Gone are the days when listed new-age tech companies were few and far between. Startup IPOs are almost commonplace in today’s era, and Delhi NCR is leading the charge. As per Inc42’s “Annual Indian Startup Trends Report 2025”, Delhi NCR accounts for the highest number of publicly-listed startups in India as well as the overall market capitalisation commanded by startups in the equities market.

Emerging from a slowdown in private capital influx during the funding winter (2022-23), Indian startups are now more willing than ever to tap the domestic public markets for further fundraise, as evident by the startup IPO boom over the past couple of years.

Post a record breaking year of startup public listings in 2025, India is now home to 56 publicly-listed new-age tech companies.

As of now, 23 of the 56 new-age tech companies are based in Delhi NCR, across three key cities — Delhi, Gurugram and Noida. Overall, the hub accounted for $88 Bn in the cumulative $147 Bn market cap of new-age tech companies, as of January 16.

The region maintains a strong lead over its peer startup hubs — Mumbai and Bengaluru. Bengaluru, home to marquee names like Ola Electric and Swiggy, houses 13 listed startups, ranking second. With the two upcoming startup listings of Amagi and Shadowfax, the number is expected to touch 15 by the end of this month.

Meanwhile, Mumbai sits at the third position with 8 listed new-age companies including Nykaa and Nazara. The most recent startup IPO to come of this startup hub was ArisInfra in June 2025.

Worthy to note that a sub-region of Delhi NCR, Gurugram, has an equivalent number of publicly listed companies, housing companies like Eternal, Delhivery and ixigo. These 13 startups, with a cumulative market cap of $60 Bn, contribute more than two-thirds of the market cap of the entire Delhi NCR region.

In........

© Inc42