India has defied global trends in initial public offerings (IPOs) this year, emerging as a standout market for tech listings even as major economies face ongoing challenges. The world’s largest democracy is gearing up for an even larger wave of startup IPOs in 2025.
According to sources familiar with the plans, more than 20 startups are preparing to go public next year. Among them are B2B platforms Inframarket and Zetwerk, farm-to-consumer venture CaptainFresh, service marketplace UrbanCompany, jewelry retailer Bluestone, security firm OneAssist, and hybrid retailer Magicpin. Quick commerce firm Zepto, workspace provider Table Space, and industrial goods platform Ofbusiness are also set to file, while others like Rebel Foods, logistics firm Porter, e-commerce player Meesho, investment app Groww, and SaaS provider Capillary may list into 2026.
This momentum builds on the strong foundation of 2024, which saw 12 startups, including seven tech companies, successfully debut on Indian exchanges. Pitchbook data highlights India as the only major market with consistent growth in IPO activity over the past decade.
This performance starkly contrasts with other regions. The U.S. saw just 22 venture-backed tech IPOs in 2024, up slightly from 21 in 2023 but far below the 53 listings of 2020. China experienced a decline, with 56 tech IPOs this year compared to 117 in 2022, while Europe edged ahead of India with one additional listing. Meanwhile, the UK market recorded no tech IPOs at all.
Indian food delivery giant Swiggy’s $1.35 billion IPO, the largest global tech listing of 2024, further underscores the nation’s growing influence in public markets, according to JPMorgan.
Building Investor Confidence
India’s emergence as an IPO hub reflects its evolving capital markets and innovation ecosystem. Anand Daniel, a partner at Accel, attributes the trend to “strong capital markets and a thriving innovation ecosystem that continues to draw significant investor interest.”
Historically, the Indian market has faced skepticism over loss-making companies going public, but this sentiment is shifting. JPMorgan’s Abhinav Bharti credits factors like robust macroeconomic growth, a surge in domestic capital, and political stability for India’s unique positioning.
“No other country offers the same combination of political certainty and consistent policy direction,” Bharti told TechCrunch.
Expanding Liquidity and Market Depth
India’s market liquidity has seen remarkable growth. From 2019 to 2024, the country’s market capitalization has doubled to over $5 trillion, while daily liquidity has tripled from $5 billion to $15 billion, Bharti noted.
The rise in IPO activity comes as private markets experience a slowdown. Valuation resets and heightened scrutiny by venture capital firms have compelled startups to improve financial discipline. “Many startups aiming to be IPO-ready by 2026 have achieved that milestone ahead of schedule,” a venture capital partner remarked.
Companies to Watch in 2025
Besides Zepto, Table Space, and Ofbusiness, notable IPO contenders include PayU, Pharmeasy, and MobiKwik. These companies, along with others in tech and healthcare, are poised to close the gap with global benchmarks. While tech and healthcare firms account for over 50% of the S&P 500 Index, they represent less than 20% of India’s Nifty 50, leaving significant room for growth, Bharti said.
India’s IPO landscape, supported by strong market fundamentals and improved startup readiness, is set to shine even brighter in the coming year.
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