Dalal Street emerged as a founder’s paradise in 2025, with 18 Indian startups listing on the bourses and collectively mopping up a record INR 41,248 Cr from the public markets.

The surge was driven by a combination of macroeconomic tailwinds and regulatory support. While robust GDP growth projections helped revive investor appetite, SEBI’s reforms played a key role. Measures such as simplified DRHP filings reduced red tape, while more flexible ESOP rules allowed founders to retain meaningful ownership.

Retail investors also fuelled the frenzy as demat accounts crossed the 20 Cr mark. The OFS component dominated public issues last year, providing liquidity to the early backers of the new-age tech companies. Post-listing performance also followed the usual curve, with investors rewarding companies that prioritised profits, sustainable growth and governance over hype.

“⁠Besides the readiness that startups showed in their unit economics, there is also an increase in the founders committing to their businesses for next couple of decades and grow their businesses by adding adjacent profit pools – something that the public markets reward handsomely,” said Ashish Kumar, cofounder and general partner at Fundamentum Partnership.

Now, 2026 promises an even bigger bonanza. Twenty startups have already filed their draft red herring prospectuses (DRHPs) with the SEBI, while another 24 are in various stages of finalising their IPO plans. Two new-age tech companies made their debut in the first month of the year.

Unicorns like Flipkart, Zepto, OYO, InMobi, Fractal and Zetwerk alone could raise over INR 50,000 Cr in 2026, making it one of the largest years for startup IPOs.

However, recalibration is likely to define 2026 as investors are expected to prioritise strong fundamentals,profitability and low cash burn when backing new-age tech companies.

“IPO-bound startups in 2026 will be increasingly defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone. Public market investors will place greater emphasis on governance, capital efficiency and long-term value creation, favouring companies that balance scale with financial prudence,” Orios Venture Partners’ managing partner Rehan Yar Khan told Inc42.

There are other challenges as well. Average retail subscription levels are moderating, while foreign institutional investors (FIIs) are pulling back in droves, reflecting caution amid geopolitical tensions and muted secondary market performance.

Yet, the overall outlook remains bullish for new-age tech IPOs. Maturing business models, deeper domestic capital pools and an evolving regulatory framework favouring transparency position India as a leading startup IPO hub.

With much on the anvil, we have compiled a list of Indian new-age tech companies eyeing a Dalal Street debut later this year. But before we dive into the list, here are the latest developments from India’s IPO landscape:

Latest Updates:

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

The companies 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.

Name Founded In Sector Total Funding Key Investors Revenues DRHP Status IPO Size [₹Cr] Potential Valuation/ IPO Valuation [₹Cr] Book Running Lead Managers AceVector 2010 Ecommerce – SoftBank, eBay, Nexus Venture Partners ₹395 Cr (FY25) Filed ₹300 Cr Fresh Issue OFS of 6.38 Cr shares Yet To Be Decided IIFL Capital Services, CLSA India, Axis Capital, BofA Securities India, JM Financial Amagi 2008 SaaS $320 Mn General Atlantic, Accel, Norwest Venture Partners, Avataar Ventures, Premji Invest ₹1,162.6 Cr (FY25) Listed ₹816 Cr OFS of 2.69 Cr Shares ₹7,810 Cr Kotak Mahindra Capital, Citigroup, IIFL Capital, Goldman Sachs Atomberg 2012 D2C $126 Mn Steadview Capital, Jungle Ventures, A91 Partners ₹848.6 Cr (FY24) Yet To File ₹1,790 Cr Yet To Be Decided NA AVPL International 2016 Deeptech NA The Crayons Network ₹87.5 Cr (FY25) Filed Yet To Be Decided Yet To Be Decided NA Aye Finance 2014 Fintech $485 Mn Google, ABC Impact, FMO ₹1,459.7 Cr (FY25) Filed ₹1,450 Cr Yet To Be Decided Axis Capital, IIFL Capital Services, Nuvama, JM Financial boAt 2016 D2C $177 Mn Qualcomm Ventures, Warburg Pincus ₹3,073.3 Cr (FY25) Filed ₹2,000 Cr Yet To Be Decided ICICI Securities, Goldman Sachs, Nomura Captain Fresh 2019 D2C $172 Mn Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest ₹3,421 Cr (FY25) To be Refiled ₹3,013 Cr- ₹3,443 Cr ₹11,192 Cr- ₹12,914 Cr Axis Capital, BofA CARS24 2015 Auto Tech $1.3 Bn DST Global, Peak XV Partners, Alpha Wave Global, SoftBank ₹6,917.1 Cr (FY24) Filed NA NA NA Cult.fit 2016 Ecommerce $650 Mn Zomato, Accel, Tata Digital, Temasek, Kalaari Capital ₹926.6 Cr (FY24) Yet To File ₹2,500 Cr ₹17,200 Cr Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, JM Financial Curefoods 2020 Foodtech $175 Mn Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance ₹745.8 Cr (FY25) Filed ₹2,582 Cr- ₹3,443 Cr Yet To Be Decided JM Financial, IIFL, Nuvama Flipkart 2007 Ecommerce NA Walmart, Google ₹20,493 Cr (B2C) (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA Fractal 2000 SaaS $685 Mn TPG Capital, Khazanah Nasional, Apax Partners ₹2,765.4 Cr (FY25) Yet To File ₹4,900 Cr ₹25,828 Cr NA Furlenco 2012 D2C $290 Mn Sheela Foam, Lightbox Ventures, Crescent Ventures, White Oak ₹228.7 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA Imarticus Learning 2012 Edtech $11.7 Mn Global Ivy Ventures, Capian, BLinC Invest ₹159 Cr (FY24) Yet To File ₹750 Cr ₹5,000 Cr- ₹6,000 Cr NA InCred 2016 Fintech $318 Mn FMO, KKR, Paragon Partners, Varanium Capital ₹1,873.6 Cr (FY25) Filed ₹3,000 Cr- ₹4,000 Cr ₹15,000 Cr- ₹22,500 Cr NA Infra.Market 2016 Ecommerce $415 Mn Tiger Global, Accel, Nexus Ventures ₹18,472 Cr (FY25) Filed ₹5,000 Cr Yet To Be Decided Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies InMobi 2007 SaaS $320 Mn Sherpalo Ventures, SoftBank, Kleiner Perkins $220 Mn (FY24) Yet To File ₹8,609 Cr ₹68,877 Cr- ₹ 86,096 Cr NA Innoviti 2002 Fintech $87 Mn Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India ₹143 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA Kissht 2015 Fintech $140 Mn Vertex Growth, Zodius, Brunei Investment Agency, Endiya Partners ₹1,337.5 Cr (FY25) Filed ₹1,000 Cr ₹7,748 Cr- ₹9,470 Cr ICICI Securities, UBS Securities, Motilal Oswal Kuku FM 2018 Consumer Internet $156 Mn Vertex Ventures, Krafton, IFC, Paramark Ventures ₹242 Cr (FY25) Yet To File Yet To Be Decided Yet To Be Decided NA LEAP India 2013 Logistics $184 Mn KKR, Sixth Sense Ventures ₹466.4 Cr (FY25) Filed ₹2,400 Cr NA UBS, Avendus Capital, IIFL, JM Financial Meritto 2017 SaaS $4.5 Mn Info Edge ₹92.3 Cr (FY25) Yet To File ₹500 Cr- ₹600 Cr ₹2,000 Cr IIFL Capital, SBI Capital Moneyview 2016 Fintech $190 Mn Accel India, Nexus Ventures. ₹2,339.1 Cr (FY25) Yet To File ₹3,457 Cr NA Axis Capital, Kotak Mahindra Capital Company Navi 2018 Fintech $677 Mn Gaja Capital ₹2,271.2 Cr (FY25) Yet To File NA NA NA OfBusiness 2015 Ecommerce $879.61 Mn Tiger Global, Norwest, Softbank, Matrix Partners, Falcon Edge ₹22,241 Cr (FY25) Yet To File ₹6,360 Cr- ₹8,480 Cr ₹51,650 Cr- ₹77,400 Cr Axis Capital, Morgan Stanley, JPMorgan, Citigroup, Bank of America* OYO (PRISM) 2013 Travel Tech $3.47 Bn Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company ₹6,252.8 Cr (FY25) Filed ₹6,650 Cr ₹62,500 Cr- ₹71,000 Cr NA PayNearby 2016 Fintech $4 Mn The Gain, BetaPlus Capital ₹355 Cr (FY24) Yet To File NA NA NA PayU India 2002 Fintech NA Prosus $444 Mn (FY24) Yet To File ₹4,321 Cr* Yet To Be Decided Goldman Sachs, Morgan Stanley, Bank of America* PhonePe 2015 Fintech $2.29 Bn Walmart, General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds ₹7,115 Cr (FY25) Filed ₹10,700 Cr- ₹13,400 Cr ₹1.07 Lakh Cr- ₹1.3 Lakh Cr JP Morgan, Citi India, Morgan Stanley, Kotak Mahindra Capital* Pure EV 2015 Electric Vehicles $14 Mn Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises ₹134.9 Cr (FY25) Yet To File Yet To Be Decided NA NA Purple Style Labs 2015 D2C $78 Mn Alchemy Capital Management, Bajaj Holdings and Investment, Minerva Ventures ₹489.9 Cr (FY25) Filed ₹660 Cr (excluding OFS) NA NA Razorpay 2014 Fintech $816 Mn Peak XV Partners, Z47, Lone Pine Capital, Alkeon Capital Management, TCV ₹3,783 Cr (FY25) Yet To File NA NA NA Rebel Foods 2011 Foodtech $563 Mn Coatue Management, Lightbox, Peak XV Partners ₹1,617.4 Cr (FY25) Yet To File Yet To Be Decided NA NA RentoMojo 2014 Ecommerce $45 Mn Accel, Chiratae Ventures, Bain Capital ₹193 Cr (FY24) Yet To File Yet To Be Decided NA NA SEDEMAC 2007 Deeptech $107 Mn A91, Xponentia ₹658 Cr (FY25) Filed ₹800 Cr – ₹1,000 Cr NA ICICI Securities, Avendus Capital, Axis Capital Servify 2015 Consumer Services $130 Mn BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars ₹754 Cr (FY24) Yet To File ₹3,400 Cr – ₹4,300 Cr ₹12,914 Cr NA Shadowfax 2015 Logistics $212 Mn Flipkart, Mirae India, IFC, Nokia Growth Partners, Qualcomm ₹2,485 Cr (FY25) Listed ₹7,400 Cr ₹5,000 Cr – ₹8,000 Cr* ICICI Securities, JM Financial, Morgan Stanley* Shiprocket 2017 Logistics $323 Mn Temasek, Bertelsmann, Tribe Capital, Lightrock ₹1,632 Cr (FY25) Filed ₹2,342 Cr NA Axis Capital, BofA Securities, JM Financial, Kotak Mahindra Capital Square Yards 2014 Proptech $200 Mn Reliance Group, ADM Capital, BCCL, Genkai Capital ₹1,400 Cr (FY25) Yet To File ₹2,000 Cr ₹8,827 Cr NA Table Space 2017 Coworking $407 Mn Hillhouse Capital, Rava Partners, Alta Capital ₹898 Cr (FY24) Yet To File NA NA NA Tonbo Imaging 2012 Deeptech $59 Mn Artiman Ventures, Celesta Capital, Qualcomm Ventures ₹460 Cr (FY25) Filed OFS of 1.81 Cr shares NA IIFL Securities, JM Financial Travelstack Tech 2014 Travel Tech NA Accel, Goldman Sachs, Qualcomm, Anupam Mittal ₹716.4 Cr (FY25) Filed INR 250 Cr Fresh Issue OFS of 2.69 Cr Shares NA IIFL Securities, Motilal Oswal Investment Advisors, Nuvama Turtlemint 2015 Fintech $197 Mn Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, Nexus Venture Partners ₹674.5 Cr (FY25) Filed ₹1,700 Cr- ₹2,150 Cr NA Motilal Oswal, JM Financials, ICICI Securities, Jefferies WonderChef 2009 D2C $30 Mn Sixth Sense Ventures, Amicus Capital, Godrej Family Office, Malpani Group ₹430 Cr (FY25) Yet To File NA ₹1,800 Cr NA Zepto 2021 Quick Commerce $1.60 Bn Y Combinator, Goodwater Capital, Glade Brook Capital, General Catalyst, Dragon Fund ₹4,454.52 Cr (FY24) Filed ₹11,682 Cr Yet To Be Decided Morgan Stanley, Goldman Sachs Zetwerk 2018 Ecommerce $793 Mn Greenoaks Capital, Lightspeed, Mars Growth Capital, Peak XV Partners ₹ 12,798 Cr (FY25) Yet To File ₹3,456 Cr-₹4,320 Cr ₹43,209 Cr Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase, Kotak Mahindra Bank

Startups That Have Taken The IPO Plunge In 2026

Amagi

Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a comprehensive cloud-based suite that enables broadcasters to create, manage, distribute, and monetise content worldwide.

The platform also provides advanced broadcast and targeted advertising tools tailored for both traditional TV and streaming services.

The company transitioned to a public entity in May 2025 and later filed its DRHP with SEBI in July 2025. It secured the markets regulator’s approval in November that year.

In January 2026, Amagi filed its red herring prospectus (RHP), detailing a fresh issue of INR 816 Cr and an OFS component of up to 2.69 Cr shares.

Subsequently, the IPO opened on January 13 and closed on January 16. The public issue closed with an oversubscription of 30.2X.

The company had set a price band of INR 343–361 per share for its public issue, valuing it at INR 7,966 Cr (nearly $885 Mn) at the upper end of the spectrum.

The SaaS major’s shares made a lacklustre debut on the stock exchanges. The stock listed at INR 317 apiece on the BSE, a discount of 12.2% to the issue price of INR 361. On the NSE, it listed at INR 318 per share, 11.9% below the issue price.

Financially, Amagi narrowed consolidated net loss by 72% to INR 68.7 Cr in FY25, down from INR 245 Cr the year before. Operating revenue surged 32.2% to INR 1,162.6 Cr as against INR 879 Cr in FY24.

The SaaS startup turned profitable in H1 FY26, reporting a net profit of INR 6.5 Cr as against a net loss of INR 66 Cr in H1 FY25. Operating revenue rose 35% YoY to INR 704.8 Cr.

Shadowfax

Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics company that offers hyperlocal and on-demand delivery solutions for businesses.

Competing with the likes of Delhivery, LoadShare and Pickrr, the logistics major is backed by names such as Flipkart, Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm and Trifecta Capital.

Shadowfax converted to a public entity in March 2025, dropping the word “private” from its name. The company then pre-filed its DRHP with SEBI in July 2025 for an IPO, and received markets regulator’s nod in October 2025.

It filed its updated DRHP with SEBI in November 2025. The company’s IPO comprised a fresh issue worth INR 1,000 Cr and an OFS of up to INR 907 Cr.

The company’s public issue opened on January 20 and closed on January 22 with an oversubscription of 2.72X, receiving total bids for 24.23 Cr shares against 8.9 Cr on offer.

Subsequently, shares of the company made a muted debut on the bourses on January 28. The stock listed at INR 112.60 apiece on the NSE, a discount of 9.19% to the issue price of INR 124. On the BSE, shares of the logistics unicorn debuted at INR 113, down 8.87% below the issue price.

Shadowfax turned profitable in FY25, posting a net profit of INR 6.4 Cr versus a loss of INR 11.9 Cr in FY24. Operating revenue grew 32% to INR 2,485.1 Cr from INR 1,884.8 Cr.

In H1 FY26, the logistics unicorn’s net profit more than doubled to INR 21 Cr from INR 9.8 Cr in the year-ago period. Operating revenue surged 68.4% YoY to INR 1,805.6 Cr during the period.

Startups That Have Filed DRHP

AceVector

Founded by Kunal Bahl and Rohit Bansal, AceVector traces its roots to 2010, when the duo founded ecommerce platform Snapdeal. Over the years, this umbrella company expanded to include listed ecommerce enablement startup Unicommerce and house of brands Stellaro Brands.

The three companies unified under the AceVector banner in 2022. Now, three years on, the consolidated entity is gearing up for a public market debut.

Kicking off its IPO proceedings, AceVector filed its confidential DRHP with the Securities and Exchange Board of India (SEBI) in July 2025. The regulator greenlit the offering in November 2025.

A month later at the fag end of the year, AceVector filed its updated DRHP, which outlined a fresh issue of shares worth INR 300 Cr and an offer for sale (OFS) component of up to 6.39 Cr shares.

On the financial front, AceVector’s operating revenue leapt nearly 35% to INR 244.4 Cr in the first half (H1) of the financial year 2025-26 (FY26) from INR 181.1 Cr the year ago period. Meanwhile, losses also shrank almost 80% to INR 22.4 Cr versus INR 110.3 Cr in H1........

© Inc42