Over the years, the Indian tech startup ecosystem has transitioned from its nascent stages to a more mature landscape. A clear indicator of this evolution is the increasing number of startups that are now aiming for public listings.
For Indian enterprises, achieving a public listing has long represented operational growth, transparency, and sustainability. For startups, this is a relatively new yet vital milestone, marking their maturity and providing avenues for investor exits and wealth generation.
At present, around 15 startups, including Zepto, Shiprocket, and OYO, are at different phases of their IPO processes. Additionally, more than 60 Indian new-age tech companies have successfully made their market debut.
Notably, Indian firms such as MakeMyTrip, Zoomcar, and Freshworks are listed on the Nasdaq in the United States.
The startup IPO wave in India peaked in 2025, surpassing the momentum of the previous year.
In 2024, 13 startups went public, a figure that has already been exceeded this year, with 18 companies making their market debut in the previous year. The list of new-age tech firms that became public in 2025 includes Meesho, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs, and PhysicsWallah.
The trend is expected to continue, as five new-age companies—Aye Finance, Fractal Analytics, Amagi, Shadowfax, and SEDEMAC—have already made their public market debut in 2026.
Currently, the total market capitalization of these listed companies exceeds $148 billion.
To compile comprehensive information about listed startups, Inc42 has introduced the Indian Listed New-Age Tech Company Tracker. This tracker serves as a resource for tracking share movements and financial performance of listed tech companies.
Understanding the Current Landscape
Indian startups have often been characterized as “loss-making,” focusing on growth and market share over immediate profitability. This trend peaked during the funding boom from 2020 to 2022. However, the onset of a funding downturn in 2022 prompted startups to shift their focus towards profitability, especially as they prepared for public listings.
Data indicates that 64% of the listed new-age tech companies, totaling 41, are currently profitable. Among these, Info Edge, led by Sanjeev Bikhchandani, reported a net profit of INR 962 crore in FY25, followed by Justdial and IndiaMART with profits of INR 584 crore and INR 551 crore, respectively.
Interestingly, the median time for a startup to achieve a public listing is approximately 11 years. While some companies like ixigo and Fino Payments Bank took longer, others like ArisInfra secured their IPO within four years of operation.
Sectoral Insights
The sectors contributing the most to the number of listed companies align with private funding trends in the Indian startup ecosystem. Fintech, e-commerce, and enterprise tech are the most funded sectors, each hosting 11 listed startups.
The dominance of fintech and e-commerce is likely to persist, with companies like PhonePe, boAt, and Turtlemint expected to enter the public market soon. Additionally, the number of listed real estate tech startups is anticipated to increase, with Infra.Market having filed IPO papers confidentially with SEBI.
Geographical Distribution of Listed Startups
While Bengaluru is recognized as India’s startup capital, the Delhi NCR region, including Gurugram and Noida, boasts the highest number of listed new-age tech companies, totaling 25. This is in contrast to Bengaluru's 11 and Mumbai's 8.
Companies like Eternal, Delhivery, and Lenskart are based in Gurugram, while Delhi is home to Awfis, EaseMyTrip, MapmyIndia, and E2E Networks. Noida hosts four listed companies, including Paytm and IndiQube.
The Delhi NCR region accounts for $74.7 billion of the total $148 billion market cap of new-age tech companies.
Last updated: April 18
Comments (0)
Be the first to comment!