For India’s private equity ecosystem, the wave of startup IPOs has unlocked new insights into the Indian market and in many cases vindicated belief in Indian startups even when the tide was not in their favour. And now they are reaping the rewards through exits.

As many as 13 new-age tech startups made it to the public markets in 2024, cumulatively raising over INR 29K Cr ($3.4 Bn). And in 2025, this number is expected to double with at least 23 new-age tech startups eyeing a public listing, and looking to raise more than INR 55K Cr ($6.4 Bn) cumulatively.

As predicted in the beginning of the year, the general elections in 2024 played a pivotal role in the IPO numbers. In fact, in the startup ecosystem, only five startups got listed before the elections while the rest hit the market once there was more stability post the election results. In 2025, while no such major events are due, ongoing macroeconomic uncertainties like GDP downfall might make the public market volatile from time to time.

Of course, there are cycles of up and down, and while currently, we are in the throes of a bearish market, that has not shaken the faith of private equity investors on exits from the Indian market. Given that India has not been a great M&A market, the IPO wave is the biggest source of exits for many PE investors.

The list of IPO-bound companies includes Ather Energy, BlueStone, CarDekho, CaptainFresh, Ecom Express, Fractal, Infra Market,........

© Inc42