A clear resurgence of new-age, digital-first companies defined the year 2025 for India’s primary markets, with at least 18 companies collectively mopping up more than INR 41,283 Cr from public listings, significantly exceeding the INR 29,070 Cr garnered the year before.

Unlike the listing frenzy of 2021, last year’s wave was more selective, with investors homing in on startups that crossed the critical scale thresholds and showed improving unit economics, even if they were making losses at the net level.

In 2025 public markets rewarded companies that showed tighter unit economics, clearer profitability roadmap and wider market share, while those struggling with deeper losses, eroding market share and leadership shakeups saw their market cap decline considerably.

From consumer internet and ecommerce platforms to tech-enabled services, companies hitting the IPO market turf in 2025 were largely mature businesses seeking growth capital, rather than survival funding. This helped rebuild investor confidence, with valuation discussions being increasingly anchored to the sustainability of margins, capital efficiency, and the ability to convert scale into long-term profitability.

“The emphasis has moved decisively away from the growth-at-any-cost narratives to more disciplined,........

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