Dalal Street’s New Horizon: Inside India’s 2025–2026 Startup IPO Wave
Main Facts: India’s Public Market Renaissance
Dalal Street cemented its status as a founder’s paradise throughout 2025, with 18 Indian startups listing on the bourses and collectively mopping up a record ₹41,248 Cr ($4.9B+) from public markets. This historic capital mobilization was propelled by a powerful confluence of macroeconomic tailwinds and progressive regulatory support. Robust GDP growth projections revitalized investor appetite, while strategic reforms by the Securities and Exchange Board of India (SEBI)—such as simplified Draft Red Herring Prospectus (DRHP) filings to minimize red tape and more flexible Employee Stock Option Plan (ESOP) rules—empowered founders to retain meaningful equity ownership.
Retail investors simultaneously fueled the frenzy, driving the aggregate count of domestic demat accounts past the milestone of 200 million. Offer for Sale (OFS) components heavily dominated public issues last year, providing critical early-liquidity exits for venture capital backers. Post-listing performance mirrored classical market fundamentals: investors disproportionately rewarded companies that demonstrated rigorous unit economics, predictable cash flows, operational discipline, and robust governance over mere headline growth.
Chronology: The 2026 Listing and Pipeline Landscape
Building on the unprecedented momentum of 2025, eleven new-age tech companies successfully debuted on Dalal Street over the first three quarters of 2026. Standout market entries included bumper listings from firms such as ESDS Software Solution, Klassroom, SEDEMAC, Kissht, LEAP India, and Shiprocket.
The immediate listing pipeline remains exceptionally robust. Twenty-four startups have officially filed their DRHPs with SEBI, while more than 25 others are in various stages of finalizing documentation and roadshows. High-profile unicorns including OYO (PRISM), Razorpay, and Zetwerk alone are projected to raise over ₹34,000 Cr in 2026, positioning this cycle as one of the most prolific periods in Indian corporate history for venture-backed initial public offerings.
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NAME FOUNDED SECTOR TOTAL FUNDING REVENUES (FY25/26) DRHP STATUS IPO SIZE [₹ Cr] POTENTIAL / IPO VALUATION [₹ Cr] LEAD MANAGERS
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AceVector 2010 Ecommerce – ₹395 Cr (FY25) Filed ₹300 Cr + OFS Yet To Be Decided IIFL, CLSA, Axis, BofA, JM
Acko 2016 Insurtech $458 Mn ₹2,836.8 Cr (FY25) Yet To File $300 Mn - $400 Mn Yet To Be Decided Yet To Be Decided
Amagi 2008 SaaS $320 Mn ₹1,162.6 Cr (FY25) Listed ₹1,788.6 Cr ₹7,966 Cr Kotak, Citi, IIFL, Goldman
Atomberg 2012 D2C $126 Mn ₹958.4 Cr (FY25) Yet To File ₹1,500 Cr - ₹2,000 Cr Yet To Be Decided NA
AVPL International 2016 Deeptech NA ₹87.5 Cr (FY25) Filed NA NA NA
Aye Finance 2014 Fintech $485 Mn ₹1,459.7 Cr (FY25) Listed ₹1,010 Cr ₹3,183 Cr Axis, IIFL, Nuvama, JM
Battery Smart 2019 Cleantech $200 Mn ₹249 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided Yet To Be Decided
BRND.ME (Mensa) 2021 Ecommerce $300 Mn ₹1,394 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided Yet To Be Decided
boAt 2016 D2C $177 Mn ₹3,073.3 Cr (FY25) Filed ₹1,500 Cr Yet To Be Decided ICICI, Goldman, Nomura
C5i 2000 Enterprise AI $55 Mn ₹545.3 Cr (FY25) Filed ₹1,000 Cr - ₹1,200 Cr Yet To Be Decided NA
Captain Fresh 2019 D2C $172 Mn ₹3,421 Cr (FY25) To Be Refiled ₹3,013 Cr - ₹3,443 Cr ₹11,192 Cr - ₹12,914 Cr Axis, BofA
CarDekho 2008 Auto Tech $750 Mn ₹2,795 Cr (FY25) Yet To File ₹3,500 Cr ₹13,000 Cr - ₹15,000 Cr Axis, IIFL, Goldman, Nomura
CARS24 2015 Auto Tech $1.3 Bn ₹6,917.1 Cr (FY24) Yet To File NA NA NA
Cult.fit 2016 Ecommerce $650 Mn ₹1,215 Cr (FY25) Yet To File ₹2,500 Cr ₹17,200 Cr Axis, Jefferies, Goldman, Morgan
Curefoods 2020 Foodtech $175 Mn ₹745.8 Cr (FY25) Filed ₹2,582 Cr - ₹3,443 Cr Yet To Be Decided JM, IIFL, Nuvama
Fibe 2015 Fintech $266 Mn ₹1,584.6 Cr (FY26) Filed ₹750 Cr + OFS Yet To Be Decided Kotak, Axis, DAM, JM
Flipkart 2007 Ecommerce NA ₹20,493 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA
Fractal 2000 SaaS $685 Mn ₹3,299.7 Cr (FY26) Listed ₹2,833.9 Cr ₹15,480 Cr Kotak, Goldman, Axis, Morgan
Furlenco 2012 D2C $290 Mn ₹228.7 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA
Garuda Aerospace 2015 Drone Tech $37 Mn ₹123.5 Cr (FY25) Filed ₹750 Cr + OFS Yet To Be Decided NA
GoBoult 2017 D2C Bootstrapped ₹762.9 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA
Imarticus Learning 2012 Edtech $11.7 Mn ₹159 Cr (FY24) Yet To File ₹750 Cr ₹5,000 Cr - ₹6,000 Cr NA
InCred Holdings 2016 Fintech $318 Mn ₹1,873.6 Cr (FY25) Filed ₹1,250 Cr + OFS ₹15,000 Cr - ₹22,500 Cr NA
Infra.Market 2016 Ecommerce $415 Mn ₹18,472 Cr (FY25) Filed ₹5,000 Cr Yet To Be Decided Kotak, IIFL, Goldman, Jefferies
InMobi 2007 SaaS $320 Mn $220 Mn (FY24) Yet To File ₹9,634 Cr ₹68,877 Cr - ₹86,096 Cr JPMorgan, Jefferies, Kotak, Axis
Innoviti 2002 Fintech $87 Mn ₹143 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA
Kissht 2015 Fintech $140 Mn ₹2,179.3 Cr (FY26) Listed ₹925.9 Cr ₹3,511.2 Cr ICICI, UBS, Motilal Oswal
Klassroom 2016 Edtech $2 Mn ₹23 Cr (FY26) Listed ₹39 Cr ₹155.4 Cr Narnolia Financial Services
LEAP India 2013 Logistics $184 Mn ₹729.5 Cr (FY26) Listed ₹2,480 Cr ₹7,004 Cr UBS, Avendus, IIFL, JM
Leverage Edu 2017 Edtech $70 Mn ₹173 Cr (FY25) Yet To File ₹2,000 Cr - ₹3,000 Cr ₹8,482 Cr Yet To Be Decided
MakeMyTrip 2000 Travel Tech $3.85 Bn $1.04 Bn (FY26) Filed ₹9,521 Cr (OFS) NA Yet To File
Meritto 2017 SaaS $4.5 Mn ₹92.3 Cr (FY25) Filed ₹500 Cr - ₹600 Cr ₹2,000 Cr IIFL, SBI Capital
Mohalla Tech 2015 Consumer Net $1.2 Bn ₹723 Cr (FY25) Yet To File ₹3,808 Cr NA NA
Moneyview 2016 Fintech $190 Mn ₹2,339.1 Cr (FY25) Filed ₹1,500 Cr + OFS NA Axis, Kotak
Navi 2018 Fintech $677 Mn ₹2,271.2 Cr (FY25) Yet To File NA NA NA
OfBusiness 2015 Ecommerce $879.61 Mn ₹20,645 Cr (FY26) Yet To File ₹7,600 Cr ₹47,600 Cr - ₹57,100 Cr Axis, Morgan Stanley, JPMorgan
OYO (PRISM) 2013 Travel Tech $3.47 Bn ₹6,252.8 Cr (FY25) Filed ₹6,650 Cr ₹62,500 Cr - ₹71,000 Cr NA
PayNearby 2016 Fintech $4 Mn ₹299 Cr (FY25) Yet To File NA NA NA
PayU India 2002 Fintech NA $669 Mn (FY25) Yet To File ₹4,321 Cr* Yet To Be Decided Goldman, Morgan Stanley, BofA*
PhonePe 2015 Fintech $2.29 Bn ₹7,115 Cr (FY25) Filed ₹10,700 Cr - ₹13,400 Cr ₹1.07 Lakh Cr - ₹1.3 Lakh Cr JP Morgan, Citi, Morgan Stanley
PlaySimple 2014 Gaming $4.5 Mn ₹2,259.8 Cr (CY25) Filed ₹3,150 Cr (OFS) NA NA
Practo 2008 Healthtech $230 Mn ₹234 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided Yet To Be Decided
Purple Style Labs 2015 D2C $78 Mn ₹489.9 Cr (FY25) Filed ₹660 Cr (Fresh) NA NA
Razorpay 2014 Fintech $816 Mn ₹3,783 Cr (FY25) Filed ₹4,760 Cr - ₹6,664 Cr ₹47,600 Cr - ₹66,640 Cr NA
Rebel Foods 2011 Foodtech $563 Mn ₹1,617.4 Cr (FY25) Yet To File Yet To Be Decided NA NA
RentoMojo 2014 Ecommerce $45 Mn ₹266 Cr (FY25) Filed ₹150 Cr + OFS ₹5,000 Cr - ₹7,000 Cr NA
SEDEMAC 2007 Deeptech $107 Mn ₹1,058.4 Cr (FY26) Listed ₹1,087 Cr ₹5,970 Cr ICICI, Avendus, Axis
Servify 2015 Consumer Serv $130 Mn ₹754 Cr (FY24) Yet To File ₹3,400 Cr - ₹4,300 Cr ₹12,914 Cr NA
Shadowfax 2015 Logistics $212 Mn ₹4,202 Cr (FY26) Listed ₹1,907 Cr ₹7,169 Cr ICICI, JM, Morgan Stanley*
Shiprocket 2017 Logistics $323 Mn ₹2,024 Cr (FY26) Listed ₹1,617 Cr ₹9,531 Cr Axis, BofA, JM, Kotak
Spinny 2015 Auto Tech $784 Mn ₹4,656 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided Kotak, Morgan Stanley, Citi
Square Yards 2014 Proptech $200 Mn ₹2,086 Cr (FY26) Yet To File ₹2,300 Cr - ₹2,856 Cr ₹8,827 Cr NA
Table Space 2017 Coworking $407 Mn ₹1,360 Cr (FY25) Yet To File ₹2,300 Cr - ₹2,856 Cr NA Axis, IIFL, BofA, CLSA
Tonbo Imaging 2012 Deeptech $59 Mn ₹460 Cr (FY25) Filed OFS of 1.81 Cr Shares NA IIFL, JM
Travelstack Tech 2014 Travel Tech NA ₹716.4 Cr (FY25) Filed ₹250 Cr + OFS NA IIFL, Motilal Oswal, Nuvama
Turtlemint 2015 Fintech $197 Mn ₹1,098.2 Cr (FY26) Listed ₹882.7 Cr ₹4,476 Cr Motilal Oswal, JM, ICICI, Jefferies
Udaan 2016 Ecommerce $2.17 Bn ₹4,561 Cr (FY25) Yet To File NA NA NA
WonderChef 2009 D2C $30 Mn ₹430 Cr (FY25) Yet To File NA ₹1,800 Cr NA
Zepto 2021 Quick Commerce $1.60 Bn ₹22,625 Cr (FY26) Filed ₹8,010 Cr + OFS Yet To Be Decided Morgan Stanley, Axis, Goldman
Zetwerk 2018 Ecommerce $793 Mn ₹12,798 Cr (FY25) Yet To File ₹4,284 Cr ₹38,000 Cr Axis, Goldman, Jefferies, JM, Citi
Zypp Electric 2017 Cleantech $75 Mn ₹438 Cr (FY25) Yet To File ₹1,890 Cr Yet To Be Decided Axis, SBI Capital, DAM
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Supporting Data: Performance Highlights of Key Offerings
Public market receptions across the 2025-2026 cohort have been fundamentally differentiated by operational execution:
- Amagi: Filed its RHP for a ₹816 Cr fresh issue alongside a 2.69 Cr share OFS, ultimately achieving a 30.2X oversubscription. Valued at ₹7,966 Cr at the upper band, the SaaS major registered a lacklustre debut, listing at a 12.2% discount on the BSE (₹317) against its issue price of ₹361, despite turning profitable in H1 FY26 with a ₹6.5 Cr net profit.
- ESDS Software Solution: Defied market volatility through a ₹720 Cr pure fresh issue, culminating in an extraordinary 135.88X subscription rate. Shares soared on debut, listing at a stellar 76.5% premium at ₹757 on the NSE, underpinned by a 117% YoY surge in consolidated net profit to ₹120.8 Cr for FY26.
- Klassroom: Marking a milestone as India’s second listed edtech enterprise, the BSE SME listing targeted a ₹39 Cr issue at a ₹148.1 Cr valuation. Oversubscribed 1.46X, its shares debuted at a 6.92% premium (₹170), supported by a 162% jump in net profit to ₹7.6 Cr.
- Shiprocket: Oversubscribed 99.38X against a ₹1,617 Cr issue size, the logistics major notched a 35.05% premium on the NSE, listing at ₹131 despite a wider net loss of ₹79.2 Cr for FY26 against a 24% rise in operating revenue.
Official Responses: Strategic Perspectives from Industry Leaders
Industry veterans emphasize that public investors have fundamentally evolved in their evaluation metrics, prioritizing long-term capital efficiency and structural defensibility.
“Besides the readiness that startups showed in their unit economics, there is also an increase in the founders committing to their businesses for the next couple of decades and growing their operations by adding adjacent profit pools—something that the public markets reward handsomely.”
— Ashish Kumar, Cofounder and General Partner, Fundamentum Partnership“IPO-bound startups in 2026 will be increasingly defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone. Public market investors will place greater emphasis on governance, capital efficiency, and long-term value creation, favouring companies that balance scale with financial prudence.”
— Rehan Yar Khan, Managing Partner, Orios Venture Partners
Implications: Macro Headwinds and the Road Ahead
Despite an exceptionally rich pipeline, the Indian tech IPO ecosystem navigates nuanced market headwinds. Average retail subscription levels have moderated, while Foreign Institutional Investors (FIIs) have exhibited measured caution, pulling back in response to persistent geopolitical friction in West Asia and comparatively subdued secondary market performance.
Nevertheless, the structural outlook remains fundamentally bullish. Maturing business models, deeper domestic institutional and retail capital pools, and an evolving regulatory framework prioritizing transparency position India as a global epicenter for venture-backed public listings. As capital efficiency supplounds growth-at-all-costs metrics, the coming quarters will determine which aspiring unicorns possess the operational resilience to thrive under public scrutiny.
