India’s IPO Boom: Tech Startups Set for Record 2025 Listings
A Standout Market Defying Global Trends
While global IPO markets face headwinds, India has emerged as a shining exception in 2024 - and is now gearing up for an even more substantial wave of tech listings in 2025. The world’s most populous nation has become a rare bright spot for public offerings, with its startup ecosystem poised for unprecedented growth.
The 2025 IPO Pipeline: Who’s Going Public?
More than 20 Indian startups are preparing to list next year, including:
- B2B marketplaces: Infra.Market and Zetwerk
- Agri-tech: Captain Fresh (farm-to-produce)
- Professional services: Urban Company
- E-commerce: Bluestone (jewelry), Magicpin (offline-to-online)
- Fintech: Pine Labs (payments), Groww (investing)
- Logistics: Porter
- SaaS: Capillary Technologies
Other notable candidates include quick-commerce disruptor Zepto, managed workspace provider Table Space, and industrial goods platform OfBusiness. While most aim for 2025 listings, some may extend into 2026.
India’s IPO Dominance in Numbers
- 2024 performance: 12 startups went public (including 7 tech firms)
- Global comparison:
- US: 22 tech IPOs (flat from 2023)
- China: 56 listings (down from 117 in 2022)
- Europe: Just 13 tech IPOs
- UK: Zero tech listings
“India is fast becoming a promising hub for tech IPOs,” notes Anand Daniel of Accel. “Strong capital markets and a thriving innovation ecosystem continue to attract substantial investor interest.”
Why India Stands Apart
JPMorgan’s Abhinav Bharti highlights three key drivers:
- Macroeconomic growth: Sustained economic expansion
- Domestic capital surge: Increasing local investment
- Political stability: Unmatched policy continuity
“No other country provides this much political certainty,” Bharti emphasizes. “Policy consistency has been remarkable.”
Market Transformation: By the Numbers
- Market cap growth (2019-2024): \(2.7T → \)5.3T (doubled)
- Daily liquidity: \(5B → \)15B (tripled)
The Profitability Push
The IPO surge comes amid tighter VC scrutiny, forcing startups to:
- Move beyond peak 2021 valuations
- Accelerate path to profitability
- Strengthen financial fundamentals
“Many startups that aimed to be ‘IPO-ready’ by 2026 have already achieved that milestone,” reveals a top VC partner.
What’s Next for India’s Tech Ecosystem?
With tech companies representing:
- 50%+ of S&P 500
- <20% of India’s Nifty 50
There’s significant room for growth as India’s public markets evolve to better reflect its dynamic startup landscape.
Featured image: [IPO growth chart visualization]
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