Dalal Street emerged as a founder’s paradise in 2025, with 18 Indian startups listing on the bourses . The surge was driven by a combination of macroeconomic tailwinds and regulatory support. While robust GDP growth projections helped revive investor appetite, SEBI’s reforms played a key role. Measures such as simplified DRHP filings reduced red tape, while more flexible ESOP rules allowed founders to retain meaningful ownership. Retail investors also fuelled the frenzy as demat accounts crossed the 20 Cr mark. The OFS component dominated public issues last year, providing liquidity to the early backers of the new-age tech companies. Post-listing performance also followed the usual curve, with investors rewarding companies that prioritised profits, sustainable growth and governance over hype. “Besides the readiness that startups showed in their unit economics, there is also an increase in the founders committing to their businesses for next couple of decades and grow their businesses by adding adjacent profit pools – something that the public markets reward handsomely,” said Ashish Kumar, cofounder and general partner at Fundamentum Partnership. Building on the momentum, six new-age tech companies made their debut in the first three months of 2026. However, unlike 2025, most of the startups listings so far this year have either been flat or outright lacklustre. Nevertheless, the IPO pipeline remains strong. Twenty five startups have already filed their DRHPs with SEBI, while over 25 others are in various stages of finalising their IPO plans. Unicorns like Flipkart, Zepto, OYO, InMobi and Zetwerk alone could raise over ₹47,000 Cr in 2026, making it one of the biggest years for startup IPOs. However, recalibration is likely to define 2026 as investors are expected to prioritise strong fundamentals, profitability and low cash burn when backing new-age tech companies. “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,” Orios Venture Partners’ managing partner Rehan Yar Khan told Inc42. There are other challenges as well. Average retail subscription levels are moderating, while foreign institutional investors (FIIs) are pulling back in droves, reflecting caution amid geopolitical tensions and muted secondary market performance. The ongoing conflict in West Asia has further complicated the situation. Yet, the overall outlook remains bullish for new-age tech IPOs. Maturing business models, deeper domestic capital pools and an evolving regulatory framework favouring transparency position India as a leading startup IPO hub. With much on the anvil, we have compiled a list of Indian new-age tech companies eyeing a Dalal Street debut later this year. But before we dive into the list, here are the latest developments from India’s IPO landscape: Latest Updates: Kuku has filed its DRHP with the SEBI via the confidential route to raise up to ₹3,500 Cr through its IPO, targeting a valuation of up to ₹15,000 Cr Hospitality giant OYO’s parent PRISM has received markets regulator SEBI’s approval to float its IPO, which will comprise a fresh issue of ₹6,650 Cr and an undisclosed OFS Quick commerce unicorn Zepto is looking to float its ₹11,000 Cr IPO by July Now, let’s take a detailed look at the list: 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.
