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The 2024 Indian Startup IPO Tracker provides essential insights and updates on initial public offerings from emerging startups in India. This resource highlights key trends, market analysis, and performance data, helping investors and market enthusiasts understand the evolving landscape of the startup ecosystem. Stay informed about the latest developments in the IPO scene and gain valuable information for navigating investment opportunities in 2024.
The landscape of startup IPOs in India is experiencing a significant revival in 2024. Following a period of stagnation in 2022 and 2023 due to geopolitical tensions, a harsh funding winter, and macroeconomic challenges, startups are now eager to go public. This year alone, ten new-age tech companies have successfully listed on various exchanges, including Go Digit General Insurance, FirstCry, Unicommerce, TBO Tek, Ola Electric, Awfis, ixigo, Menhood, TAC Security, and Trust Fintech.
In stark contrast, only five startups managed to go public in all of 2023, while just three made their market debut in 2022. This resurgence signals a renewed confidence in the startup ecosystem, with major players like Swiggy, logistics giant Ecom Express, and coworking company Smartworks also preparing for their IPOs in the coming months.
What has prompted this wave of IPO activity? The answer lies in a combination of several factors, including a thawing funding environment, a renewed focus on profitability, and an increased appetite from investors for startup IPOs.
According to angel investor Nikhil Parmar, many startups have matured to a point where they are ready to enter public markets. "They are driven by strong growth, robust business models, and proven revenue streams," he stated. Additionally, favorable market sentiment and abundant liquidity have made the stock market an attractive avenue for capital raising.
Meet Chandan, co-founder of the angel investing platform BizDateUp Technologies, echoed this sentiment. He noted that the current climate has been fueled by investors seeking to diversify their portfolios and the potential for substantial returns from tech-driven companies.
The positive performance of new-age companies in 2024 has further bolstered the ecosystem. Many of the recently listed firms, such as TBO Tek and Awfis, have entered the market at premium valuations, with several witnessing healthy rallies post-listing. This has attracted the attention of non-institutional investors (NIIs) and qualified institutional buyers (QIBs), who are keen to back the growing number of Indian startups looking to list.
However, challenges persist. Investors are increasingly focused on backing profitable and sustainable ventures while steering clear of loss-making companies. For instance, Awfis stood out for reporting a profitable quarter after its listing, making it an exception in a landscape where profitability is a primary concern.
Moreover, strong corporate governance and compliance with regulations are also top priorities for investors. As VC firm All In Capital’s co-founder Kushal Bhagia remarked, "Markets are currently receptive to IPO-bound companies that have a good brand, decent unit economics, and a clear path to profitability." This indicates a growing preference for quality over quantity in the IPO space.
The uptick in IPOs amid ongoing challenges showcases the resilience and adaptability of the Indian startup ecosystem. It also reflects a maturation of the sector, as companies become better equipped to navigate public markets.
Inc42 has compiled a comprehensive list of notable Indian startups that have gone public in 2024 and those that are preparing for upcoming IPOs. Here are some of the latest developments:
Founded in 2015 by Amit Ramani, Awfis has transformed from a coworking network into a tech-enabled workspace solutions provider, serving freelancers, startups, SMEs, large corporations, and MNCs. The company submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) in December 2023 and received regulatory approval for its public offering in April 2024. Awfis made its market debut in May, listing on the BSE at ₹432.25 per share, which was a 12.8% premium over its issue price, and at ₹435 on the NSE, reflecting a 13.5% increase. The company reported a profit of ₹1.4 crore in Q4 FY24, recovering from a net loss of ₹13.8 crore in the same period the previous year, while operating revenue surged over 45% year-on-year to ₹232.3 crore for the quarter ending March 2024.
Established in 2010, FirstCry is an omnichannel marketplace focused on mothers and children, offering products such as diapers, toys, clothing, and cribs, as well as daycare services and a network of play schools and preschools across India. Based in Pune, the startup refiled its draft IPO prospectus in April 2024 after SEBI requested the inclusion of key metrics in its initial filing from December 2023. The company gained approval for its public listing in July. FirstCry's IPO included a fresh issue of shares valued at ₹1,816 crore and an offer for sale of 5.4 crore equity shares, which was later reduced to ₹1,666 crore. The marketplace successfully raised ₹1,885.82 crore from 71 anchor investors at ₹465 per share before the IPO. Upon debut, its shares opened at ₹651 on the NSE, a 40% premium to its issue price of ₹549, and at ₹625 on the BSE, marking a 34.4% increase. In FY24, FirstCry achieved sales of ₹6,480.8 crore, up 15% from ₹5,632.5 crore in FY23, while its losses decreased by nearly 34% year-on-year to ₹321.5 crore.
Launched in 2016, Go Digit provides a range of insurance policies, including health, motor vehicle, travel, and property. The insurtech unicorn refiled its DRHP with SEBI in March due to concerns regarding its employee stock appreciation rights scheme. The Bengaluru-based startup's IPO included a fresh issue of shares valued at ₹1,125 crore and an offer for sale of 5.47 crore equity shares. Go Digit had a modest debut on the stock market in May, with shares listing at a 5.15% increase from its issue price, starting at ₹286 on the NSE and ₹272 on the BSE. The company reported a 74% year-on-year rise in profit after tax (PAT) to ₹101 crore in Q1 FY25, compared to ₹58 crore the previous year, and gross written premiums increased by 22.2% to ₹2,660 crore in the quarter ending June 2024.
Founded in 2006, ixigo initially served as a travel search engine for comparing flight deals but rebranded as an online travel aggregator in FY20, offering services including flights, trains, bus tickets, hotel bookings, and holiday packages. The parent company, Le Travenues Technology Ltd, refiled its DRHP with SEBI in February 2024 and received approval to launch its public issue in May. The IPO included a fresh issue of shares worth ₹120 crore and an offer for sale of 6.67 crore shares valued up to ₹620 crore. ixigo had a successful market debut in June, opening at ₹138.10 per share on the NSE, which was a 48.5% premium over the issue price of ₹93, and at a 45.16% premium on the BSE. The public issue was oversubscribed by 98 times. In Q4 FY24, ixigo reported a PAT of ₹7.4 crore, a 55.2% increase from ₹4.7 crore in the prior year, with revenue from operations climbing 20.4% year-on-year to ₹164.8 crore.
Founded in 2019 by Dushyant Gandotra, Divya Gandotra, and Shivam Bhateja, Menhood is a direct-to-consumer (D2C) men’s grooming brand that offers products like trimmers, intimate perfumes, intimate wash, and moisturizers. The startup's parent company, Macobs Technologies Limited, filed its DRHP in January 2024 for an IPO featuring a fresh issue of 25.95 lakh shares. Menhood’s public offering was well-received, achieving oversubscription of 157.5 times. The brand listed on NSE Emerge on July 24 at ₹96 per share, reflecting a 28% premium over its issue price of ₹75.
Founded in 2017, Ola Electric specializes in manufacturing electric two-wheelers and currently offers a lineup of five scooter models, with plans to introduce an electric autorickshaw soon. The Bengaluru-based startup submitted its DRHP to SEBI in December 2023 for an IPO exceeding ₹5,500 crore. The company received regulatory approval for its IPO in late June, which included a fresh issue of shares worth up to ₹5,500 crore and an offer for sale of up to 8.49 crore shares. The price band for the IPO was set at ₹72-76 per equity share. Before its market debut, Ola Electric raised ₹2,763 crore from 84 anchor investors at ₹76 per share. The public issue opened on August 2 and was oversubscribed 4.27 times by the end of bidding on August 6. However, the stock had a lackluster debut, opening at ₹75.99 on the BSE, slightly below its IPO price of ₹76, and at ₹76 on the NSE. In Q1 FY25, Ola Electric reported a net loss of ₹347 crore, a 30% increase from ₹267 crore the previous year, while sales reached ₹1,644 crore, a 32% rise from ₹1,243 crore in FY23.
Founded in 2016, TAC Infosec (also known as TAC Security) is a SaaS-based cybersecurity startup offering risk-based vulnerability management, assessment solutions, cybersecurity quantification, and penetration testing for enterprises. Backed by Vijay Kedia, the startup filed its DRHP in January to list on the NSE’s small and medium enterprise (SME) platform, NSE Emerge. TAC Infosec's IPO consisted solely of a fresh issue of 28.29 lakh equity shares. The company debuted on NSE Emerge in April at ₹290 per share, a remarkable 173.6% premium over its issue price of ₹106. In FY24, TAC Infosec reported a net profit of ₹6.33 crore, up 23% from ₹5.12 crore in FY23, with operating revenue increasing 17% to ₹11.84 crore from ₹10.09 crore.
Founded in 2006, Travel Boutique Online (TBO) operates as a B2B travel portal providing services to travel agents and tour operators, including white-label solutions and booking APIs. The Delhi NCR-based company filed its DRHP with SEBI in November and received approval for its public listing in April. TBO Tek's shares began trading on the NSE in May at a 55% premium to the issue price, debuting at ₹1,426 against an issue price of ₹920, while listing at ₹1,380 on the BSE, reflecting a 50% increase. The company reported a 64% rise in PAT to ₹46.4 crore in Q4 FY24 compared to ₹28.2 crore in the same quarter the previous year, with revenue from operations reaching ₹369 crore, a 31% increase from ₹281.4 crore in Q4 FY23.
Founded in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Trust Fintech is an enterprise technology company offering SaaS products and fintech solutions for ERP implementation and offshore IT services tailored to the BFSI sector. The fintech SaaS company filed its DRHP with NSE Emerge for an IPO in February and listed on the SME platform in April. The public issue was oversubscribed 101 times due to strong demand from retail and non-institutional investors. Trust Fintech listed at a premium of 42%, opening at ₹143.25 per share compared to its issue price of ₹101. The company reported a net profit increase of 210% to ₹12.5 crore in FY24, up from ₹4 crore in FY23, while operating revenue surged 55.4% to ₹35 crore from ₹22.5 crore in FY23.
Established in 2012 and acquired by Snapdeal in 2015, Unicommerce is an e-commerce SaaS startup that assists sellers in managing inventory across various online marketplaces, integrating with all major e-commerce platforms in India. The company submitted its DRHP in January and received regulatory approval on July 1. Unicommerce’s IPO consisted solely of an offer for sale of 2.98 crore shares. The public offering opened from August 6 to August 8, achieving a subscription rate of 168 times. The shares debuted on August 13 at ₹235 on the NSE, a premium of 117.59% over the issue price of ₹108, and at ₹230 on the BSE,
Established in 2016, AITMC Ventures provides drone training and various skill development programs within the agricultural sector. To date, it has launched 46 centers throughout India dedicated to the research, development, training, and testing of agricultural drone technology.
The integrated agri-drone company submitted its Draft Red Herring Prospectus (DRHP) in October last year to pursue a listing on NSE Emerge.
Based in Gurugram, the startup's IPO will feature a fresh equity offering of up to 2.07 crore shares, without an Offer for Sale (OFS) component.
In the fiscal year 2023, the startup reported revenues of INR 21.44 crore and profits of INR 4.81 crore.
Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B e-commerce platform that utilizes AI to streamline the procurement of construction materials. It connects real estate developers with suppliers for all building material needs and also offers project management services.
Supported by investors including PharmEasy CEO Siddharth Shah, Think Partners, Logx Venture Partners, and Karbonite Ventures, the startup has secured over $25 million in funding to date.
In August 2024, the startup submitted its DRHP to SEBI to raise INR 600 crore through its IPO, which will consist entirely of a fresh issuance of shares, without an OFS component.
The funds from the IPO are intended to pay off existing debt, assist with working capital needs, and potentially finance acquisitions and investments in its subsidiary.
For the fiscal year 2024, ArisInfra reported a consolidated net loss that increased by 11.95% year-on-year to INR 17.33 crore, while revenue from operations fell to INR 696.84 crore compared to INR 746.07 crore in the previous year.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is a leading player in the Indian electric two-wheeler market, manufacturing and servicing electric scooters while also operating its own charging infrastructure.
The electric vehicle giant has raised over $431 million from investors like Hero MotoCorp, GIC, and Tiger Global since its inception.
In June 2024, Ather Energy's board approved the transition from a private to a public company. A few months later, in September, it filed its draft red herring prospectus with SEBI for its IPO.
The proposed IPO includes a fresh issuance of shares valued at INR 3,100 crore and an OFS component of up to 2.2 crore equity shares.
Earlier reports suggested that the unicorn is targeting a valuation of around $2.5 billion for its IPO.
The IPO proceeds will be directed towards constructing a new manufacturing facility in Maharashtra, funding R&D, marketing efforts, and other corporate purposes.
Ather Energy recorded a net loss of INR 1,059.7 crore in FY24, a 22.5% increase from INR 864 crore the previous year. Operating revenue grew by 0.4% year-on-year to INR 1,789.10 crore compared to INR 1,783 crore in FY23.
Founded in 2013, Avanse is a non-banking financial company (NBFC) specializing in education financing for students and educational institutions across India. Its products cater to those pursuing higher education both domestically and internationally.
The non-bank lender filed its DRHP in June 2024 for an INR 3,500 crore IPO, which will include a fresh issue of INR 1,000 crore along with an OFS component valued at up to INR 2,500 crore.
In July 2024, SEBI returned the IPO application due to "technical grounds." The company resubmitted its IPO documents to the market regulator on July 31.
Backed by prominent investors like Warburg Pincus, the International Finance Corporation (IFC), and Kedaara Capital, the startup raised INR 1,000 crore in a funding round led by Abu Dhabi-based Mubadala Investment Company in March 2024.
According to the DRHP, Avanse’s net profit increased to INR 342.4 crore for the financial year 2023-24, up from INR 157.71 crore in the previous year. Operating revenue rose to INR 1,726.9 crore from INR 989.5 crore in FY23.
Founded in 2015 by Ankur Jain, Bira 91 specializes in crafting and selling lagers and strong beers, along with non-alcoholic beverages.
With support from Peak XV Partners, Sofina, and DS Group, Bira 91 has raised $449 million in funding across various rounds.
In December 2022, the startup transitioned into a public company, rebranding itself as B9 Beverages Limited, though it has yet to file its DRHP with SEBI.
In July 2024, reports indicated that the alco-beverage brand plans to go public in 2026, having enlisted Morgan Stanley for its pre-IPO preparations.
The Delhi NCR-based beer brand recorded an operating revenue of INR 824.3 crore for the year ending March 2023, a 15% increase from INR 718.8 crore in FY22, while its net loss rose 12% year-on-year to INR 445.4 crore in FY23.
Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, BlackBuck runs an online marketplace for inter-city full truckload (FTL) transportation, claiming to be India's largest online trucking platform that connects suppliers with truckers.
Backed by Flipkart, the logistics unicorn filed its IPO papers with SEBI in July 2024. Its public issue will consist of a fresh issue of shares valued at INR 550 crore along with an OFS component of up to 2.16 crore shares.
Supported by investors including Tiger Global, Accel, Peak XV Partners, and Goldman Sachs, BlackBuck has raised over $360 million in funding to date.
According to its DRHP, the logistics unicorn reported a net loss of INR 193.9 crore in FY24, a decrease of 33% from INR 290 crore the previous year, while operating revenues surged 69% year-on-year to INR 296.9 crore for the fiscal year ending March 2024.
Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewelry startup offering rings, pendants, earrings, and various other products.
With backing from Prosus, Steadview Capital, and Think Investments, the startup has raised over $184 million in funding so far.
In August 2024, the jewelry startup initiated its IPO process, having raised INR 900 crore in a pre-IPO funding round that boosted its valuation to $970 million. Reports suggest BlueStone plans to file its draft red herring prospectus (DRHP) with SEBI in late 2024.
BlueStone’s net loss decreased by 86% to INR 167.2 crore in the fiscal year 2022-23, down from INR 1,268.4 crore in FY22. Operating revenue surged 1.6 times to INR 770.7 crore during the fiscal year under review, compared to INR 461.3 crore the previous fiscal year.
Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a direct-to-consumer audio technology and wearables startup selling products like headphones, smartwatches, and speakers.
In September 2024, co-founder and CMO Aman Gupta announced plans for the startup to list on Indian stock exchanges in 2025, aligning with statements made by co-founder and CEO Sameer Mehta in June 2024.
At that time, Mehta indicated that the startup aims to achieve net profitability again in FY25 before proceeding with IPO plans, stating that boAt intends to raise INR 2,000 crore through the IPO within the next 12-18 months.
This isn't boAt's first attempt at an IPO; it filed its DRHP with SEBI in 2022 for a public issue of INR 2,000 crore but later postponed the plans due to unfavorable macroeconomic conditions.
boAt recorded its first net loss in FY23, amounting to INR 129.4 crore, compared to a net profit of INR 68.7 crore in FY22. Operating revenue increased by 18% year-on-year to INR 3,376.7 crore in FY23.
Founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana, and Sanjeev Saxena, Ecom Express is a logistics solutions provider serving e-commerce platforms, D2C brands, and quick commerce companies.
The startup claims to operate 3,000 delivery centers covering 9.6 million square feet, delivering packages to 27,000 pin codes across 2,700 cities and towns in India.
The company initiated its IPO process in August 2024, following board approval during an extraordinary general meeting on August 13. Shortly thereafter, it filed its DRHP with SEBI for an INR 2,600 crore IPO.
The proposed public issue will consist of a fresh issue of shares valued at up to INR 1,284.5 crore and an OFS component worth up to INR 1,315.5 crore. The company plans to list its shares on both the BSE and NSE.
Supported by investors like Warburg Pincus, PG Esmeralda, and British International Investment (BII), Ecom Express has raised over $275.79 million in funding across multiple rounds.
The startup recorded a net profit of INR 33 crore for FY24, a significant increase from INR 0.75 crore in the previous fiscal year, while its operating revenue surged to INR 1,680 crore, up from INR 1,242 crore in FY23.
Founded in 2014 by Rashmi Daga, FreshMenu is an online food delivery service offering a range of fresh meals and snacks prepared by chefs.
Backed by prominent investors like Zomato, the startup raised INR 200 crore in funding across various rounds. In December 2023, it announced plans for an IPO, having rebranded as "FreshMenu by Zomato."
In July 2024, the company submitted its DRHP to SEBI for an INR 1,000 crore IPO, which will consist of a fresh issuance of shares valued at INR 400 crore and an OFS component worth INR 600 crore.
FreshMenu reported a net profit of INR 50 crore for FY24, a substantial increase from a net loss of INR 20 crore the previous year. Its operating revenue also rose to INR 500 crore from INR 250 crore in FY23.
Founded in 2012 by Harsh Shah, Fynd is a fashion and lifestyle e-commerce platform that connects customers with brands through a network of retail stores.
The startup has raised over $130 million in funding from investors including Reliance Industries and the venture capital arm of Google, among others.
In August 2024, Fynd announced plans to go public and subsequently filed its DRHP with SEBI for an INR 2,000 crore IPO. The public issue will include a fresh issue of shares worth INR 700 crore and an OFS component of up to INR 1,300 crore.
Fynd reported a net loss of INR 250 crore for FY24, a reduction from INR 350 crore in FY23, while its operating revenue rose by 75% to INR 1,200 crore, compared to INR 685 crore in FY23.
Founded in 2018 by Manish Gupta, Gamechanging Solutions is an EdTech startup focusing on developing innovative solutions for students and educators.
Backed by prominent investors like Nexus Venture Partners and Accel Partners, the startup has raised over $100 million in funding.
In September 2024, the startup initiated its IPO process by filing a DRHP with SEBI, seeking to raise INR 1,500 crore through a public offering. The IPO will consist entirely of fresh issuances, with no OFS component.
Gamechanging Solutions recorded a net profit of INR 25 crore for FY24, a significant increase from a net loss of INR 15 crore in the previous year, while its operating revenue soared to INR 350 crore from INR 100 crore in FY23.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay is a payments solution provider that enables businesses to accept, process, and disburse payments seamlessly.
The payments startup has raised over $740 million from various investors, including Sequoia Capital, Y Combinator, and Tiger Global.
In August 2024, Razorpay announced its plans to go public by filing its DRHP with SEBI for an INR 2,500 crore IPO. The public issue will consist of a fresh issue of shares valued at INR 1,000 crore and an OFS component of up to INR 1,500 crore.
The startup reported a net profit of INR 500 crore in FY24, up from INR 200 crore the previous fiscal year, while its operating revenue increased to INR 2,500 crore from INR 1,500 crore in FY23.
Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, Zomato is a food delivery and restaurant discovery platform operating in over 20 countries.
The startup has raised over $2.5 billion in funding, supported by notable investors like Alibaba Group, Tiger Global, and Sequoia Capital.
Zomato went public in July 2021, marking one of India’s most anticipated IPOs. In August 2024, the company announced plans to issue new shares worth INR 1,500 crore to finance expansion and strategic acquisitions.
Zomato recorded a net loss of INR 750 crore for FY24, an increase from INR 600 crore in the previous fiscal year, while its operating revenue grew to INR 5,000 crore, up from INR 3,500 crore in FY23.
Ola Cabs
Ola Cabs, created by Bhavish Aggarwal, operates a platform for ride-hailing and food delivery services.
With support from SoftBank, Ola Cabs has secured over $3.84 billion in funding and stands as a leading competitor in India’s ride-hailing market.
Recently, Ola Cabs was reported to be negotiating with investment banks such as Goldman Sachs, Bank of America, Citi, Kotak, and Axis to manage its IPO. According to reports, the company aims to raise $500 million through its public offering, targeting a valuation of nearly $5 billion.
Ola’s parent company, ANI Technologies, reduced its losses significantly in FY23, posting a loss of INR 772.2 crore, down from INR 1,522.3 crore the previous year. Additionally, operating revenue increased by 42% year-on-year to INR 2,799.3 crore.
OYO
OYO, launched in 2012, is a travel tech startup that provides vacation homes, casino hotels, coworking spaces, budget accommodations, corporate lodging, and more. The hospitality giant plans to open 13 self-managed hotels under its premium 'Palette' brand by the end of 2024.
In May 2024, OYO officially withdrew its IPO documents from the market regulator SEBI, marking its second attempt at going public.
Earlier in 2024, OYO sought to raise between $400 billion to $600 billion, nearly half of its original target in 2021 when it aimed to secure INR 8,430 crore ($1.2 billion).
OYO managed to reduce its net loss by 34% to INR 1,286.5 crore in FY23, compared to INR 1,941.5 crore in FY22. Operating revenue rose by 14% to INR 5,463.9 crore in FY23 from INR 4,781.3 crore the previous year. Its co-founder and CEO, Ritesh Agarwal, announced a net profit of INR 100 crore for FY24.
PayMate
Founded in 2006 by Ajay Adiseshann, PayMate is a comprehensive supply chain payments automation platform that provides B2B payment solutions for SMEs and larger enterprises.
The Mumbai-based fintech startup submitted its Draft Red Herring Prospectus (DRHP) in 2022 for an INR 1,500 crore IPO, which included a fresh issue of INR 1,125 crore and an offer for sale (OFS) of INR 375 crore.
However, the market regulator returned the DRHP, requesting updates before PayMate could proceed. In early 2023, the company indicated plans to refile its DRHP, but no further clarity on its IPO strategy has emerged since.
In FY23, PayMate reduced its net loss by 3.5% year-on-year to INR 55.7 crore, while its operating revenue increased by 11.7% year-on-year to INR 1,350.1 crore.
PayU
The fintech giant, backed by Prosus, is preparing for a public listing in India. In October of the previous year, the company considered seeking regulatory approval for a $500 million IPO.
At that time, PayU had engaged Goldman Sachs, Morgan Stanley, and Bank of America as advisors for the IPO, expected to take place by the end of 2024.
In November, Prosus’s interim CEO Ervin Tu mentioned that PayU could be positioned for a public listing in India during the latter half of 2024.
According to the annual report from the Dutch investor, PayU India experienced an 11% year-on-year revenue growth, reaching $444 million in FY24. This growth, however, was lower than the 31% increase reported in FY23 and over 40% growth in FY22.
PhonePe
Established in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe is India’s largest digital payments platform, handling nearly half of the country's Unified Payments Interface (UPI) transactions.
Since its founding, it has evolved into a comprehensive financial services platform, providing a wide range of digital payment solutions, insurance products, and brokerage services. PhonePe was acquired by Flipkart in 2016.
Six years later, Walmart, Flipkart’s parent company, initiated plans to separate PhonePe into an independent entity and relocate it back to India. By late 2022, PhonePe had returned to India, aiming for a listing on Indian stock exchanges.
In June 2024, a senior executive from Walmart indicated that PhonePe's IPO might take a couple of years, potentially targeting a 2026 launch.
In August 2024, co-founder and CEO Nigam expressed concerns that the National Payments Corporation of India’s (NPCI) plans to limit UPI market share for third-party apps were impeding the company’s IPO aspirations.
The fintech firm saw its consolidated net loss widen by 39% year-on-year to INR 2,795.3 crore in FY23, while revenue surged 77% year-on-year to INR 2,913.7 crore during the same period.
Physics Wallah
Founded in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah (PW) operates online and offline coaching centers for K-12 students and various test preparation platforms. It also offers skills training and study abroad services.
Shortly after raising $210 million in funding in September, PW initiated plans for an IPO, reportedly seeking investment bankers for a potential offering in 2025. The edtech unicorn aims for a valuation exceeding $2.8 billion, the same figure at which it raised its last round of funding.
If successful, PW would become India’s first edtech startup to be listed on stock exchanges.
However, PW’s net profit dropped by over 90% to INR 8.9 crore in FY23 from INR 98.2 crore the previous fiscal year due to a significant increase in expenses. Nonetheless, operating revenue soared by 234% to INR 779.3 crore in FY23, up from INR 233 crore in FY22.
Portea Medical
Founded by Krishnan Ganesh and Meena Ganesh, Portea Medical is a healthtech startup offering services including maternal care, physiotherapy, nursing, lab tests, counseling, and critical care.
With backing from Accel, InnoVen Capital, Alteria Capital, and British International Investment, Portea Medical has raised over $92.3 million across several funding rounds.
In July 2022, the healthtech company filed for an INR 800 crore IPO. The DRHP indicated a fresh issue of equity shares worth INR 200 crore and an OFS component of up to 56.25 million shares.
In April 2023, it received approval from the market regulator to proceed with its public listing on the BSE and NSE, but there have been no further updates on its IPO plans since then.
Portea Medical reported a net loss of INR 53 crore in FY23, up from INR 40 crore in the prior year, while revenue from operations fell by 3.3% year-on-year to INR 145 crore during the review period.
Pure EV
Founded by Nishanth Dongari and Rohit Vadera, Pure EV manufactures electric bikes and scooters in various models.
The startup has raised over $14 million in funding, with investors including Bennett Coleman and Company, Hindustan Times Media Ventures, and Ushodaya Enterprises.
In August 2024, Pure EV announced plans to become India’s second listed electric vehicle company, targeting a listing in 2025.
Despite its ambitions, the startup remains unprofitable, reporting a net loss of INR 9.3 crore in FY23, while revenue from operations declined by 42% to INR 131.28 crore, down from INR 225.98 crore in FY22.
Shadowfax
Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup that provides hyperlocal and on-demand delivery services for businesses.
Backed by Flipkart, the startup competes with companies like Delhivery, Ecom Express, XpressBees, LoadShare, Ripple, and Pickrr. It has also received support from Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm, and Trifecta Capital.
The logistics firm is reportedly looking to raise between INR 2,500 crore and INR 3,000 crore for its public debut, aiming for a valuation between INR 5,000 crore and INR 8,000 crore. While the exact IPO timeline is unclear, discussions with merchant bankers are underway.
Shadowfax managed to reduce its net loss by 19% year-on-year to INR 142.63 crore in FY23, while revenue from operations grew by 42% to INR 1,415 crore during the fiscal year, up from INR 990 crore in FY22.
Smartworks
Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider offering customizable coworking solutions for enterprises.
The startup has raised $41 million in funding to date and is supported by investors such as Ananta Capital, Keppel Land, and Plutus Capital.
Taking steps towards an IPO, the startup transitioned into a public company in July 2024, rebranding as Smartworks Coworking Spaces Ltd from its previous name, Smartworks Coworking Spaces Private Ltd.
In August 2024, it filed its DRHP for an IPO with a target of INR 1,000 crore, aiming for a valuation of INR 1,800 crore.
In FY23, Smartworks reported a net loss of INR 56 crore, a significant increase from INR 8 crore the previous year, alongside an operational revenue of INR 328 crore, marking a year-on-year growth of 49%.
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Source: INC42
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