India has bucked the global trend in initial public offerings this year, establishing itself as a rare bright spot for tech listings while other major markets face continued headwinds. The world’s most populous nation is now preparing for an even more substantial wave of startup IPOs in 2025.
More than 20 startups are preparing to list next year, according to multiple sources familiar with the plans. These include business-to-business marketplaces Inframarket and Zetwerk, farm-to-produce venture CaptainFresh, professional services marketplace UrbanCompany, jewelry retailer Bluestone, security firm OneAssist, and offline-to-online retailer Magicpin.
Quick commerce startup Zepto, managed workspace provider Table Space, and industrial goods platform Ofbusiness are also planning to file for IPOs next year. Additional companies eyeing public listings include Rebel Foods, logistics firm Porter, e-commerce platform Meesho, investment app Groww, mattress seller Wakefit, automobile platform CarDekho, SaaS company Capillary, and payments firm Pine Labs, though some listings may extend into 2026.
If they go through as planned, the companies will join a wave that’s been gaining momentum. Already 12 startups, including seven technology firms, have gone public in 2024 in India, making it the only major market to show consistent growth in listings over the past decade, according to Pitchbook data.
This performance stands in stark contrast to other leading markets. The U.S. has recorded 22 venture-backed tech IPOs this year, almost flat from the 21 tech IPOs of 2023 and falling significantly short of 53 listings the U.S. market saw in 2020. China’s tech IPO momentum has similarly waned, with 56 listings this year compared to 117 in 2022. Europe has managed just one more tech IPO than India, while the UK market has remained dormant, with no tech listings in 2024.
“The IPO markets have been opening slower than we expected in March,” Morgan Stanley analysts wrote in a recent note. “Even having ‘got fit’ since 2022, many unicorns still remain unprofitable businesses.”
Indian food delivery platform Swiggy’s $1.35 billion listing this month is the largest global tech IPO this year, according to JPMorgan’s analysis.
Talking with TechCrunch, Anand Daniels, a partner at Accel whose firm saw two portfolio companies list this month, observed that “India is fast becoming a promising hub for tech IPOs driven by its strong capital markets and a thriving innovation ecosystem that continues to attract substantial investor interest.”
The shift is a significant one for the Indian market, which has historically struggled with exit opportunities and faced skepticism from domestic institutional and retail investors regarding loss-making companies going public.
JPMorgan’s India head of equity capital markets, Abhinav Bharti, attributed India’s unique position to several factors: macroeconomic growth, increasing domestic capital, and political stability.
The growth in India’s capital markets has been particularly noteworthy. “What else has grown is actually the liquidity, which is a multiple of the market growth,” said an investment banker. “If you look at 2019 to 2024, full-year averages, the market cap has doubled. We were at about $2.6 to $2.7 trillion dollars. We are now at $5.2 trillion to $5.3 trillion. In the same period, the daily liquidity has tripled, from $5 billion to $15 billion.”
The surge in IPO preparations comes amid a slowdown in private market dealmaking. “The muted environment and additional scrutiny from VCs forced startups to let go of their peak 2021 valuations,” said a partner at one of the largest venture capital firms in India who asked not to be named. “But more interestingly, it also forced them to improve their finances. The result is that many startups in 2021 that wanted to become ‘IPO ready’ in 5 years are already there.”
In addition to Zepto, TableSpace, and others, Prosus-owned PayU recently announced plans for a 2025 listing, while pharmaceutical e-commerce platform Pharmeasy is preparing for an IPO following significant restructuring this year. Financial services firm MobiKwik is also planning to list next year.
Tech companies and healthcare firms represent more than 50% of S&P 500 Index. The same firms account for less than 20% on India’s benchmark Nifty 50. There’s a lot of room for growth for tech companies in India, said Bharti.
Going public doesn’t mean a company’s future is secure. The aforementioned investment banker said that some tech startups that went public in recent years in India hadn’t matured or proven their business models were defensible.
“My worry is that when you have so much euphoria in the markets, the keenness for companies and shareholders to priortize listing and trying to list before the companies are mature enough to get listed leads to accidents,” he said.
