Startups

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.

New-age tech stocks saw another mixed week amid the ongoing broader market turmoil due to ongoing geopolitical tensions. While 31 out of the 57 new-age tech stocks under Inc42’s coverage fell in a range of 0.03% to close to 10% this week, the remaining 26 gained between 0.04% to about 16%.   The list of losers was topped by PB Fintech, with the stock falling 9.86% to end at ₹1,534.6. Investors turned bearish on the insurance aggregator after chairman Yashish Dahiya, in an interview with ET, expressed concerns over reports of IRDAI bringing in caps on distributor commissions. The second biggest loser this week was ecommerce giant Meesho, whose shares have now fallen across nine consecutive trading sessions. The stock ended the week at ₹165.85, down 9.74% on a weekly basis. Brokerage firm Choice Institutional Equities highlighted that the upcoming six-month lock-in expiry for shares on Tuesday (June 9) is creating a downward pressure. Meanwhile, Wakefit, Zappfresh, Swiggy and Go Digit plummeted to fresh lows this week. These stocks have been under pressure for weeks now. The second biggest gainer this week, CarTrade, rose 12.84% to end at ₹1,960.45. The stock jumped in the latter half of the week after Kotak Institutional Equities upgraded its rating to “BUY” from “SELL” earlier. The brokerage also raised its price target to ₹2,300 per share from ₹1,800 apiece previously. Shares of Kissht, Aye Finance, RateGain, Ather Energy, SEDEMAC, MobAvenue and ideaForge also touched fresh highs this week.  Indian equity markets ended the week on a subdued note, with benchmark indices declining amid persistent geopolitical tensions and uncertainty around global trade flows. However, supportive domestic macroeconomic factors helped cap the downside. The Nifty 50 and Sensex fell over 0.5% each during the week to close at 23,366.70 and 74,243.34, respectively. Broader markets remained under pressure, with the midcap index declining more than 1.5% and the smallcap index ending largely flat, indicating selective investor participation.

For years, we at Inc42 have tracked the Indian tech startup ecosystem and seen it grow from a kid to an adult. Among the clearest signs of evolution and maturity of this ecosystem is the growing number of startups eyeing a public listing now. For Indian companies, achieving a public listing has for long symbolised operational progression, transparency, and long-term viability. For startups, it’s a relatively new but increasingly critical rite of passage, one that not only signals coming of age but also creates pathways for investor exits and wealth creation. Currently, nearly 15 startups, including Zepto, Shiprocket, OYO, among others. Meanwhile, over 60 Indian new-age tech companies have already crossed the milestone and are now listed on the bourses. The list now also includes Indian companies like MakeMyTrip, Zoomcar and Freshworks, which are listed on Nasdaq in the US. While 13 startups went public in 2024, the number has already been overtaken this year, with 18 companies making their market debut in the previous year. The list of new-age tech companies that went public in 2025 included Meesho, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs and PhysicsWallah. The list is only expected to grow further this year. Six new-age companies — Kissht, Aye Finance, Fractal Analytics, Amagi, Shadowfax and SEDEMAC — have already made their public market debut in 2026. Inside The Dalal Street Startup Ride Indian startups had gained a reputation for being “loss making” by prioritising growth at all costs and market share over immediate profitability. The trend of putting scale ahead of the bottom line was at its peak amid the funding boom of 2020-22.  While prioritising growth is not wrong for startups, especially at early stages, the start of funding winter in 2022 gave a reality check to the Indian startup ecosystem. Subsequently, startups started pushing for profitability. Giving further wings to the aggressive profitability push was the ambition to list on the exchanges.