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Capital markets

Rush of Startups to List on Indian Exchanges: Fueled by Growing Trend of Raising Funds and Opting for Domestic Capital

Strategic Insights

— 2 min read

This November is set to be one of the busiest periods for startups listing on the Indian bourses, with companies like Lenskart, Groww, and Pine Labs collectively raising over Rs 20,000 crore through IPOs. New-age companies such as Meesho, Boat, Shadowfax, and Wakefit are also in the queue to go public, with some expected to list next month. As per Abhinav Bharti, MD & head of India, emerging capital markets (ECM) at J P Morgan, new-age firms are expected to raise anywhere between Rs 30,000- Rs 40,000 crore through November and December.

Key Takeaways:

  • A total of 20-25 new-age listings are expected in 2025, with a combined fundraise of Rs 40,000 crore, surpassing the 13 new-age listings that raised roughly Rs 29,000 crore in 2024.
  • Indian exchanges are witnessing a growing trend of new-age companies re-domiciling to India, fueled by strong domestic fundamentals and access to a broader pool of domestic investors.
  • The role of private equity and venture capital in backing Indian startups is diminishing as they go public, enabling investors to exit and gain returns.
  • The majority of the startups listing on Indian exchanges are technology-enabled companies that can raise funds domestically, indicating a shift in the country's startup ecosystem.
  • The trend of new-age companies listing on Indian exchanges is attracting attention from international investors, who are seeking exposure to the growing Indian technology sector.
  • Abhinav Bharti estimates that India will be the busiest IPO market in the Asia Pacific region in the near-term, led by new-age companies.
  • Kailash Soni from Goldman Sachs states that there will be a double-digit pipeline of new-age IPOs, a natural outcome of deep domestic liquidity and growing scale of profitability among tech-enabled companies.

Statistics:

  • Domestic investments in IPOs have grown from 56.8% in 2021 to 74.8% in 2025, according to recent data compiled by Bloomberg and Prime Database.
  • Last year, Swiggy raised Rs 140 crore through an IPO, while Ola Electric and FirstCry also went public through successful fundraisings.
  • Urban Company recently had a smashing debut on the exchanges in September, nudging many startups to expedite their IPO filing preparations.
  • Broader markets have been stable, logging their best monthly gains in seven months in October.
  • Gaurav Seth from 5paisa Capital estimates that nearly 50%-70% more new-age listings will occur this year versus last, both in number and fundraise.

Sources:

  • Bloomberg and Prime Database
  • J P Morgan
  • Pantomath Capital Advisors
  • Goldman Sachs
  • 5paisa Capital, a unit of IIFL Group

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