Startup initial public offerings (IPOs) were a rage in India in 2024. As many 13 new-age tech companies listed on the bourses last year and cumulatively raised INR 29,070 Cr via their public listing.

From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X.

While 2024 was a blockbuster year for Indian startup listings, will the momentum seep into 2025 too? It definitely seems so. As per Inc42 data, 23 startups were in various stages of undertaking their IPO preparations at the start of 2025. While some of them have already received SEBI’s nod to go ahead with their public issue, others are lining up bankers to helm their respective IPOs.

As many as 11 startups have already filed their draft red herring prospectuses (DRHPs) with SEBI, including Ather Energy, Ecom Express, ArisInfra, Avanse Financial Services, BlueStone, among others. Of these, five have received the regulatory nod to go ahead with their listings.

Then, there are sectoral giants such as CarDekho, InCred, OfBusiness and Ola Consumer that too are pushing the pedal on listing on the bourses later this year.

So, what is powering this startup IPO frenzy? One of the key factors that is likely to contribute to the public listing mania in 2025 is India’s strong position in the equities market. While the last few months have seen a major correction, there is bullishness in the medium to long-term. Besides, more rationalised valuations sought by startups in 2024 is expected to further create healthy momentum for new-age tech IPOs this year too.

“The successful public listings of a sizable number of PE/VC-backed companies and, importantly, the improved performance of many of these companies post their listing is an incentive for investors to further explore the IPO route for liquidity. Also, post-downturn, valuations are more realistic and attractive for long-term investors,” said Lightbox Ventures founder and managing director (MD) Sandeep Murthy.

While the overall outlook for startup IPOs is positive in 2025, challenges remain. The focus of investors continues to remain on profitable and sustainable ventures. Additionally, investors also want potential listees to differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.

“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” added Murthy.

Nevertheless, for now, the Indian startup ecosystem continues to revel in IPO spring. Forging ahead with innovation and grit at its heart, the homegrown new-age tech landscape appears to be headed for a “record-breaking” year on the IPO front.

With much remains to be said and done, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape:

Latest Updates:

• SEBI has returned the draft red herring prospectus filed by managed office space provider DevX
• Home services marketplace Urban Company has received board nod to convert into a public entity ahead of its potential IPO
• B2B seafood startup Captain Fresh has raised INR 250 Cr in its pre-IPO round led by Prosus Ventures, Accel and Tiger Global

Now, let’s take a detailed look at the list:

Startups Lining Up IPO Plans In 2025

This is not a listing of any kind. The startups 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.

ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.

Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and chief executive officer (CEO) Siddharth Shah, and Karbonite Ventures, the startup has bagged more than $25 Mn in funding to date.

In August 2024, the startup kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue will comprise solely a fresh issue of shares, and there will be no offer for sale (OFS) component.

Later on, the company, in an addendum to its DRHP, informed the markets regulator that it has trimmed the size of the fresh issue in the IPO to INR 579.6 Cr from INR 600 Cr earlier. It received approval from the market regulator for its public listing in November 2024.

In January 2025, the B2B ecommerce platform undertook a pre-IPO placement to raise INR 80 Cr by issuing 36.03 Lakh equity shares for INR 222 per share.

The startup plans to use the IPO proceeds to repay outstanding credit, support working capital requirements, potential acquisitions and investments in its subsidiary.

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in the financial year 2023-24 (FY24), while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review.

Ather Energy

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is one of the biggest players in the Indian electric two-wheeler segment. The startup manufactures and services electric scooters and operates its own charging infrastructure.

The EV major has raised more than $431 Mn in funding to date from the likes of Hero MotoCorp, GIC, Tiger Global, among others.

The Bengaluru-based startup commenced its proceedings in June 2024 as its board passed a resolution to convert the startup into a public company, considered the first towards an IPO. A couple of months later in September, the startup filed its DRHP with SEBI for its IPO.

As per the draft IPO papers, Ather’s public issue comprises a fresh issuance of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares. Last heard, the company was eyeing a valuation of $2.4 Bn for its upcoming IPO, a premium of over 80% from over its last fundraise.

In December 2024, the company received SEBI’s approval to go ahead with its IPO plans.

The proceeds from the IPO will be utilised for kickstarting the construction of its upcoming manufacturing facility in Maharashtra, R&D, marketing initiatives, and other general corporate purposes.

Ather Energy’s net loss zoomed 22.5% to INR 1,059.7 Cr in FY24 from INR 864 Cr in the previous fiscal. Meanwhile, operating revenue rose a mere 0.4% to INR 1,789.10 Cr during the year under review from INR 1,783 Cr in FY23.

Avanse Financial Services

Founded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India.

The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.

In July 2024, SEBI returned the non-bank lender’s DRHP on “technical grounds”. A month later, the company refiled its draft IPO papers with the market regulator. Subsequently, SEBI gave its nod to the NBFC for the IPOin October 2024.

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC), Mubadala Investment Company and Kedaara Capital, the startup has reportedly raised more than $299 Mn in funding to date.

As per the DRHP, Avanse clocked a net profit of INR 342.4 Cr in FY24, more than doubling from INR 157.71 Cr in the previous fiscal year. Operating revenue also grew sharply to INR 1,726.9 Cr in the fiscal under review from INR 989.5 Cr in FY23.

Aye Finance

A brainchild of Sanjay Sharma and Vikram Jetley, Aye Finance was founded in 2014. The NBFC’s unique selling proposition (USP) lies in its AI-powered credit assessment algorithms that it leverages to offer loans to small businesses across the country.

The NBFC has secured $500 Mn in funding to date and counts the likes of Google, ABC Impact, Dutch entrepreneurial development bank FMO, among others, as investors. In the run up to its IPO in January 2025, it secured INR 110 Cr in debt from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

Prior to that in early December 2024, the NBFC’s board approved a proposal to raise up to INR 1,450 Cr through an IPO. Consequently in mid-December, the company filed its draft red herring prospectus with the SEBI for a public listing.

As per the DRHP, Aye Finance’s IPO will comprise a fresh issue of shares worth INR 885 Cr and an OFS component of INR 565 Cr. The OFS will see the likes of investors such as LGT Capital, CapitalG, A91 Fund, MAJ Invest and Alpha Wave offload their stake in the company.

The NBFC plans to use the fresh proceeds to meet future capital requirements and for undertaking existing business activities.

Aye Finance’s net profit declined marginally to 107.8 Cr in the first half (H1) of FY25 as against INR 113.89 Cr in the year-ago period. Alongside, operating revenue soared to INR 692.24 Cr during the period from INR 472 Cr in H1 FY24.

Bira 91

Founded by Ankur Jain in 2015, Bira 91 sells craft, lager and strong beers as well as non-alcoholic beverages. Backed by Sofina, DS Group and Peak XV Partners, Bira 91 has bagged $449 Mn in funding to date across multiple rounds.

The beer marker’s IPO has been in works for some time now. Although Bira converted into a public company and renamed itself as B9 Beverages Limited back in 2022, it is yet to file its DRHP with the SEBI.

However, the company resuscitated its IPO plans in July 2024 amid a spree of new-age tech public listings. At the time, reports said that........

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