INR 41 Cr in the fiscal under review from INR 9 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.

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 in 2024 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 Physics Wallah, 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. 

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.

In May 2025, NoPaperForms turned into a public entity after the company’s board and shareholders passed a resolution to approve the conversion.

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 2024, the startup reportedly appointed five investment banks, including Axis Capital, Morgan Stanley, JPMorgan, Citigroup and Bank of America to oversee its IPO.

The startup is said to be in the process of merging and integrating internal businesses ahead of the public 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. Ahead of its IPO in April 2025, the B2B marketplace unicorn raked in INR 100 Cr in a funding strategic round from Cornerstone Ventures.

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.

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.

PayNearby

Founded in 2016 by Anand Kumar Bajaj, Yashwant Lodha Subhash Kumar, PayNearby  leverages its network of local and neighborhood retail shop owners to facilitate digital financial services. The startup offers services such as cash withdrawal, remittance, bill payments, deposits, and insurance to end customers.

It claims to have 12 Lakh retail partners under its belt and has raised nearly $4 Mn in funding to date. 

Setting its IPO ball rolling, the fintech startup’s cofounder and CEO Bajaj, in August 2025, told a publication that PayNearby was mulling a FY27 public listing. The company is said to be in the process of finalising a merchant banker to helm its IPO, and will subsequently file its DRHP.

On the financial front, PayNearby’s standalone revenue from operations declined 4% to INR 355 Cr in FY24 from INR 368 Cr in the previous year. Its profit declined 25% to INR 1.5 Cr during the fiscal under review from INR 2 Cr in FY23. 

PayU India

The Prosus-backed payments solutions startup’s IPO plans appear to be in limbo. The Dutch investor, in June 2025, said that it has deferred PayU India’s listing plans and is looking to work on enhancing the fintech company’s India business before going for an IPO. 

This is the third time that the company has put its listing plans on the backburner. In early 2025, it was reported that the fintech platform was looking to file its DRHP by early-2025 and go public “sometime after the first quarter” of FY26. It had even finalised Goldman Sachs as one of the lead bankers to helm the public issue. However, the plan appears to have failed to materialise.

Even before that in November 2023, Prosus’ then chief investment officer (CIO) Ervin Tu had 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.

The deferment of the IPO came even as PayU India raised INR 1,013 Cr from its parent Prosus via a rights issue in April 2025. 

A month later in May, it also 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 21% to $669 Mn in FY25 from $551 Mn in FY24. Meanwhile, the investor also claimed that the fintech platform’s India payment broke even in the second half of FY25  while adjusted earnings before interest and taxes (aEBIT) margin improved by 1 percentage point to -2% in the financial year under review.

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. 

In June 2025, the fintech major was reported to be planning to file its DRHP by August 2025 for a likely $1.5 Bn public offer at a potential $15 Bn valuation. PhonePe is said to have finalised Kotak Mahindra, Citigroup and Morgan Stanley to helm the IPO.

Its consolidated net loss narrowed 28% YoY to INR 1,996 Cr in FY24, while revenue soared 74% YoY to INR 5,064 Cr. 

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. 

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. 

Meanwhile, in July 2025, the company elevated cofounder and India CEO Ankush Grover to the post of global CEO. Grover replaced cofounder Jaydeep Barman, who transitioned to the role of company’s chairman and group CEO. 

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.

Square Yards

A brainchild of husband-wife duo Tanuj Shori and Kanika Gupta Shori, Square Yards is a proptech startup that was founded in 2014. Square Yards operates a full-stack proptech platform that helps users search for a property, offers property management tools and disburses financing for home interiors.

Besides India, Square Yards also has a presence in overseas markets and claims to generate over 25% of its revenue from the Middle East, Australia, and Canada.

Square Yards has raised more than $200 Mn in funding to date and counts the likes of Reliance Group, ADM Capital, Bennett Coleman & Co Ltd (BCCL), Genkai Capital, among others, as its backers. 

In July 2025, Inc42 exclusively reported that Square Yards was looking to file its DRHP by March 2026 for an INR 2,000 Cr IPO at a unicorn valuation. The startup was in the middle of finalising investment bankers for its public issue, which will comprise a fresh issue of shares and OFS of equal sizes.

If the IPO materialises, Square Yards will be among a handful of Indian startups where founders will continue to hold more than 50% stake.

On the financial front, the proptech startup clocked an operating revenue of INR 1,400 Cr in FY25 and a gross profit of INR 316 Cr. In FY24, the Gurugram-based company reported a revenue of INR 996.13 Cr compared to INR 663 Cr in FY23. It trimmed its net losses by 12% to INR 216 Cr during the fiscal year under review from INR 256 Cr in FY23. 

Table Space

Founded in 2017 by late Amit Banerji, Karan Chopra, Kunal Mehra, Srinivas Prasad, Krishnaswamy Nagarajan, Anurag Tyagi, Nitish Bhasin and Anamika Gupta, Table Space offers enterprise managed workspace to companies across seven cities in India.

Currently, it claims to cater to over 315 clients, including the likes of EY, Dell, Fujitsu, AMD, Shell, JCI, among others. The startup has raised more than $407 Mn in funding to date and is backed by the likes of Hillhouse Capital, Rava Partners and Alta Capital.

In August 2025, Inc42 reported that Table Space had converted into a public entity. The Bengaluru-based startup dropped the word private from its name in July, marking its first step towards an IPO.

The startup also approved the appointments of three new independent directors – KCC & Associates partner Nilesh S Vikamsey, ex-NASSCOM chairman Ganesh Natarajan and ex-JLL CEO Asia Pacific Anthony Couse – on its board. 

This follows previous reports that the company had roped in Axis Capital as a bookrunner for its IPO and was looking to go public at a valuation of $2.5 Bn. However, its plans were likely delayed after cofounder Banerji passed away in January 2025. In the aftermath, it appointed cofounders Chopra and Mehra as co-CEOs. 

On the financial front, Table Space’s net profit declined 75% to INR 11 Cr in FY24 from INR 45 Cr in the previous year. Meanwhile, operating revenue surged 37% to INR 898 Cr in the fiscal under review from INR 658 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. 

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. 

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 and 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. 

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. 

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, 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. 

CEO and cofounder Palicha said that the IPO was delayed due to a private funding opportunity and the company’s renewed focus on strengthening growth, profitability and domestic ownership. Palicha also stressed that the IPO will take place “immediately” after the completion of a $250 Mn secondary share sale to domestic backers Edelweiss and HeroMoto.  

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. At the time, the company was said to be looking to raise $400 Mn to $500 Mn via the IPO at a valuation of nearly $5 Bn. 

However, in March 2025, Zetwerk cofounder and CEO Amrit Acharya said that the company was eyeing a public listing in the next 24 months. 

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: August 24, 05:00 AM IST