From fintech giants to D2C disruptors, these startups led the most vibrant IPO year yet—highlighting growing investor confidence and startup ecosystem maturity.
A Record-Breaking Year for Startup IPOs
2025 marked a historic milestone for India’s tech startup ecosystem with 15 new-age companies going public as of December 1. With Meesho, Wakefit, and Aequs expected to join soon, the final tally may touch 18 listings—tripling the IPO count from 2023 and outpacing 2024’s 13.
- The momentum picked up in H2 2025, after a sluggish start with just two IPOs in H1.
- Improved investor sentiment, rising domestic inflows, and maturing compliance pipelines fueled this wave.
For VCs and PEs, the year was also rewarding, with landmark exits like Accel’s 27X return on Urban Company and Y Combinator’s 29X gain on Groww.
Urban Company: The Standout Performer
- IPO Date: September 17
- Listing Gain: 56.3% above issue price
- Oversubscription: 103.63X
Urban Company had one of the best IPOs of the year. Backed by Tiger Global, Prosus, and Elevation Capital, the company raised INR 1,900 Cr. Despite a Q2 net loss of INR 59.3 Cr, operating revenue surged 37% YoY, signaling growth.
Groww: A Fintech Favourite
- IPO Date: November 12
- Listing Gain: 14%
- Oversubscription: 17.6X
The investment platform closed with INR 1,060 Cr in fresh issue. Though operating revenue declined 9.5%, net profit rose to INR 471.3 Cr. VC returns were exceptional: Y Combinator (29X) and Peak XV (52X).
PhysicsWallah: Edtech’s Public Market Pioneer
- IPO Date: November 18
- Listing Gain: 33%
- Oversubscription: 1.8X
India’s first major edtech IPO, PhysicsWallah raised INR 3,480 Cr. Founders sold INR 190 Cr each via OFS. Despite a Q1 loss of INR 125.5 Cr, revenue rose 33% YoY, making it a flag-bearer for edtech resilience.
Lenskart: High Hopes, Flat Start
- IPO Date: November 10
- Listing Gain: -1.74%
- Oversubscription: 28.26X
Despite strong fundamentals—20.8% revenue growth and 19.8% profit rise—valuation debates at INR 70,000 Cr hurt listing sentiment. Backers like SoftBank and Kedaara exited with substantial returns.
Pine Labs: Payments Power Play
- IPO Date: November 14
- Listing Gain: 9.5%
- Oversubscription: 2.46X
Fintech veteran Pine Labs reported its first-ever profit (INR 4.8 Cr) in Q1 FY26. Early investors like Peak XV (39.5X) and Temasek (2.9X) exited partially. The listing followed receipt of three key RBI licences.
Ather Energy: EV Sector’s Mixed Bag
- IPO Date: May 6
- Listing Gain: 2.18%
- Oversubscription: 1.43X
India’s second EV startup to list (after Ola), Ather cut losses by 22% and posted 54% revenue growth in Q2. Despite a modest debut, IIT Madras saw a 40X return, while Tiger Global exited with an 8X gain.
Bluestone: Jewellery Startup’s Discounted Debut
- IPO Date: August 19
- Listing Gain: -1.5%
- Oversubscription: 2.7X
Despite a 38% jump in revenue, shares listed slightly below issue price. The IPO was scaled down from INR 1,000 Cr to INR 820 Cr amid muted market sentiment.
Capillary Technologies: Oversubscription vs Underperformance
- IPO Date: November 21
- Listing Gain: -2.9%
- Oversubscription: 52.95X
Though a hot IPO, Capillary’s listing disappointed. The SaaS firm turned profitable but couldn’t sustain hype. A 25% revenue rise in H1 FY26 wasn’t enough to offset listing-day nerves.
IndiQube: Co-Working Challenger’s Tepid Opening
- IPO Date: November
- Listing Gain: -8.4%
- Oversubscription: 12.4X
Despite a 39% jump in revenue, the company’s losses persisted. Its listing was impacted by valuation worries and market caution around coworking plays.
DevX: Steady but Unspectacular
- IPO Date: September 17
- Listing Gain: Flat
- Oversubscription: 63.97X
Though DevX posted 50% revenue growth, profits fell sharply. The flat listing followed regulatory delays, despite strong retail interest and oversubscription.
Smartworks: A Quiet Success
- IPO Date: November
- Listing Gain: 7.14%
- Oversubscription: 13.45X
Smartworks trimmed losses by 80% and reported 21% revenue growth. It stood out among coworking peers with efficient operations and solid demand.
WeWork India: A Legacy Name Falls Short
- IPO Date: November
- Listing Gain: Flat
- Oversubscription: 1.15X
Though profitable in Q2 FY26 (INR 6.4 Cr), past baggage from WeWork Global may have tempered investor enthusiasm. The IPO was OFS-only, with Embassy Group and WeWork Inc partially exiting.
Zappfresh: D2C Meat Startup’s Modest Entry
- IPO Date: October (SME)
- Listing Gain: 20%
- Oversubscription: 1.36X
The SME IPO saw low initial demand but rebounded after price revision. H1 profit jumped 2.9X, while revenue rose 43% YoY, showing strong fundamentals in a niche segment.
Zelio E-Mobility: Quiet Ride, Solid Numbers
- IPO Date: October (SME)
- Listing Gain: 13%
- Oversubscription: 1.5X
The electric 2W/3W OEM posted 69% profit growth and 77% revenue jump in H1 FY26. With over 200 dealerships, it signaled depth despite a quiet market debut.
IPOs on Deck Before 2025 Closes
With Meesho, Aequs, and Wakefit slated to list in December, 2025 could close with a record 18 tech IPOs. Their oversubscription rates (Meesho: 17X, Aequs: 22X as of Dec 5) indicate continued retail and institutional interest.
