India’s startup ecosystem is heading into a high stakes season of public offerings, with a new batch of high profile digital first companies preparing to tap the capital markets. The upcoming IPOs, led by firms like Meesho, Groww, PhysicsWallah, and Pine Labs, are collectively aiming to raise close to ₹18,000 crore in fresh capital alone. Including additional offer for sale components, the total IPO size is expected to be significantly larger. These listings are set to open the floodgates for venture capital exits and unlock liquidity for early investors who have held their stakes through multiple cycles of funding booms and slowdowns.

This surge in IPO filings marks a major milestone for the Indian startup space. It reflects a renewed investor appetite, improving capital market conditions, and the maturity of many of these businesses, which are finally showing signs of consistent revenues and clearer profitability paths. In fact, venture capital exits via public markets in 2025 could potentially exceed the $4 billion record set in 2024. Data from Venture Intelligence shows that VC backed IPO exits grew steadily from $1.5 billion in 2022 to over $4 billion by November 2024.

The companies leading this wave include some of India’s most recognized digital first brands. Edtech startup PhysicsWallah has reportedly filed for an IPO worth ₹4,600 crore, which would make it the first Indian edtech company to go public. The firm’s backers include prominent global investors like Lightspeed, GSV Ventures, and WestBridge. E commerce platform Meesho is also in the spotlight with a confidential filing aimed at raising ₹4,250 crore. Meesho was last valued at nearly four billion dollars and counts Tiger Global, Prosus, and SoftBank among its key investors.

Fintech continues to be a hot sector, with Pine Labs reviving its IPO ambitions. The company plans to raise ₹2,600 crore through fresh shares, with a massive secondary share sale expected from shareholders like Temasek, Peak XV, PayPal, and Mastercard. Similarly, Groww, one of the leading stockbroking and investment platforms in the country, has filed confidentially for an IPO estimated to be worth between seven hundred million and one billion dollars. This move follows the strong debut of MobiKwik on the public markets last December.

The logistics tech space is also joining the action, with Shiprocket and Shadowfax both filing for IPOs targeting ₹2,000 to ₹2,500 crore each. These companies are expected to follow in the footsteps of peers like Delhivery and Blue Dart, which have already established themselves on the stock exchanges. Urban Company, a platform offering home services, is seeking ₹1,900 crore through a mix of fresh issue and offer for sale, with early investors such as Accel and Tiger Global expected to offload a significant portion of their holdings.

Home and lifestyle brand Wakefit has also entered the IPO pipeline, looking to raise ₹468 crore in new capital, along with a secondary sale of more than 58 million shares. Its investor lineup includes Peak XV, Verlinvest, and Investcorp. Meanwhile, cloud kitchen player Curefoods is targeting an ₹800 crore issue, with additional share sales expected from Accel, Chiratae Ventures, and other investors.

In the co working space, Bengaluru based IndiQube is looking to raise ₹850 crore through a mix of primary and secondary share sales. The company filed its DRHP late last year and is part of a broader trend of workspace providers seeking public funding. Competitors like Awfis have already gone public, while Smartworks is preparing for its IPO later this month.

The momentum behind these IPOs is driven by multiple factors. Market sentiment has steadily improved since the second half of 2024. There is also growing institutional interest in companies that have reached operational scale and are approaching profitability. Investors are no longer just chasing hypergrowth; they are backing firms with stable unit economics and long term potential. As companies look to raise funds for expansion, repay debts, or offer exits to early investors, the public market is emerging as the preferred route.

This IPO wave is more than a liquidity event. It is a sign of a maturing ecosystem where startups are no longer reliant solely on private capital. For retail investors, these listings open up an opportunity to participate in the growth of India’s new economy. For venture capitalists, they offer long awaited exits and new confidence in the public markets as a reliable pathway for returns.

 

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