Indian Startup IPO Tracker 2024

It’s the season of spring for startup IPOs. After a lull in IPOs in 2022 and 2023 due to geopolitical tensions, a raging funding winter, and macroeconomic pressures, startups are lining up in droves to list on the bourses in 2024.

Eleven new-age tech companies have listed on the exchanges so far this year – Go Digit General Insurance, Swiggy, FirstCry, Unicommerce, TBO Tek, Ola Electric, Awfis, ixigo, Menhood, TAC Security and Trust Fintech. 

In contrast, just five startups listed in the entirety of 2023 and three new-age tech companies made their way to the bourses in 2022. 

Despite the 11 listings so far this year, the Indian startup ecosystem still has a few aces up its sleeves. Logistics major Ecom Express, and coworking startup Smartworks are also eyeing a market debut in the next few months. 

But, what is emboldening the startups to revisit their IPO plans, a year after many of them shelved or postponed their plans? The answer is the thawing funding winter, a renewed push for profitability and a growing investor appetite for startup IPOs. 

Speaking with Inc42, angel investor Nikhil Parmar said, “Firstly, many startups have matured to a point where they are ready for public markets, driven by strong growth, robust business models, and proven revenue streams. Additionally, favourable market sentiment and ample liquidity have made the stock market an attractive option for raising capital. Investor confidence is also a significant driver.”

Concurring with this, angel investing platform BizDateUp Technologies cofounder Meet Chandan said that the IPO spring has also been fuelled by investors looking to diversify their portfolio and the promise of substantial returns from tech-driven companies.

What has also helped the ecosystem is the bumper listing of most of the new-age companies in 2024 so far. From TBO Tek and Awfis to GoDigit Insurance, Unicommerce and ixigo, all have listed at a premium, and many have even seen healthy rallies post their listing. 

Non-institutional investors (NIIs) and qualified institutional buyers (QIBs) are seeing merit in backing the growing number of Indian startups making a beeline for the bourses. However, challenges remain. 

Investors are primarily focussed on profitable and sustainable ventures and are steering clear of loss-making entities. Awfis, which reported a profitable quarter after its listing, was an outlier in this regard. Additionally, strong corporate governance guardrails and compliance with existing regulations also seem to be on the top of investors’ agenda. 

“Markets currently are receptive to IPO-bound companies with a good brand, decent unit economics and a clear path to profitability. Public markets are hungry for tech stocks and are welcoming good companies with open arms. So, it’s only natural that more founders would want to take their companies public. This is a great sign for the ecosystem,” said VC firm All In Capital’s cofounder Kushal Bhagia.

Parmar believes that the surge in IPOs amid the funding winter showcases the startup ecosystem’s resilience and adaptability. It also reflects the growing maturity of the ecosystem. 

With this in mind, Inc42 has collated a list of all top Indian startups that have listed on the bourses in 2024 so far as well as those who plan to go for IPOs in the near term. Before we dive into the list, here are the latest developments from the Indian IPO landscape:

Latest Updates:

• boAt has finalised ICICI Securities, Goldman Sachs and Nomura as bankers for a $300 Mn to $500 Mn IPO next year, and is targeting a valuation exceeding $1.5 Bn
• BlackBuck’s IPO saw lukewarm response from investors on the second day of bidding, with overall subscription at 32%
• Zetwerk plans to raise $1 Bn through its IPO next year, which could potentially value the startup at “several billion dollars”

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

Startups That Have Listed In 2024

This is not a listing of any kind. The startups 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:

Awfis

Founded in 2015 by Amit Ramani, Awfis has evolved from just being a coworking network to a tech-enabled workspace solutions platform, catering to freelancers, startups, SMEs, large corporates, and MNCs.

The coworking space provider filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December last year. The market regulator greenlit the company’s public issue in April 2024 

The startup made its debut on the bourses in May this year. It listed on the BSE at INR 432.25 per share, a premium of 12.8% to its issue price. Similarly, it opened on the NSE at INR 435 apiece – 13.5 % higher than the issue price.

Awfis reported a profit of INR 2.7 Cr Cr in Q1 FY25 against a net loss of INR 8.3 Cr in the year-ago period. Operating revenue also jumped over 37.2% year-on-year (YoY) to INR 257.7 Cr in the quarter ended June 2024.

FirstCry

Founded in 2010, FirstCry is an omnichannel mother and kids-focused marketplace. It sells diapers, toys, apparel and cribs, as well as provides daycare facilities and runs a chain of play schools and preschools in India.

The Pune-based startup refiled its draft IPO prospectus in April following a directive from SEBI to include key metrics in its DRHP, first filed in December 2023. The company received the market watchdog’s approval for a public listing in July.

FirstCry’s IPO comprised a fresh issue of shares worth INR 1,816 Cr and an OFS component of 5.4 Cr equity shares. However, the company later reduced the size of its fresh issue by around 8% to INR 1,666 Cr, as per its RHP. 

The omnichannel marketplace raised INR 1,885.82 Cr from 71 anchor investors at INR 465 per equity share ahead of the IPO. 

The company made a strong debut on the bourses and its shares opened at INR 651 on the NSE, a premium of 40% over its issue price of INR 549. On the BSE, the shares listed at INR 625, translating into a 34.4% premium.

FirstCry clocked sales of INR 1,652.07 Cr in Q1 FY25, up 10% from INR 1,496.93 Cr in Q1 FY24. Meanwhile, its loss declined almost 31% YoY to INR 75.68 Cr in the quarter ended June 2024.

Go Digit General Insurance

Founded in 2016, Go Digit offers insurance policies across verticals like health, motor vehicle, travel, property, and more.

The insurtech unicorn refiled its DRHP with SEBI in March after the capital markets regulator flagged concerns over its employee stock appreciation rights scheme. 

The Bengaluru-based startup’s IPO comprised a fresh issue of shares worth INR 1,125 Cr and an OFS component of 5.47 Cr equity shares.

The Virat Kohli-backed startup made a lukewarm debut on Dalal Street in May, listing at a 5.15% to its issue price. The stock listed at INR 286 apiece on the NSE and INR 272 on the BSE. 

Go Digit’s profit after tax (PAT) surged 221% YoY to INR 89 Cr in Q2 FY25 from INR 27.69 Cr in the year-ago fiscal. Gross written premium rose 14.2% to INR 2,368.57 Cr in the quarter ended September 2024 from INR 2,073.84 Cr in the year-ago period.

ixigo

Founded in 2006, ixigo started as a travel search website to help users compare flight deals. In FY20, it rebranded as an online travel aggregator to offer services such as flights, trains, bus tickets, hotel bookings and holiday packages.

Le Travenues Technology Ltd, the parent company of ixigo, refiled its DRHP with SEBI in February. The travel tech startup got the market regulator’s nod to launch the public issue in May.

Its IPO comprised a fresh issue of shares worth INR 120 Cr and an OFS component of 6.67 Cr shares worth up to INR 620 Cr.

The startup made a stellar debut on the bourses in June this year. While the stock opened at INR 138.10 per share on the NSE, a premium of 48.5% from the issue price of INR 93, it made its debut at a premium of 45.16% on the BSE. 

Prior to that, the OTA’s public issue also saw high demand and was oversubscribed 98X. 

In Q2 FY25, ixigo posted a PAT of INR 13.08 Cr, down 51% from INR 26.70 Cr in the year-ago period. Meanwhile, revenue from operations jumped 26% YoY to INR 206.47 Cr during the quarter compared to INR 163.91 Cr in Q2 FY24.

Menhood

Founded in 2019 by Dushyant Gandotra, Divya Gandotra and Shivam Bhateja, Menhood is a D2C men’s grooming brand that sells products such as trimmers, intimate perfumes, intimate wash and moisturiser, among others.

The startup’s parent entity Macobs Technologies Limited filed its DRHP in January 2024 for an IPO that comprised a fresh issue of 25.95 Lakh shares. Menhood’s public issue saw healthy response and was oversubscribed 157.5 times. 

The Jaipur-based brand eventually listed on NSE Emerge on July 24 at INR 96 apiece, a 28% premium to its issue price of INR 75.

Ola Electric

Founded in 2017, Ola Electric is an electric two-wheeler maker that currently retails a portfolio of five scooter models. The Bhavish Aggarwal-led startup is also planning to launch an electric autorickshaw in the coming days.

The Bengaluru-based startup filed its DRHP with SEBI in December 2023 for an INR 5,500+ Cr IPO. 

Ola Electric secured approval from the markets regulator for its IPO in late June. The EV major’s IPO comprised a fresh issue of shares worth up to INR 5,500 Cr and an OFS component of up to 8.49 Cr shares.

The company had set a price band of INR 72-76 per equity share for its public issue.

Ahead of the market debut, the EV major raised INR 2,763 Cr from 84 anchor investors, including SBI, HDFC, Nippon Life, Nomura Asset Management, Government Pension Fund of Norway, among others, at INR 76 per equity share. 

The EV maker’s public issue opened on August 2 and was subscribed 4.27X at the end of the last day of the bidding on August 6. 

Afterwards, the company had a muted market debut as the stock opened at a flat INR 75.99 apiece on the BSE as against its IPO issue price of INR 76. On the NSE, the shares opened flat at INR 76 apiece. 

In Q1 FY25, Ola Electric’s net loss widened 30% to INR 347 Cr from INR 267 Cr in the previous fiscal. Meanwhile, it reported sales of INR 1,644 Cr during the period under review, up 32% from INR 1,243 Cr in FY23.

Swiggy

Swiggy commenced operations as an online food delivery platform in 2014. In 2020, it also entered the grocery delivery business with Swiggy Instamart. 

Now, the Bengaluru-based startup has begun diversifying beyond the quick commerce grocery business. Swiggy Instamart now also offers high-value products, allowing shoppers to order fitness and electronics devices. 

Initially, Swiggy filed its DRHP with markets regulator SEBI via the confidential pre-filing route for an IPO worth INR 10,414.1 Cr ($1.2 Bn) in April. In September, the company filed its updated IPO papers with the market regulator. 

As per the updated DRHP, Swiggy’s public issue was to comprise a fresh issuance of shares worth INR 3,750 Cr and an OFS component of 18.57 Cr equity shares. 

In late September, the company received shareholders’ nod to increase the size of its fresh issue by 33% to INR 5,000 Cr. 

Subsequently, Swiggy filed its red herring prospectus (RHP) with SEBI on October 28. As per the latest prospectus, the foodtech decacorn increased the size of the fresh issue to INR 4,499 Cr and trimmed the size of the OFS component to up to 17.5 Cr shares from 18.53 Cr previously. 

In the run up to the INR 11,324 Cr IPO, Swiggy bagged INR 5,085 Cr from 75 anchor investors, including Fidelity, HSBC India, Invesco India, Whiteoak Capital, among others, at INR 390 per share. Subsequently, Swiggy’s IPO opened for subscription on November 6 and closed on November 8 with an oversubscription rate of 3.59X.

The public issue received bids for 57.53 Cr shares as against 16.01 Cr shares on offer. Eventually, the stock made its debut on the NSE at INR 420, a premium of nearly 8% from its IPO issue price of INR 390 per share. On the BSE, Swiggy shares listed at INR 412, a premium of almost 6% to its IPO issue price.

Swiggy posted a net loss of INR 2,350 Cr in FY24, down 44% from INR 4,179 Cr in FY23. Revenue grew 36% to INR 11,247 Cr during the fiscal under review from INR 8,265 Cr in FY23. 

In Q1 FY25, Swiggy’s consolidated net loss rose over 8% YoY to INR 611 Cr while revenue from operations zoomed 35% YoY to INR 3,222.2 Cr during the quarter under review.

TAC Infosec

Founded in 2016, TAC Infosec (also known as TAC Security) is a SaaS-based cybersecurity startup. It offers risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing to enterprises.

The Vijay Kedia-backed startup filed its DRHP in January to list on the NSE’s small and medium enterprise (SME) platform NSE Emerge. 

TAC Infosec’s IPO only consisted of a fresh issue of 28.29 Lakh equity shares. The shares listed on NSE Emerge in April at INR 290, a whopping 173.6% premium over the issue price of INR 106.

The startup posted a net profit of INR 6.33 Cr in FY24, a 23% jump from INR 5.12 Cr in FY23. Operating revenue zoomed 17% to INR 11.84 Cr in FY24 from INR 10.09 Cr in FY23.

TBO Tek

Founded in 2006, Travel Boutique Online (TBO) is a B2B travel portal that provides solutions to travel agents and tour operators. It offers white-label solutions, hotel and flight booking APIs and dynamic packages, among others.

The Delhi NCR-based company filed its DRHP with SEBI in November last year. The market regulator granted approval for its public listing in April.

Shares of TBO Tek listed on the NSE in May at a premium of 55% to the issue price. The stock made its debut at INR 1,426 against the issue price of INR 920. On the BSE, the stock listed at INR 1,380, a 50% premium to the issue price.

TBO Tek logged a 29% jump in PAT to INR 60.91 Cr in Q1 FY25 from INR 47.3 Cr in the year-ago quarter. Revenue from operations stood at INR 418.5 Cr during the period under review, a 21% increase from INR 344.6 Cr in Q4 FY23.

Trust Fintech

Founded in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Trust Fintech is an enterprisetech company that offers SaaS products and fintech solutions for ERP implementation, and offshore IT services for the BFSI sector. 

The fintech SaaS company filed its DRHP with NSE Emerge to raise funds via an IPO in February this year and listed on the SME platform just two months later in April. 

It witnessed an oversubscription of 101X for its public issue on the back of huge demand from retail investors and non-institutional investors. Eventually, it listed at a premium of 42% at INR 143.25 apiece as against its issue price of INR 101 per share.

Trust Fintech saw its net profit jump 210% to INR 12.5 Cr in the financial year 2023-24 (FY24) from INR 4 Cr in FY23. Meanwhile, operating revenue jumped 55.4% to INR 35 Cr in the period under review as against INR 22.5 Cr in FY23.

Unicommerce

Founded in 2012 and acquired by Snapdeal in 2015, Unicommerce is an ecommerce SaaS startup that enables sellers to manage their inventory across all online marketplaces. It offers integrations with all major ecommerce platforms active in India.

Unicommerce filed its DRHP in January and received regulatory approval on July 1. The startup’s IPO comprised solely of an OFS of 2.98 Cr shares.

Unicommerce’s public issue opened on August 6 and was closed on August 8 with 168X subscription. Afterwards, it made a stellar debut on the bourses on August 13. 

Shares of the enterprise tech startup listed at INR 235 apiece on the NSE, a premium of 117.59% over its issue price of INR 108. It also debuted at INR 230 on the BSE, a premium of 112.96%.

Unicommerce’s net profit stood at INR 4.47 Cr in Q1 FY25 as against INR 3.69 Cr in the previous fiscal year. Meanwhile, the ecommerce SaaS startup reported an operating revenue of INR 29.30 Cr in the quarter ended September 2024, up 13% from INR 25.93 Cr in Q2 FY24.

Indian Startup IPOs In Pipeline

*As per reports

AITMC Ventures

Founded in 2016, AITMC Ventures offers drone training and other skill development programmes in the agriculture sector. So far, it has set up 46 centres across India for research, development, training, and testing of drone technology in agriculture.

The integrated agri-drone company filed its DRHP in October last year to list on NSE Emerge. 

The Gurugram-based startup IPO will comprise a fresh equity offering of up to 2.07 Cr shares. It won’t have an OFS component.

The startup reported revenue of INR 21.44 Cr and profit of INR 4.81 Cr in FY23.

ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that leverages AI to simplify construction material procurement. It links real estate developers with vendors for any requirements related to building materials and offers project management services.

Backed by names such as PharmEasy chief executive Siddharth Shah, Think Partners, Logx Venture Partners and Karbonite Ventures, the startup has raised more than $25 Mn in funding till date. 

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

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

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in FY24. Revenue from operations stood at INR 696.84 Cr during the year under review as against INR 746.07 Cr in the previous fiscal.

Ather Energy

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

The EV major has raised more than $431 Mn from Hero MotoCorp, GIC, Tiger Global, among others, across multiple rounds since its inception. 

In June 2024, Ather Energy’s board passed a resolution to convert the startup into a public company from a private entity previously. A couple of months later in September, the electric two-wheeler maker filed its draft red herring prospectus with SEBI for its IPO. 

The proposed IPO will comprise a fresh issuance of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares. 

It was reported earlier that the unicorn is eyeing a valuation of around $2.5 Bn for its IPO.

The proceeds from the IPO will be utilised for kickstarting the construction of its upcoming manufacturing facility in Maharashtra, R&D, marketing initiatives, and other general corporate purposes.

Ather Energy clocked a net loss of INR 1,059.7 Cr in FY24, up 22.5% from INR 864 Cr in the previous year. Operating revenue rose 0.4% YoY to INR 1,789.10 Cr during the year under review from INR 1,783 Cr in FY23.

Avanse Financial Services

Incorporated in 2013, Avanse is an NBFC focussed on education financing for students and educational institutions in India. Its products cater to students looking to study higher education abroad and in India. 

The non-bank lender 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 NBFC’s IPO paper on “technical grounds”. Later, the company refiled its IPO papers with the market regulator on July 31. On October 23, SEBI gave its nod to the NBFC for the IPO. 

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC) and Kedaara Capital, the startup last raised INR 1,000 Cr in a funding round led by Abu Dhabi-based investment firm Mubadala Investment Company in March 2024.

As per the DRHP, Avanse’s net profit rose to INR 342.4 Cr in the financial year 2023-24 (FY24) from INR 157.71 Cr in the previous fiscal year. Operating revenue grew to INR 1,726.9 Cr from INR 989.5 Cr in FY23.

Bira 91

Founded in 2015 by Ankur Jain, Bira 91 sells craft, lager and strong beers. It also sells non-alcoholic beverages.

Backed by Peak XV Partners, Sofina and DS Group, Bira 91 has raised $449 Mn in funding across multiple rounds. 

In December 2022, the startup converted into a public company and renamed itself as B9 Beverages Limited. However, the beverage startup is yet to file its DRHP with the SEBI.

In July 2024, reports said that the alco-beverage brand was planning to list on the bourses in 2026 and has roped in investment banking firm Morgan Stanley to helm its pre-IPO process.

The Delhi NCR-based beer brand reported an operating revenue of INR 824.3 Cr in the year ended March 2023, up 15% from INR 718.8 Cr in FY22. Meanwhile, net loss jumped 12% YoY to INR 445.4 Cr in FY23.

BlackBuck

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam, BlackBuck operates an online marketplace for inter-city full truck load (FTL) transportation. It claims to be the largest online trucking platform in India, and connects with suppliers with truckers.

The Flipkart-backed logistics unicorn filed its IPO papers with SEBI in July 2024. Its public issue comprises a fresh issue of shares worth INR 550 Cr and an OFS component of up to 2.16 Cr shares. The startup received approval from the Securities and Exchange Board of India (SEBI) for its IPO in October 2024.

Ahead of the IPO, the company raised INR 501 Cr from anchor investors at INR 273 per share. BlackBuck, which is looking to raise INR 1,114.72 Cr from the IPO, will be valued at about INR 4,817 Cr at the upper end of the IPO price band.

The public issue of the logistics major saw lukewarm response from investors on the second day of the bidding (November 14), with overall subscription at 32%. The demand came largely on the back of retail investors, who bid for 37.63 Lakh shares as against 40.80 Lakh shares reserved for them.

Backed by the likes of Tiger Global, Accel, Peak XV Partners and Goldman Sachs, BlackBuck has raised more than $360 Mn in funding to date.

BlackBuck posted a net profit of INR 28.67 Cr in Q1 FY25 as against a net loss of INR 35.93 Cr in the corresponding quarter last year. Revenue from operations jumped nearly 55% to INR 92.16 Cr during the quarter under review from INR 59.46 Cr in Q1 FY24.

BlueStone

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, Bluestone is an omnichannel jewellery startup 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. 

The jewellery startup started its IPO proceedings in August 2024 as it raised INR 900 Cr as part of a pre-IPO funding round that catapulted its valuation to $970 Mn. As per reports, Bluestone plans to file its draft red herring prospectus (DRHP) with market regulator SEBI in late-2024.

Bluestone’s net loss declined 86% to INR 167.2 Cr in the fiscal year 2022-23 (FY23) from INR 1,268.4 Cr in FY22. Operating revenue jumped 1.6X to INR 770.7 Cr during the fiscal year under review from INR 461.3 Cr in the previous fiscal year.

boAt

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

As per reports, boAt has finalised ICICI Securities, Goldman Sachs and Nomura as the bankers to helm its $300 Mn to $500 Mn IPO in 2025. The startup is said to be targeting a valuation exceeding $1.5 Bn.

Notably, cofounder and chief marketing officer Aman Gupta, in September 2024, said that the startup plans to list on Indian stock exchanges in 2025. This is more or less in line with what cofounder and CEO Sameer Mehta said in June 2024. 

At the time, Mehta said that the startup plans to become net profitable once again in FY25 before moving ahead with IPO plans, adding that boAt would be looking to raise INR 2,000 Cr via the IPO in the next 12-18 months. 

This is not the first time that boAt has lined up IPO plans. It filed its DRHP with SEBI in 2022 for an INR 2,000 Cr public issue. However, it later shelved the plans amid adverse macroeconomic conditions. 

boAt continue to be in the red for second consecutive fiscal 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 declined 7% to INR 3,117.7 Cr during the year under review from INR 3,376.8 Cr in FY23.

Captain Fresh

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

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

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

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

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 raised more than $692 Mn in funding till date and competes with the likes of CarTrade, Spinny and Cars24. It was last valued at $1.2 Bn in 2021, when it secured $250 Mn in a mix of primary and secondary funding. 

The auto marketplace is said to be in advanced talks to appoint merchant bankers to helm its IPO in 2025. The company plans to file its DRHP in March 2025 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 offer for sale (OFS). The proceeds from the IPO will go towards funding CarDekho’s geographical and category expansion as well as for future acquisitions. 

Notably, this is not the first time that CarDekho is planning to list on the bourses. In 2021, it was mulling a listing on the bourses but its IPO plans failed to take off then. 

As per MCA filings, CarDekho Group reported an operating revenue of INR 2,331 Cr in FY23 as against INR 1,600 Cr in the previous fiscal. Meanwhile, loss rose slightly to INR 562 Cr during the period under review from INR 535 Cr in FY22.

DevX

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

Backed by Kalpesh Harakhchand Gala, Unmaj Corporation, and Bidiwala Family Office, the coworking startup last raised $7 Mn in a mix of debt and equity in February this year. 

DevX currently operates over 25 coworking spaces in more than 10 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Kochi, Surat, among others. 

The coworking startup filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. DevX’s IPO will consist solely of a fresh issue of 2.47 Cr equity shares and there will be no OFS component.

The fresh proceeds will be utilised for the repayment and prepayment of non-convertible debentures (NCDs), expanding its footprint and for general corporate purposes. 

As per the DRHP, DevX reported a profit after tax (PAT) of INR 43.7 Lakh in FY24 as against a loss of INR 12.8 Cr in FY23. Operating revenue stood at INR 108.08 Cr compared to INR 69.91 Cr in FY23. 

Ecom Express 

Founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express is a logistics solutions provider that caters to ecommerce platforms, D2C brands as well as quick commerce players. 

The startup claims to have 3,000 delivery centres spanning 9.6 Mn sq. ft. of space and delivers packages to 27,000 pin codes in 2,700 cities and towns across the country. 

The company set its IPO plans in motion in August this year after its board approved its public listing plans during an extraordinary general meeting (EGM) on August 13. Quickly afterwards, the company filed its DRHP with the market regulator SEBI for an INR 2,600 Cr IPO. 

As per the draft papers, the proposed public issue will comprise a fresh issue of shares worth up to INR 1,284.5 Cr and an offer for sale component of up to INR 1,315.5 Cr. It plans to list its shares on the BSE and the NSE. 

Backed by the likes of Warburg Pincus, PG Esmeralda, British International Investment (BII), among others, Ecom Express has raised more than $275.79 Mn in funding till date. 

The logistics major trimmed its net loss by 67% to INR 255.8 Cr in FY24 from INR 428.1 Cr in FY23. Meanwhile, its operating revenue saw a marginal 2.15% YoY increase to INR 2,609 Cr in the fiscal ended March 2024.

Flipkart

Binny Bansal and Sachin Bansal founded Flipkart in 2007 and later sold a majority of the company to Walmart in 2018 for $16 Bn. Since then, the ecommerce major has become India’s biggest ecommerce marketplace and has diversified into a host of new areas, including fintech, and travel aggregation. 

The ecommerce major, which is also backed by Google, was last valued at $35 Bn during a $1 Bn fundraise that saw participation from the two investors. 

Just like its sister arm PhonePe, the company is vying for a 2026 IPO. Its B2C arm, Flipkart Internet Private Limited, reported an operating revenue of nearly INR 15,000 Cr mark in the financial year ended March 31, 2023. The marketplace arm’s operating revenue zoomed 42% to INR 14,845.8 Cr in FY23 from INR 10,477.4 Cr in FY22.

Flipkart Internet primarily earns revenue through commission charges and other services it offers to merchants, including advertising of products. Including other income, the B2C arm’s total revenue rose 41% to INR 15,044 Cr during the year under review from INR 10,640.5 Cr in FY22.

Fractal

A brainchild of Srikanth Velamakanni, Pranay Agrawal and Ashwath Bhat, Fractal was founded in 2000. The SaaS startup offers artificial intelligence and advanced analytics solutions to enterprises globally. 

Backed by the likes of 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. 

The enterprise tech major is now gearing up to file its DRHP by November 2024. The company is eyeing a $500 Mn to $600 Mn IPO on Indian bourses at a valuation of around $3.5 Bn.

Fractal’s public issue will likely have a “large share” of secondary share sale by existing investors, the quantum of which is still yet to be decided. 

Fractal returned to the black in FY23, minting a profit of INR 194.4 Cr compared to a loss of INR 148.4 Cr in FY22. Meanwhile, the SaaS unicorn’s operating revenue zoomed 53% YoY to INR 1,985.4 Cr in the fiscal year ended March 2023.

Garuda Aerospace

Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace designs, manufactures and sells drones. Its offerings also include drone-as-a-service (DaaS) for use cases such as agriculture, defence, and mining. 

Backed by Venture Catalysts, Silver Swan Capital and Claris Capital, the startup has raised $28.2 Mn in funding till date. 

In a chat with Inc42 last year, Jayaprakash said that the company would commence its IPO proceedings post March 2024 and would list by October-November 2024.

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 as it has reportedly 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 -$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.

The B2B ecommerce major saw its net profit narrowing 17% YoY to INR 155.2 Cr in FY23. Operating revenue soared 90% to INR 11,846.5 Cr during the year under review from INR 6,236.3 Cr in FY22. 

IndiQube

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

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

The startup is in advanced talks to finalise its merchant bankers to helm its IPO. The company plans to file its DRHP with market regulator SEBI before November 2024. 

The startup is looking to raise INR 1,000 Cr to INR 1,500 Cr from its IPO, which will primarily comprise a fresh issuance of shares. The OFS component is expected to be small, with promoters and existing investors not looking at any major dilutions.

The coworking space provider turned profitable in FY23, reporting a net profit of INR 20.63 Cr compared to a loss of INR 18.82 Cr in FY22. Meanwhile, revenue jumped 69% to INR 592.41 Cr in the fiscal year ended March 2023 from INR 351.43 Cr in FY22. 

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 2026 at a valuation of about $10 Bn. 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. 

As of July 2024, the company claims to process over INR 72,000 Cr of purchase volume annually from across 2,000 Indian cities and over 20,000 offline and 3,000 online merchants. 

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. 

Innoviti saw its revenue from operations jump more than 48% YoY to INR 110 Cr in the fiscal year 2022-23 (FY23). Meanwhile, loss surged to INR 86.56 Cr during the year under review from INR 73.4 Cr in FY22.

MobiKwik

Founded in 2009, MobiKwik started operations as a digital wallet. Since then, it has diversified its business to offer consumer payments, buy now pay later (BNPL), and payment gateway services. 

The Delhi NCR-based startup has also introduced a Soundbox-like device, called Vibe, to take on Paytm and PhonePe.

The fintech unicorn refiled its DRHP with SEBI in January to raise INR 700 Cr through a fresh issue of equity shares, down from its earlier attempt to go public in 2021 when it tried to raise INR 1,900 Cr. The market regulator issued the observation letter to the Delhi NCR-based unicorn on September 19. 

MobiKwik managed to turn profitable in FY24. It posted a profit of INR 14.1 Cr in the fiscal year ended March 2024 as against a loss of INR 83.19 Cr in FY23. Revenue from operations zoomed 62% YoY to INR 875 Cr in FY24.

OfBusiness

A brainchild of Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan and Vasant Sridhar, OfBusiness was founded in 2015. The startup operates a B2B ecommerce platform that sells construction materials and offers financing solutions to merchants.

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Kicking off its IPO proceedings in August 2024, the startup was reportedly in talks with investment bankers such as Bank of America, Citi, JP Morgan and Morgan Stanley for managing the IPO, which will be launched in the second half of 2025.

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

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

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

Ola Consumer

A brainchild of 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 country in the ride-hailing space.

In October, it was reported that the startup had sought approval from its investors to turn into a public entity, the first step towards IPO. Additionally, the company is also said to be finalising with bankers to handle the public issue.

Previous reports had noted 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 trimmed its loss by nearly half to INR 772.2 Cr in FY23 from INR 1,522.3 Cr in the previous year. Operating revenue rose 42% YoY to INR 2,799.3 Cr .

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 is also planning to launch 13 self-operated hotels under its premium brand ‘Palette’ by 2024-end.

In May 2024, the Delhi NCR-based hospitality major officially withdrew its IPO documents from the market regulator SEBI. Interestingly, this was OYO’s second attempt at a public listing. 

In early-2024, OYO was said to be looking to raise $400 Bn to $600 Bn, nearly half of its earlier attempt in 2021 when it was looking to raise INR 8,430 Cr ($1.2 Bn).

OYO narrowed its net loss by 34% to INR 1,286.5 Cr in FY23 from INR 1,941.5 Cr in FY22. Operating revenue grew 14% to INR 5,463.9 Cr in FY23 from INR 4,781.3 Cr in the previous fiscal year.  Its cofounder and CEO Ritesh Agarwal claimed that the startup reported a net profit of INR 100 Cr in FY24.

PayMate

Founded in 2006 by Ajay Adiseshann, PayMate is a full-stack supply chain payments automation platform that offers B2B payments solutions for SMEs and enterprises. 

The Mumbai-based fintech startup filed its DRHP in 2022 for an INR 1,500 Cr IPO. At the time, PayMate said that its public issue would comprise a fresh issue of INR 1,125 Cr and an OFS of INR 375 Cr. 

Eventually, the market regulator returned the company’s DRHP and asked PayMate India to refile the IPO papers with certain updates. In early 2023, the company reportedly said that it was planning to refile its DRHP but there has been no clarity on its IPO plans since then. 

In FY23, the startup trimmed its net loss by 3.5% YoY to INR 55.7 Cr in FY23. Operating revenue jumped 11.7% YoY to INR 1,350.1 Cr in FY23.

PayU India

The Prosus-backed payments solutions startup appears to have rejigged its IPO plans. PayU India has reportedly delayed its public listing plans and now plans to go public “sometime after the first quarter” of FY26.

As per reports, PayU India has finalised Goldman Sachs as one of the lead bankers to helm the public issue and will likely file its DRHP by early 2025. Confirming this, Prosus’ chief investment officer (CIO) Ervin Tu said that it is eyeing a listing for PayU in India in 2025. 

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

At the time, it even appointed Goldman Sachs, Morgan Stanley and Bank of America as advisors for the public issue. 

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

PhonePe

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

Since its inception, it has morphed into a full-fledged financial services platform, offering a host of digital payment services, insurance products, and broking services to customers. The fintech major was acquired by ecommerce juggernaut Flipkart in 2016. 

Six years later, Flipkart parent Walmart set into motion its plans to hive off PhonePe as a separate entity and redomicile the fintech company back to India. In late-2022, PhonePe flipped back to its home turf, 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, setting the stage for a 2026 IPO.

In August 2024, the fintech major’s cofounder and CEO Nigam said that payments body National Payment Corporation of India’s (NPCI) plan to cap the UPI market share of third-party app providers (TPAPs) was hindering the company’s plans from going ahead with its IPO.

The fintech major saw its consolidated net loss widen 39% YoY to INR 2,795.3 Cr FY23. Revenue soared 77% YoY to INR 2,913.7 Cr during the year under review. 

Physics Wallah

A brainchild of Alakh Pandey and Prateek Maheshwari, Physics Wallah (PW) was founded in 2020. The startup 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.

Kicking off its IPO plans, PW has finalised Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for its proposed $400 Mn to $500 Mn public listing next year. 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 raised its last funding.

If the plan fructifies, PW will become India’s first edtech startup to list on the stock exchanges.

PW’s net profit declined over 90% to INR 8.9 Cr in FY23 from INR 98.2 Cr in the previous fiscal year due to a sharp rise in its expenses. However, operating revenue soared 234% to INR 779.3 Cr in FY23 from INR 233 Cr in FY22.

Portea Medical 

A brainchild of Krishnan Ganesh and Meena Ganesh, Portea Medical is a healthtech startup that offers services such as maternal care, physiotherapy, nursing, lab tests, counselling and critical care. 

Backed by Accel, InnoVen Capital, Alteria Capital and British International Investment, Portea Medical has raised more than $92.3 Mn across multiple rounds till date.

The healthtech startup filed its IPO papers in July 2022 for an INR 800 Cr IPO. As per its DRHP, the IPO then comprised a fresh issue of equity shares worth INR 200 Cr and an OFS component of up to 56.25 Mn shares.

In April 2023, it received approval from the market regulator to go ahead with the public listing on the BSE and NSE. However, there have been no further updates on its IPO plans.

Portea Medical posted a net loss of INR 53 Cr in FY23, up from INR 40 Cr in the previous year. Revenue from operations declined 3.3% YoY to INR 145 Cr during the year under review. 

Pure EV

A brainchild of Nishanth Dongari and Rohit Vadera, the startup manufactures electric bikes and scooters across multiple variants. 

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. 

However, the startup 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. 

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. 

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.

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

Shadowfax trimmed its net loss 19% YoY to INR 142.63 Cr in FY23. Meanwhile, revenue from operations jumped 42% to INR 1,415 Cr during the year under review from INR 990 Cr in FY22.

Smartworks

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

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

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

In August 2024, it filed its DRHP with SEBI for an INR 550 Cr initial public offering. As per its DRHP, the company’s IPO comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) component of up to 67.49 Lakh equity.

It trimmed its net loss to INR 49.9 Cr in FY24 from INR 101.4 Cr in FY23. Operating revenue jumped 46% YoY to INR 1,039.3 Cr during the year under review.

Ullu

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

It filed its DRHP with the BSE SME for an IPO in February this year. As per the draft papers, the company’s IPO would comprise a fresh issue of 62.63 Lakh shares and would not have OFS component.

Ullu Digital plans to raise INR 135-INR 150 Cr via the IPO, which, if approved, would become the biggest SME IPO till date. 

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

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

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

Zappfresh

Founded by Deepanshu Manchanda and Shruti Gochhwal in 2015, 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.

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

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. 

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. 

The startup plans to raise $450 Mn via fresh issuance of shares and an undisclosed amount through the offer for sale (OFS) component.

Zepto’s net loss ballooned 3.35X YoY to INR 1,272.4 Cr in FY23 from INR 390.3 Cr in the previous fiscal year. Meanwhile, revenue from operations soared 14.3X to INR 2,024.3 Cr in the fiscal year ended March 2023 from INR 140.7 Cr in FY22. 

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 October, Inc42 reported that Zetwerk has kicked off initial discussions with JP Morgan and two to three other investment bankers for a public listing in the next two years.

Later on, it emerged that the B2B marketplace startup is looking to raise $1 Bn through its IPO. It is eyeing a public listing next year.Zetwerk is said to be targeting a valuation of “several billion dollars”.

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: November 16, 1:00 PM IST