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.
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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.