Indian Startup IPO Tracker 2026

• Media-focussed SaaS giant Amagi closed its public issue with 30.2X oversubscription. The IPO comprised a fresh issue worth INR 816 Cr and an OFS of 2.69 Cr shares.
• Used car marketplace CARS24 is looking to go public in the next six to twelve months.
• Logistics major Shadowfax has set a price band of INR 118 to INR 124 for its IPO, which will comprise a fresh issue worth INR 1,000 Cr and an OFS of INR 907.27 Cr.

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.

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 FY25.

In the entirety of FY25, revenue rose a mere 4% YoY to INR 395 Cr, but losses ballooned over 145% to INR 125.9 Cr.

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, positioning Amagi as 2026’s inaugural new-age tech listing. The public issue closed with an oversubscription of 30.2X.

The company has also set a price band of INR 343–361 per share for its the public issue. At the upper end of the spectrum, Amagi plans to raise INR 1,788.6 Cr (nearly $200 Mn) at a valuation of INR 7,966 Cr (nearly $885 Mn).

Financially, Amagi narrowed consolidated net losses 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.

AVPL International (AITMC Ventures)

Founded in 2016 by Preet Sandhuu and Deep Sisai, AITMC sits at the intersection of agriculture and drones. It manufactures drones, offers drone-as-a-service, and runs more than 70 drone training centres across 16 states.

In July 2025, AITMC once again kicked off its IPO plans as the company’s board approved a proposal to increase the fresh issue size of its IPO to INR 200 Cr from INR 125 Cr previously. AITMC then filed its draft papers with SEBI via the confidential pre-filing route in October 2025. 

Notably, this marks its second attempt at going public. Previously in December 2023, the company was eyeing an NSE Emerge listing, which comprised solely of a fresh issue of up to 2.1 Cr shares.

That earlier plan was shelved after AITMC signed a term sheet in January 2025 for a strategic merger with BSE SME-listed DroneAcharya, a deal that ultimately fell through.

On the financial front, AITMC Ventures’ net profit climbed 59% to INR 14 Cr in FY25 from INR 8.8 Cr a fiscal earlier, while operating revenue zoomed 87% to INR 87.5 Cr as against INR 46.8 Cr in FY24.

Aye Finance

Founded in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance is an NBFC that leverages its AI-powered credit assessment platform to offer loans to small businesses across India. The company has raised $500 Mn to date from marquee investors such as Google, ABC Impact, and Dutch development bank FMO.

In December 2024, Aye Finance filed its DRHP with SEBI for an IPO, which consists of a fresh issue of shares worth INR 885 Cr and an OFS component of up to INR 565 Cr. It received markets regulator’s approval for its listing in April 2025. 

There has been no update on its IPO plans since then. 

The NBFC reported a sharp 50% YoY drop in net profit to INR 30.6 Cr in Q1 FY26, even as revenue from operations grew 21% YoY to INR 407 Cr during the quarter under review.

For the full FY25, Aye Finance’s net profit rose 6% YoY to INR 171.3 Cr on an operating revenue of INR 1,459.7 Cr, up 40% YoY. 

boAt

Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C consumer electronics brand that sells headphones, smartwatches, speakers, and other audio wearables.

The company has raised over $171 Mn across multiple rounds from investors such as Warburg Pincus, Qualcomm Ventures, Malabar Investments, Innoven Capital, and Fireside Ventures.

boAt has pursued an IPO for several years now. It first filed its DRHP with SEBI in 2022 for a INR 2,000 Cr public issue, but later shelved the plan amid challenging market conditions.

Taking a second shot, the boAt’s parent, Imagine Marketing, pre-filed its DRHP confidentially with the SEBI in April 2025, and secured SEBI approval in August. 

In October 2025, boAt filed its updated DRHP for an INR 1,500 Cr IPO, which comprised a fresh issue of up to INR 500 Cr and an OFS of up to INR 1,000 Cr.

On the financial front, boAt swung back to profitability in FY25 with a net profit of INR 60.4 Cr compared to a loss of INR 73.7 Cr in the year ago fiscal. Meanwhile, operating revenue dipped a marginal 1% to INR 3,073.3 Cr from INR 3,117.7 Cr in FY24.

In Q1 FY26, the startup saw its revenue from operations grow 10.7% YoY to INR 628.1 Cr, while profit stood at INR 21.3 Cr compared to a INR 31 Cr loss in Q1 FY25.

Curefoods

Founded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen unicorn that manages brands like EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle.

It claims to operate over 200 cloud kitchens and offline outlets across 70 Indian cities. The startup has raised over $175 Mn from backers including Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, and ASK Finance.

Kicking off its IPO proceedings, the Bengaluru-based startup converted to a public entity in May 2025, changing its name from Curefoods India Private Limited to Curefoods India Limited.

Subsequently, Curefoods filed its DRHP with SEBI in late June 2025 and received markets regulator’s approval in late October. The proposed IPO comprises a fresh issue of up to INR 800 Cr and an offer-for-sale of up to 4.85 Cr equity shares.

On the financial front, Curefoods’ net loss remained steady at INR 169.9 Cr in FY25 as against INR 172.6 Cr in the year ago fiscal. Meanwhile, operating revenue grew 27.4% to INR 745.8 Cr compared to INR 585.1 Cr in FY24.

Fractal 

Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, Fractal is a SaaS unicorn that offers AI-powered analytics solutions to enterprises globally. 

Backed by TPG Capital, Khazanah Nasional, and Apax Partners, the startup has raised $685 Mn to date. It achieved unicorn status in 2022 and was last valued at more than $2 Bn.

It converted into a public company from a private company in May 2024. Subsequently, in August 2025, the SaaS unicorn filed its DRHP with SEBI for an INR 4,900 Cr IPO, which comprised a fresh issue of shares worth up to INR 1,279.3 Cr and an OFS of up to INR 3,620.7 Cr. SEBI approved the IPO in November 2025.

On the financial front, Fractal swung to a net profit of INR 220.6 Cr in FY25 compared to a loss of INR 54.7 Cr in FY24. Operating revenue grew nearly 26% to INR 2,765.4 Cr from INR 2,196.3 Cr in FY24.

Infra.Market

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market runs a B2B marketplace that helps customers procure construction materials like concrete, steel, pipes, fittings, and chemicals.

The startup has raised over $415 Mn till date from investors such as Tiger Global, Accel, and Nexus Ventures.

In October 2025, Infra.Market confidentially pre-filed its draft IPO papers with SEBI for a nearly INR 5,000 Cr ($563.3 Mn) listing. The public issue will likely be split equally between a fresh issue and an OFS.

The B2B ecommerce major’s net profit dwindled 42% to INR 219.7 Cr in FY25 from INR 378 Cr in the previous fiscal year. However, revenue from operations rose 27% to INR 18,472 Cr versus INR 14,530.2 Cr in FY24.

Kissht

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a digital lending platform that offers personal and business loans up to INR 5 Lakh. It uses AI and machine learning to assess creditworthiness. It also offers health insurance products and credit against property.

Last valued at $344 Mn during its $80 Mn fundraise in 2022, Kissht has secured over $140 Mn till date from investors such as Vertex Growth, Brunei Investment Agency, Endiya Partners, and Ventureast.

Taking its first step towards IPO, Kissht transitioned to a public entity in June 2025. A few months later in August, the lending tech startup filed its DRHP with SEBI for an IPO, which comprised a fresh issue of up to INR 1,000 Cr and an OFS component of up to 88.8 Lakh shares. It received SEBI’s nod to proceed with its public listing in January 2026.

On the financial footing, Kissht reported a consolidated net profit of INR 160.6 Cr in FY25, down 18% from INR 197.3 Cr in FY24. However, operating revenue declined 20% to INR 1,337.5 Cr from INR 1,674.5 Cr a fiscal earlier.

LEAP India

A brainchild of Sunu Mathew, LEAP India provides supply chain solutions through asset pooling, enabling companies to share pallets, containers, and other assets. 

Founded in 2013, the platform also offers inventory management, transportation, returnable packaging and tool repair. It also sells electric and fossil fuel-powered forklifts through its subsidiary TRON.

LEAP India has raised over $184 Mn till date from investors like KKR and Sixth Sense Ventures.

It filed its DRHP with SEBI in August 2025 to raise up to INR 2,400 Cr via an IPO. It received the markets regulator nod to float a public issue in December 2025. The IPO comprises a fresh issue of INR 400 Cr and an OFS of up to INR 2,000 Cr. 

This marks LEAP India’s second attempt at an IPO. Earlier, it was eyeing an INR 1,000 Cr listing in 2022, but later shelved the plan amid market volatility.

Financially, the startup’s operating revenue grew 27.8% to INR 466.4 Cr in FY25 from INR 364.9 Cr in the year ago period. Meanwhile, net profits remained steady at INR 37.5 Cr versus INR 37.1 Cr in FY24.

Meritto

A brainchild of Naveen Goyal and Suraj Sapra, Meritto (erstwhile NoPaperForms) helps educational institutions and edtech businesses automate student enrollment and fee collection processes. 

Founded in 2017, the startup claims to cater to 1,200 educational institutions, including Manipal University, Shiv Nadar University, and Physics Wallah. 

Kicking off its IPO proceedings, Meritto turned into a public entity in May 2025 after its board and shareholders passed a resolution to approve the conversion.

Subsequently, in November 2025, the company filed its DRHP with SEBI via the confidential pre-filing route for an IPO, which will comprise both fresh issue of shares and an OFS component. 

The company is said to be looking to raise between INR 500 Cr to INR 600 Cr at a valuation of around INR 2,000 Cr. 

On the financial front, Meritto reported a net profit of INR 1.9 Cr in FY25 against a profit of INR 4 Lakh in the previous fiscal year. Meanwhile, operating revenues jumped 31% to INR 92.3 Cr in the fiscal year under review from INR 73.6 Cr in FY24.

OYO (PRISM)

Founded in 2012 by Ritesh Agarwal, OYO, rebranded as PRISM in 2025, is a travel tech major that operates budget hotels, vacation homes, casino hotels, coworking spaces, and corporate stays.

After postponing its IPO plans multiple times, the hospitality giant is said to be once again gearing up to list on the bourses. In December 2025, parent entity PRISM secured shareholder approval to raise up to INR 6,650 Cr through a fresh issue of shares.

Days later, the company confidentially pre-filed its draft IPO papers with SEBI. The public issue will include a fresh issue worth INR 6,650 Cr and an undisclosed OFS component.

The company is targeting a valuation of $7 Bn to $8 Bn (INR 58,000 Cr to INR 66,000 Cr) and has appointed ICICI Securities, Axis Capital, Goldman Sachs, and Citibank to helm the issue.

OYO’s IPO journey has been a turbulent one so far. It first filed its DRHP in September 2021 for a $1.2 Bn public issue at a $11-12 Bn valuation, but later shelved the plans amid market volatility. It once again filed its DRHP via the confidential route for a $600 Mn IPO in 2023, but later withdrew the papers again in May 2024.

OYO posted a stellar turnaround in FY25, with net profits soaring 172% to INR 623 Cr from INR 229 Cr in FY24. Operating revenue grew 20% to INR 6,463 Cr from INR 5,388.7 Cr a year earlier.

PhonePe

Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe is India’s leading digital payments platform. It regularly accounts for nearly half of all Unified Payments Interface (UPI) transactions processed in the country.

Originally focussed on digital payments, the fintech giant has since evolved into a comprehensive financial services provider, offering insurance products, broking services, and more.

PhonePe was acquired by Flipkart in 2016. Six years later, US retail giant and parent Walmart spun it off as a separate entity from Flipkart. The fintech major redomiciled back to India in late 2022, setting the stage for its eventual listing on the Indian exchanges.

Taking its first step toward going public, PhonePe converted to a public entity in April 2025, renaming itself from PhonePe Private Limited to PhonePe Limited.

In September 2025, the Walmart-backed fintech juggernaut confidentially pre-filed its DRHP with SEBI, targeting a $1.2 Bn to $1.5 Bn IPO at a valuation of $12 Bn to $15 Bn.

Financially, PhonePe narrowed its consolidated net loss 13.5% YoY to INR 1,727 Cr in FY25, while revenue surged 40.5% YoY to INR 7,115 Cr.

Purple Style Labs

Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury house of brands featuring fashion labels like Pernia’s Pop Up Studio & Shop, Wendell Rodricks, and Hemant Trevedi.

It operates over 15 Pernia’s Pop-Up Studio experience centres across India and one in London.

Backed by Alchemy Capital Management, Bajaj Holdings and Investment, and Minerva Ventures, the startup has raised more than $78 Mn to date.

In August 2025, Purple Style Labs’ board gave its nod to the company to undertake IPO proceedings. A month later, the D2C brand filed its DRHP with SEBI for an INR 660 Cr public issue, which will consist entirely of a fresh issue of shares.

On the financial front, operating revenue dipped a marginal 3% to INR 489.9 Cr in FY25 from INR 504.3 Cr in the year ago fiscal. However, net loss ballooned four-fold to INR 188.6 Cr from INR 47.7 Cr in FY24.

SEDEMAC

Founded in 2007 by IIT-Bombay professor Shashikanth Suryanarayana and his students Pushkaraj Panse, Amit Dixit, and Manish Sharma, SEDMAC designs electronic control systems for mobility and industrial applications.

The deeptech firm produces motor control units, integrated starter generators, fuel injection systems, genset controllers, and small industrial powertrains. Backed by Xponentia Capital Partners, A91 Partners, and 360 ONE Asset, SEDMAC has raised over $107 Mn to date.

Kicking off its IPO proceedings, the deeptech startup filed its DRHP with SEBI in November 2025 for a public issue, which consists solely of an OFS component of 80.43 Lakh shares. The company is reportedly targeting an IPO size of INR 800 Cr to INR 1,000 Cr.

SEDMAC’s consolidated net profit soared 8X to INR 47 Cr in FY25 as against INR 5.9 Cr in the year ago fiscal. Meanwhile, operating revenue climbed 24% to INR 658.3 Cr from INR 530.6 Cr in FY24.

In Q1 FY26, the company reported a net profit of INR 17.1 Cr on operating revenue of INR 217.4 Cr.

Shadowfax

Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup 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.

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

The company’s IPO will now open for subscription on January 20 and close January 22. It has set a price band of INR 118 to INR 124 per share for the listing, which will peg the company at a nifty INR 7,168 Cr (about $795 Mn).

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.

Shiprocket

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics providers. It claims to partner 17 courier firms like Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax and serves over 24,000 pin codes across India.

The logistics unicorn has raised over $323 Mn to date from investors like Temasek, Bertelsmann, Tribe Capital, Lightrock, and Zomato.

Kicking off its IPO proceedings, Shiprocket’s board approved a proposal to convert the startup into a public entity in January 2025. In May 2025, the Zomato-backed unicorn confidentially pre-filed its DRHP with SEBI and received the regulator’s approval in October. 

Shiprocket then filed updated draft IPO papers with SEBI in mid-December 2025. The INR 2,342 Cr public offering comprises a fresh issue of up to INR 1,100 Cr and an OFS component of up to INR 1,242.3 Cr.

Meanwhile, Shiprocket slashed its net losses by 87.5% YoY to INR 74.5 Cr in FY25, while revenue grew 24% YoY to INR 1,632 Cr. In H1 FY26, the company’s net losses narrowed 10% YoY to INR 38.3 Cr on an operating revenue of INR 942.7 Cr, up 15% YoY.

Tonbo Imaging

Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza, Tonbo Imaging is a defence tech startup that designs and builds advanced imaging and sensor systems. Its product portfolio includes smart thermal weapon sights, see-through armors, AI-based seekers, and gun shock simulators.

The company has raised over $59 Mn to date from investors such as Artiman Ventures, Celesta Capital, and Qualcomm Ventures. It was last valued at $175 Mn during its $20.4 Mn pre-IPO fundraise in April 2025.

With presence across Europe, APAC region, the US, Australia, and Israel, the startup counts NATO, US Navy SEALs, Israeli Defense Forces (IDF), the defence ministries of India and Armenia, among others, as its customers.

Tonbo Imaging’s IPO plans came to light after CEO Lakshmikumar, in May 2025, said that the startup would soon file its DRHP with SEBI for an INR 800 Cr to INR 1,000 Cr IPO. The company filed its draft papers a few months later in December.

As per its DRHP, the public issue consists solely of an OFS component of up to 1.81 Cr equity shares.

Tonbo posted a net profit of INR 72.8 Cr in FY25 against an operating revenue of INR 469 Cr. In FY24, Tonbo’s revenue from its core business stood at INR 380 Cr, while it posted a profit of INR 67 Cr.

Meanwhile, the company clocked a net profit of INR 5.4 Cr in Q1 FY26 on an operating revenue of INR 68.7 Cr. 

Travelstack Tech

Founded in 2014 by Vaibhav Aggarwal and Adarssh Mnpuria, FabHotels runs a chain of 1,379 budget hotels across 50 Indian cities.

In 2020, the startup entered the travel-focussed SaaS segment with TravelPlus, an enterprise platform for booking travel, managing approvals, and processing expenses. TravelPlus counts names such as Eternal, Infra.Market, Zepto, Titan Company, and UnifyApps as customers.

Both verticals operate under the consolidated entity Travelstack Tech. Kicking off its IPO process, Travelstack filed its DRHP with SEBI in mid-December 2025.

The proposed IPO features a fresh issue of up to INR 250 Cr alongside an OFS of up to 2.69 Cr shares. Fresh proceeds will fund working capital, repay borrowings, and support general corporate purposes.

Financially, Travelstack posted a net profit of INR 32.2 Cr in H1 FY26, driven by a INR 37.4 Cr deferred tax gain, on operating revenue of INR 400.4 Cr.

For the full FY25, the company slashed its net loss by 95% to INR 6.3 Cr from INR 114.1 Cr in the year ago fiscal. Operating revenue surged 31% to INR 716.4 Cr from INR 547.8 Cr in FY24.

Turtlemint

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates an insurtech platform that enables financial advisors to distribute car, bike, health, and term life insurance to their customer networks. It claims to serve over 3 Lakh advisors nationwide.

The startup has raised more than $197 Mn to date from investors such as Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, and Nexus Venture Partners.

In April 2025, reports surfaced that Turtlemint had engaged bankers Motilal Oswal, JM Financial, ICICI Securities, and Jefferies for a $200 Mn to $250 Mn IPO.

Thereafter, the startup swiftly pre-filed its DRHP with SEBI in September 2025, and secured market regulator’s approval three months later in December.

Financially, Turtlemint’s insurance arm slipped into the red in FY25 and posted a net loss of INR 47.1 Cr as against a profit of INR 7.4 Cr in FY24. Operating revenue, however, surged 33.6% to INR 674.5 Cr from INR 505 Cr a year earlier.

Zepto

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a quick commerce startup that delivers groceries and other essentials. Backed by Y Combinator, Nexus Venture Partners, Glade Brook Capital, and Motilal Oswal AMC, the quick commerce unicorn has raised nearly $2.5 Bn to date.

Ahead of its IPO, Zepto shifted its domicile from Singapore back to India in January 2025. In April, it rebranded its registered entity from Kiranakart Technologies Private Limited to Zepto Private Limited, and began gearing up for a $800 Mn to $1 Bn listing.

However, Zepto paused IPO plans in June 2025 for a year to cut cash burn and improve profitability.

Reviving IPO ambitions in November 2025, Zepto’s board approved the company’s conversion to a public entity. Shareholder approval for the IPO followed in December. 

Zepto then confidentially pre-filed its DRHP with SEBI for a $1.3 Bn (INR 11,682 Cr) public issue, which will comprise both a fresh issue of shares and an offer-for-sale.

On the financial front, Zepto narrowed its net loss 2% to INR 1,248.64 Cr in FY24 from INR 1,271.84 Cr in the year ago fiscal. Revenue from operations more than doubled to INR 4,454.52 Cr from INR 2,025.70 Cr in FY24.

Startup IPOs In Pipeline

Atomberg

Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg began as a B2B supplier of energy-efficient BLDC fans before entering the D2C segment in 2016. It has since expanded to manufacture mixer grinders, water purifiers, and small appliances. 

The startup designs and manufactures its products in India and sells them via offline retailers, online marketplaces and its own website. Backed by names such as Steadview Capital, Jungle Ventures and A91 Partners, Atomberg has raised over $126 Mn in funding to date.

In early December 2025, reports emerged that the home appliances maker was in talks with investment bankers for a $200 Mn (INR 1,790 Cr) IPO. The public issue, slated for late 2026, will likely combine both a fresh issue as well as an OFS. 

In the run up to its IPO, Atomberg was also negotiating an INR 40 Cr ($4.8 Mn) secondary round with Forj Capital, White Whale Partners and others, potentially valuing the company at INR 5,000 Cr ($600 Mn).

As per Tofler, Atomberg’s revenue grew 31.5% to INR 848.6 Cr in FY24 from INR 645.1 Cr in the year ago fiscal. Losses, however, expanded nearly 47% to INR 202.9 Cr from INR 138.1 Cr in FY24.

Captain Fresh

Founded in 2019 by Utham Gowda, Captain Fresh runs a B2B seafood platform that exports fish. It also operates a marketplace that connects fisherfolk with buyers. It also provides end-to-end operations management tools for retail outlets and supermarket chains.

Backed by Tiger Global, Prosus, and British International Investment (BII), the startup has raised over $172 Mn to date.

Captain Fresh took its first official step toward listing in July 2025 by converting to a public entity and dropping the word “private” from its name. Subsequently in August 2025, Inc42 reported that the startup had confidentially pre-filed its DRHP with SEBI for a $400 Mn public issue, split between a $200 Mn fresh issue and a $150-200 Mn offer-for-sale.

However, in late December 2025, the startup withdrew its DRHP from SEBI due to delays in regulatory clearances for an acquisition in Europe. Captain Fresh plans to refile papers in early 2026 once approvals are secured.

Captain Fresh flipped to profitability in FY25, posting a consolidated net profit of INR 42.4 Cr as against a loss of INR 229 Cr in the year ago fiscal. Operating revenue skyrocketed 145% to INR 3,421 Cr from INR 1,395 Cr in FY24.

CARS24

Founded in 2015 by Vikram Chopra, Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal and Chopra, CARS24 operates an online marketplace that allows users to buy and sell pre-owned cars. 

It has lately also forayed into new segments like auto-focussed content commerce market with Team BHP and vehicle information platform space with CarInfo. Having raised more than $1.3 Bn to date, the startup entered the unicorn club in 2020 after its $200 Mn Series E fundraise. 

The auto tech major’s IPO plans came to light in January 2026 after cofounder and CEO Chopra said that CARS24 was looking to list on the bourses in the next six to twelve months (July 2025 to January 2026). He, however, did not offer any details about the size of the public issue or the targeted valuation. 

If the plan materialises, CARS24 would become the second auto tech startup to go public, after rival CarTrade. 

On the financial front, CARS24’s operating revenue jumped 25% to INR 6,917.1 Cr in FY24 compared to INR 5,529.6 Cr in the year ago fiscal. Net losses also rose 7% to INR 498.4 Cr from INR 467.7 Cr in FY23.

Cult.fit

Founded in 2016 by ex-Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori (who left in 2020), Cult.fit runs a fitness empire spanning gyms, cloud kitchen Eat.fit, mental wellness platform called Mind.fit, among other verticals. 

Backed by Zomato, Accel, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures, the startup has raised over $650 Mn to date.

Joining the IPO wave, Cult.fit kicked off public listing plans in March 2025. Reports indicate that the company has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers to manage its INR 2,500 Cr public offering.

The fitness chain is targeting a valuation of $2 Bn (INR 18,141 Cr) via its IPO, a 27% jump from $1.56 Bn (INR 14,148 Cr) at which it was pegged in 2021 when Zomato invested $100 Mn for a 6.4% stake.

The unicorn’s operating revenue surged 33.6% to INR 926.6 Cr in FY24 from INR 693.7 Cr a fiscal earlier. Consolidated net loss, however, widened 42% to INR 888.5 Cr from INR 625.5 Cr in FY23.

Flipkart

Founded in 2007 by Binny Bansal and Sachin Bansal, Flipkart has grown from a small online bookstore into India’s largest ecommerce marketplace. Walmart acquired majority control in the ecommerce juggernaut in 2018 for $16 Bn. Since then, it has also expanded into fintech, travel tech and quick commerce.

Flipkart was last valued at $35 Bn after a $1 Bn fundraise in 2024. Arguably the biggest startup in the country by valuation, the ecommerce major is aiming to list on the Indian bourses soon. 

In line with this, the decacorn received in-principle approval from a Singapore court in September 2025 to reverse flip back to India. Last heard, the company was projecting the redomiciling process to be completed by 2025-end, with a likely public listing in 2026. 

The ecommerce major’s B2C arm, Flipkart Internet Private Ltd, reported an operating revenue of INR 20,493 Cr in FY25, up from INR 17,907 Cr in FY24. Meanwhile, losses also narrowed 37% to INR 1,494 Cr from INR 2,359 Cr, showing improved unit economics despite diversification.

Furlenco

Founded in 2012 by Ajith Mohan Karimpana, Furlenco operates a furniture and appliance rental platform across 28 cities like Bengaluru, Mumbai, Delhi NCR, Chennai, and Kolkata. With over 300 SKUs, the platform also sells new furniture.

Backed by Sheela Foam, Lightbox Ventures, Crescent Ventures, and White Oak, Furlenco has raised more than $290 Mn to date.

Founder Karimpana revealed in December 2025 that the company is targeting an IPO after FY27.

The furniture rental startup turned profitable in FY25, with a net profit of INR 3.1 Cr as against a net loss of INR 130.2 Cr in FY24. Meanwhile, its revenue from operations spiked 64% to INR 228.7 Cr in the fiscal under review from INR 139.6 Cr in FY24.

Imarticus Learning

Founded in 2012 by Nikhil Barshikar and Sonya Hooja, Imarticus Learning is an edtech platform that offers upskilling programs in finance, digital marketing, data analytics, GenAI, and others to individual learners and corporate employees.

The platform claims to have trained nearly 40,000 learners across B2C and B2B verticals. Backed by Global Ivy Ventures, Capian, and BLinC Invest, Imarticus has raised over $11.7 Mn to date.

In April 2025, cofounder and CEO Barshikar told Inc42 the company was looking to file its DRHP with SEBI for an INR 750 Cr IPO, which would comprise both fresh issue of shares and an OFS. However, there appears to be no clarity on this front so far.

While the company is yet to finalise its valuation for the IPO, bankers are said to have pitched a 25X to 30X revenue multiple for its valuation. Considering Barshikar’s claim of INR 205 Cr revenue in FY25, the edtech company could be staring at a valuation of INR 5,000 Cr to INR 6,000 Cr. 

In May 2025, the upskilling platform acquired Bengaluru-based edtech MyCaptain for INR 50 Cr in a cash-and-stock deal.

On the financial front, Imarticus Learning’s revenue grew over 16% to INR 159 Cr in FY24 from INR 136.8 Cr in FY23, as per Tofler. Net losses, however, shot up nearly 10% to INR 24.6 Cr from INR 22.4 Cr in the year ago fiscal.

InCred

Founded in 2016 by Bhupinder Singh, InCred Group runs three distinct business verticals. InCred Finance handles lending, InCred Capital is focussed on wealth and asset management, while InCred Money specialises in retail bonds and alternative investments.

The company boasts backing from heavyweights like Abu Dhabi Investment Authority (ADIA), OAKS, Investcorp, Moore Capital, and Elevar Equity, among others.

Kicking off its IPO proceedings in September 2025, InCred Holdings, the parent of InCred Financial Services, sought shareholder approval to raise up to INR 1,500 Cr through a fresh issue of shares. 

By November 2025, InCred Holdings filed its DRHP with SEBI via the confidential pre-filing route, aiming for an IPO size of INR 3,000 Cr to INR 4,000 Cr.

InCred Holdings reported a 21% jump in net profit to INR 373.1 Cr in FY25, up from INR 309 Cr in the year ago fiscal. Operating revenue also surged 47% to INR 1,873.6 Cr from INR 1,272.7 Cr in FY24.

InMobi

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, InMobi is an adtech platform that offers a suite of product discovery and monetisation tools.

Based in Singapore, the SaaS company also maintains offices in Bengaluru, New York, Beijing,  and Dubai. With investments from Sherpalo Ventures, SoftBank, Kleiner Perkins, and others, InMobi has secured over $320 Mn in funding to date and was one of India’s earliest unicorns back in 2011.

Last heard, the startup was planning to file its DRHP with SEBI for a potential $1 Bn listing at a valuation of $8 Bn to $10 Bn. Latest reports suggest that the company plans to list on the bourses by FY27. However, the final size of the IPO and valuation remain undecided amid ongoing talks.

However, this will not be InMobi’s first stab at an IPO. In 2021, it was reportedly planning for an IPO but shelved the plans due to adverse market conditions and funding winter.

Innoviti

Founded in 2002 by Rajeev Agrawal, Innoviti is a digital payments solutions provider that enables businesses to accept payments and integrate real-time sales data into critical business processes. 

The company has raised over $87 Mn in funding from investors like Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India, and Alumni Ventures.

In August 2024, Innoviti signalled plans for a public listing within 12 months. However, by January 2025, it pushed the timeline again, targeting a debut by the end of 2025. That appears to have not materialised, and there is no clarity so far on its IPO plans.

On the financial front, Innoviti’s revenue from operations rose 35% to INR 143 Cr in FY25 from INR 106 Cr in the year ago fiscal, while losses narrowed 11% to INR 62 Cr from INR 70 Cr in FY24.

Kuku FM

Founded in 2018 by Lal Chand Bisu,Vikas Goyal and Vinod Kumar Meena, Kuku FM is an audio-centric OTT platform that hosts audiobooks, podcasts, and original shows in multiple Indian languages.

The startup claims to have raised more than $156 Mn in funding to date and is backed by marquee names such as Vertex Ventures, Krafton, IFC and Paramark Ventures.

In December 2025, reports first emerged that the OTT soonicorn was looking to list on the bourses. The company is said to have appointed Kotak Mahindra Capital, Axis Bank and Morgan Stanley as bankers to helm its potential $200 Mn (about INR 1,820 Cr) IPO. 

However, the company is yet to turn into a public entity, the first step towards an eventual public listing. 

Kuku FM’s net losses soared 59% to INR 153 Cr in FY25 from INR 96 Cr the prior fiscal, while operating revenue soared 175% to INR 242 Cr from INR 88 Cr in FY24.

Moneyview

Founded in 2016 by Puneet Agarwal and Sanjay Aggarwal, Moneyview started off as a personal finance platform before pivoting to digital lending. Today, it offers services such as UPI payments, gold SIPs, fixed deposits, digital gold, home loans, loans against property, and insurance.

The company claims to manage over INR 15,000 Cr in AUM and has raised more than $190 Mn in funding. It competes with players like listed fintech MobiKwik, IPO-aspirant Navi, and MoneyTap.

Moneyview entered the unicorn club in 2024 after a INR 38.6 Cr infusion from Accel India and Nexus Ventures.

The Tiger Global-backed lending tech platform has already enlisted Axis Capital and Kotak Mahindra Capital as bankers for its $400 Mn public issue, which will likely be dominated by fresh issue of shares.

In May 2025, the company’s board approved a proposal to change the name of the company from Whizdm Innovations Private Limited to Moneyview Private Limited. This was followed by shareholder approval to convert the company into a public entity.

Its net profit rose a hefty 40% to INR 240.3 Cr in FY25 from INR 171.1 Cr in the prior fiscal. Operating revenue surged 75% to INR 2,339.1 Cr during the fiscal under review from INR 1,342.4 Cr in FY24.

Navi                                                              

Founded in 2018 by Flipkart cofounder Bansal and Ankit Agarwal, Navi is a fintech startup that offers a range of financial services such as loans, digital payments, insurance, and mutual fund investments.

Reports in February 2025 indicated that the fintech startup had begun talks with merchant bankers to revive its IPO ambitions. While the valuation and other details are yet to be finalised, Navi is likely eyeing a public listing in the second half of FY26.

Navi cofounder and executive chairman Sachin Bansal later confirmed in April 2025 that the company aims to go public in FY26.

This isn’t Navi’s first attempt at going public. It first filed a DRHP with SEBI in 2022 for an INR 3,350 Cr offering but scrapped the plan amid market turbulence.

On the financial front, the startup’s profit after tax plunged 67% to INR 221.9 Cr in FY25 compared to INR 668.8 Cr in the year ago period. This came even as operating revenue grew 19% to INR 2,271.2 Cr from INR 1,906.2 Cr in FY24.

OfBusiness

Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan and Vasant Sridhar, OfBusiness runs a B2B ecommerce platform that sells construction materials and offers financing solutions to customers.

In November 2024, the startup roped in five investment banks, namely Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America, to helm its IPO. Subsequently, CFO Bhavesh Keswani revealed plans for a $750 Mn to $1 Bn public issue, comprising $200 Mn in fresh shares and the rest via OFS. 

OfBusiness is said to be targeting a valuation of $6 Bn to $9 Bn via its D-Street debut.

The B2B unicorn saw its operating revenue surge 25% to INR 19,296.3 Cr in FY24 from INR 15,342.6 Cr in the year ago fiscal. Meanwhile, net profit rose 30% to INR 603 Cr from INR 463.2 Cr in FY23.

PayNearby

Founded in 2016 by Anand Kumar Bajaj and Yashwant Lodha Subhash Kumar, PayNearby utilises its network of local retail shop owners to facilitate digital financial services for its customers. Its offerings include cash withdrawals, remittances, bill payments, deposits, and insurance.

The fintech startup claims to have more than 12 Lakh retail partners under its belt and has raised nearly $4 Mn in funding to date.

Kicking off its IPO preparations, cofounder and CEO Bajaj shared in August 2025 that PayNearby is eyeing a FY27 listing. The company is also finalising a merchant banker as it looks to file its DRHP with the SEBI soon.

PayNearby’s standalone operating revenue slipped 4% to INR 355 Cr in FY24 from INR 368 Cr in the year ago fiscal. Meanwhile, profits fell 25% to INR 1.5 Cr from INR 2 Cr in FY23.

PayU India

Prosus-backed payments solutions provider PayU India’s IPO ambitions remain on hold. In June 2025, the Dutch giant announced it was deferring the listing to first strengthen its operations.

This was the third time that the company delayed its IPO plans. Early 2025 reports had suggested that PayU was gearing up to file its DRHP for a post-Q1 FY26 markets debut, but the plans failed to materialise.

Earlier in November 2023, Prosus’ then CIO Ervin Tu had projected readiness for a H2 2024 listing via a $500 Mn IPO. That plan also fizzled. 

The June 2025 postponement of the IPO followed a INR 1,013 Cr rights issue from parent Prosus in April 2025. Notably, a few months later in September, reports once again surfaced that the fintech major was looking to raise $250 Mn to $300 Mn in a pre-IPO round to broaden its investor base, test demand, and set a benchmark valuation for the listing.

As per parent Prosus’ annual report, PayU India’s revenue climbed 21% to $669 Mn in FY25 from $551 Mn in the year ago fiscal. The investor also claimed that PayU’s India payment arm broke even in H2 FY25  while adjusted earnings before interest and taxes (aEBIT) margin improved by 1 percentage point to -2% in the financial year under review.

Pure EV

Founded in 2017 by Nishanth Dongari and Rohit Vadera, Pure EV is an original equipment manufacturer (OEM) that makes electric bikes and scooters. The startup has raised over $14 Mn from backers such as Bennett Coleman and Company, Hindustan Times Media Ventures, and Ushodaya Enterprises.

In September 2024, the Hyderabad-based EV maker’s board approved a proposal to convert the company into a public entity. 

PureEV swung to the black in FY25, with a net profit of INR 2.5 Cr compared to a mere INR 5 Lakh in the year ago fiscal. Meanwhile, operating revenue rose a mere 9% to INR 134.9 Cr from INR 123.6 Cr in FY24.

Razorpay

Founded in 2014 by IIT-Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay has evolved from a simple payment gateway to an omnichannel fintech giant for payments, banking, SME payroll, lending, insurance, and more.

It claims to process an annualised total payment volume (TPV) exceeding $180 Bn and caters to a majority of India’s unicorns. 

In March 2025, the fintech unicorn’s board approved a proposal to convert the startup into a public entity. Accelerating plans, the company reverse flipped back to India in May 2025 by merging its US-based parent entity with its Indian arm Razorpay Software Pvt Ltd.

Thereafter in January 2026, reports surfaced that the fintech juggernaut was soliciting bids from bankers like Kotak Mahindra and Axis Capital for an IPO, which would comprise a fresh issue worth INR 4,500 Cr.

The company is also negotiating a pre-IPO round, which will mainly comprise secondary transactions, to hit a valuation benchmark.

Razorpay has so far raised nearly $740 Mn from heavyweights such as Y Combinator, Tiger Global, Peak XV Partners, Lone Pine Capital, Alkeon Capital, and GIC.

The startup’s net profit skyrocketed 365% to INR 33.5 Cr in FY24 from INR 7.2 Cr in the year ago period, even as operating revenue shot up a mere 9% to INR 2,475 Cr from INR 2,283 Cr in FY23.

While the company is yet to officially file its FY25 numbers, Razorpay claimed that it slipped into the red during the fiscal due to an ESOP expense of INR 1,209 Cr and tax payments linked to its reverse flip to India. Meanwhile, operating revenue is said to have surged 65% YoY to INR 3,783 Cr in FY25.

Rebel Foods

Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods is a cloud kitchen unicorn that operates multiple quick service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, Wendy’s, among others. 

The startup has so far amassed over $563 Mn in funding from the likes of Coatue Management, Lightbox, Peak XV Partners, and Temasek. The startup was last pegged at $1.4 Bn during its last $25 Mn fundraise from Qatar Investment Authority in April 2025. 

The company’s IPO plans first came to light in October 2024 after reports surfaced that Rebel Foods was looking to list on the bourses in the next 18 months (April 2026). However, the company is yet to even file its DRHP. 

However, in a major top-level rejig in July 2025, the company’s cofounder and India CEO Ankush Grover was appointed as global CEO, while incumbent Jaydeep Barman was elevated to the role of chairman and group CEO.

On the financial front, the unicorn’s net losses shrank 12% to INR 336.6 Cr in FY25 from INR 380.3 Cr in the year ago fiscal. Meanwhile, operating revenues grew 14% to INR 1,617.4 Cr from INR 1,420.2 Cr in FY24.

RentoMojo

Founded in 2014 by Geetansh Bamania and Ajay Nain, RentoMojo is an omnichannel rental platform that leases appliances, furniture, and furnishings via its app, website and 65 physical stores across 22 Indian cities.

Backed by Accel, Chiratae Ventures and Bain Capital, the startup has raised over $45 Mn in funding to date.

Hopping on the IPO bandwagon, RentoMojo has enlisted IIFL and Motilal Oswal enlisted as bankers for a potential D-Street debut by FY27. In line with this, the company’s board approved a proposal to rebrand the registered entity from Edunetwork Pvt Ltd to RentoMojo Pvt Ltd in October 2025. 

However, the startup is yet to turn into a public entity, the first step before going for a public listing. 

On the financial front, it posted an operating revenue of INR 193 Cr in FY24 compared to INR 121 Cr in the previous year. Meanwhile, net profit grew 3.6X YoY to INR 22 Cr in FY24. 

While the company is yet to file its FY25 numbers, sources claimed that the company minted a net profit of INR 40 Cr in the fiscal under review, up 82% YoY.

Servify

Founded in 2015 by Sreevathsa Prabhakar, Servify is a B2B device management platform that offers protection plans, buybacks, and exchanges. The startup earns a majority of its revenue from sale of services such as device protection plans and platform licences.

Besides India, it also operates in the US, Canada, China and the Middle East. The startup has raised nearly $130 Mn in funding to date from BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars, and others.

Inc42 exclusively reported in January 2025 that the Mumbai-based startup had enlisted three investment bankers for a $400 Mn to $500 Mn IPO at a likely valuation of $1.5 Bn. The offering will likely lean heavily on OFS (55-60%), with the remaining 40-45% reserved for fresh issue of shares. 

Servify was previously looking to list on the exchanges by Q1 2026, but the plan looks far-fetched as the company is yet to even file its draft IPO papers with the markets regulator. 

Meanwhile, Servify saw hefty improvement on the financial front in FY24 as loss shrank 59% YoY to INR 93.81 Cr. This came largely on the back of operating revenue increasing 23% YoY to INR 754 Cr in the fiscal under review. 

Square Yards

Founded in 2014 by husband-wife duo Tanuj Shori and Kanika Gupta Shori, Square Yards runs a full-stack proptech platform for property search, property management tools, and home interior financing.

The startup has raised more than $200 Mn in funding from Reliance Group, ADM Capital, Bennett Coleman & Co Ltd (BCCL), Genkai Capital, and others.

On the IPO front, Square Yards plans to file its DRHP with SEBI by March 2026 for an INR 2,000 Cr listing at a unicorn valuation. The public issue will likely be split equally between a fresh issue of shares and an OFS.

If the IPO materialises, Square Yards will be among a handful of Indian startups where founders will continue to hold more than 50% stake. 

On the financial front, the proptech startup clocked an operating revenue of INR 1,400 Cr in FY25 on a gross profit of INR 316 Cr. 

In FY24, the Gurugram-based company reported a revenue of INR 996.13 Cr compared to INR 663 Cr in FY23. It trimmed its net losses by 12% to INR 216 Cr during the fiscal year under review from INR 256 Cr in FY23. 

Table Space

Founded in 2017 by the late Amit Banerji, Karan Chopra, Kunal Mehra, Srinivas Prasad, Krishnaswamy Nagarajan, Anurag Tyagi, Nitish Bhasin and Anamika Gupta, Table Space offers enterprise managed workspace to companies across multiple Indian cities.

It counts names such as EY, Dell, Fujitsu, AMD, Shell, and JCI as clients. The startup has so far raised $407 Mn from the likes of Hillhouse Capital, Rava Partners, and Alta Capital.

The Bengaluru-based startup kicked off its IPO proceedings in July 2025 after it turned into a public entity by dropping the word “private” from its name. In the same month, it also roped in independent directors to bolster its board ahead of the listing. 

This follows previous reports that the company had roped in Axis Capital as a bookrunner for its IPO and was looking to go public at a valuation of $2.5 Bn. However, the plans were likely delayed after cofounder Banerji passed away in January 2025. In the aftermath, it appointed cofounders Chopra and Mehra as co-CEOs. 

On the financial front, the company’s net profit tanked 75% to INR 11 Cr in FY24 from INR 45 Cr in the year ago period despite operating revenue jumping 37% to INR 898 Cr from INR 658 Cr in FY23.

WonderChef

Founded in 2009 by celebrity chef Sanjeev Kapoor and Ravi Saxena, Wonderchef sells a range of kitchenware and home appliances such as coffee machine, mixer grinders, cast iron pans, among others. 

The startup sells its offerings via its own website, ecommerce platforms as well as its own exclusive business outlets (EBOs). Backed by the likes of Sixth Sense Ventures, Amicus Capital, Godrej Family Office, Malpani Group, among others, the brand has raised more than $30 Mn in funding to date. 

The D2C brand was mulling filing its DRHP with SEBI for an OFS-heavy IPO at a likely valuation of INR 1,800 Cr. This is double compared to Wonderchef’s last-known valuation of INR 900 Cr. 

The D2C brand’s net profit soared 300% to INR 6 Cr in FY25 as against a profit of INR 1.6 Cr in the year ago fiscal. Revenue from operations jumped 13.9% to INR 430 Cr in the fiscal under review from INR 377.7 Cr in FY24.

Zetwerk

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk operates a B2B platform that connects manufacturers with vendors and suppliers of industrial machine components.

The unicorn has so far raised over $793 Mn to date from the likes of Greenoaks Capital, Lightspeed Venture Partners, Mars Growth Capital and Peak XV Partners.

Kicking off its IPO plans in February 2025, the unicorn began lining up bankers for a $500 Mn IPO at a likely valuation of nearly $5 Bn. Zetwerk later dialed back the plans, saying that it would list on the bourses in 2027.

By November 2025, Zetwerk reversed its course again and appointed six bankers, namely Kotak Mahindra Capital, JM Financial, Avendus Capital, HSBC, Morgan Stanley and Goldman Sachs, for a $750 Mn OFS-heavy IPO. The company is now slated to file its DRHP with SEBI in early-2026.

Meanwhile, Zetwerk reported a gross revenue of INR 12,798 Cr in FY25, down 11% from INR 14,443 Cr in the year ago period. Meanwhile, the company slashed its losses by 60% to INR 371 Cr as against INR 918 Cr in FY24. 

Last Updated: January 18, 12:00 PM IST