This year, India has defied the global trend in initial public offerings, establishing itself as a rare shining spot for tech listings, while other major markets continue to experience headwinds
The world’s most populous nation is currently in the process of preparing for an even more significant surge of startup IPOs in 2025.
According to numerous sources who are informed of the plans, over 20 ventures are in the process of listing next year.
Inframarket and Zetwerk are business-to-business marketplaces. CaptainFresh is a farm-to-produce venture. UrbanCompany is a professional services marketplace. Bluestone is a jewelry retailer. OneAssist is a security firm. Magicpin is an offline-to-online retailer.
Zepto, a quick commerce startup, Table Space, a managed workspace provider, and Ofbusiness, an industrial products platform, are also preparing to file for IPOs next year.
Rebel Foods, logistics firm Porter, e-commerce platform Meesho, investment app Groww, mattress vendor Wakefit, automobile platform CarDekho, SaaS company Capillary, and payments firm Pine Labs are among the companies that are considering public listings. However, some listings may extend into 2026.
The companies will become a part of a wave that has been gathering momentum if the plans are carried out as intended. According to Pitchbook data, India is the sole significant market that has experienced consistent growth in listings over the past decade, with 12 startups, including seven technology firms, having gone public in 2024.
This performance is in striking contrast to that of other prominent markets. This year, the United States has recorded 22 venture-backed technology IPOs, which is nearly identical to the 21 tech IPOs of 2023 and considerably lower than the 53 listings that the U.S. market experienced in 2020.
In a similar vein, the momentum of China’s technology IPOs has diminished, with 56 listings this year compared to 117 in 2022. The UK market has been quiescent, with no tech listings in 2024, while Europe has managed just one more tech IPO than India.
In a recent note, Morgan Stanley analysts observed that the IPO markets have been opening at a sluggish pace than anticipated in March. “Despite the fact that many unicorns have “gotten fit” since 2022, they continue to be unprofitable businesses.”
Swiggy, an Indian food delivery platform, has listed for $1.35 billion this month, making it the largest global tech IPO of the year, according to JPMorgan’s data.
In a recent interview with TechCrunch, Anand Daniel, a partner at Accel who has seen two of his portfolio companies list this month, noted that “India is rapidly becoming a promising hub for tech IPOs.” This is due to the strong capital markets and thriving innovation ecosystem that continue to attract substantial investor interest.
Historically, the Indian market has encountered skepticism from domestic institutional and retail investors regarding loss-making companies going public, and exit opportunities have been a significant challenge. This shift is significant.
Abhinav Bharti, the director of equity capital markets for JPMorgan in India, attributed India’s distinctive position to a combination of factors, including political stability, macroeconomic growth, and the accumulation of domestic capital.
In an interview with TechCrunch, he stated, “No other country on a global scale offers you this level of political certainty and policy continuity.” “It is possible to argue against a policy decision; however, it is impossible to argue against the fact that they have been consistent.”
The expansion of India’s capital markets has been particularly noteworthy. Bharti stated that the liquidity has increased and is a multiple of the market development.
“The market cap has doubled when examining the full-year averages from 2019 to 2024.” We were at approximately $2.6 to $2.7 trillion. We are currently at a range of $5.2 trillion to $5.3 trillion. The daily liquidity has tripled from $5 billion to $15 billion during the same period.
The increase in IPO preparations coincides with a diminished pace of private market dealmaking. “The muted environment and increased scrutiny from VCs compelled startups to relinquish their peak 2021 valuations,” stated a partner at one of the largest venture capital firms in India, who requested anonymity.
“However, it was also a catalyst for them to enhance their financial situation.” The consequence is that numerous firms in 2021 that aimed to achieve “IPO readiness” within five years have already achieved this status.
The pharmaceutical e-commerce platform Pharmeasy is preparing for an IPO following significant restructuring this year, while Prosus-owned PayU recently announced plans for a 2025 listing, in addition to Zepto, TableSpace, and others. MobiKwik, a financial services firm, is also preparing to list next year.
Over 50% of the S&P 500 Index is comprised of healthcare and technology companies. The same companies comprise less than 20% of India’s benchmark Nifty 50. “Technology companies in India have significant potential for expansion,” stated Bharti.
