India’s Startup IPO Rush: Who’s Next in Line for a Market Debut?

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India’s IPO pipeline is buzzing with activity as a new wave of startups prepares to go public in 2025. From fintech disruptors to ecommerce giants and consumer tech brands, a diverse mix of companies is lining up to tap into investor appetite and public capital. With over 20 startups at various stages of IPO preparation, this year could mark a record-breaking run for new-age listings on Indian bourses.

Here’s a comprehensive look at the most anticipated IPO candidates and what they bring to the table.

Startups That Have Filed Draft Papers

1. Wakefit
- Mattress and furniture brand aiming to raise ₹468 crore
- Funds will be used to open 118 new retail outlets and upgrade existing ones
- Includes a fresh issue and offer-for-sale component

2. Groww
- Online investment platform with a confidential DRHP filing
- IPO size estimated between 700 million to 1 billion dollars
- Shares to be listed on NSE and BSE

3. Pine Labs
- Merchant payments company targeting ₹2,600 crore through fresh issue and OFS
- Backed by Mastercard, PayPal, and Temasek
- Turned profitable in FY25 with ₹26.14 crore net profit

4. Shiprocket
- Ecommerce logistics platform backed by Zomato and Temasek
- Filed confidential IPO papers in May
- Plans to raise ₹2,000–2,500 crore, including a ₹1,000 crore fresh issue

5. Urban Company
- At-home services platform filed for a ₹1,900 crore IPO
- Includes ₹429 crore fresh issue and ₹1,471 crore OFS by investors like Accel and Tiger Global

6. boAt (Imagine Marketing)
- Consumer electronics brand filed confidential IPO papers
- Targeting a valuation exceeding 1.5 billion dollars

7. Capillary Technologies
- Customer engagement and loyalty platform
- Filed for a ₹430 crore fresh issue and OFS of 18.3 million shares

Startups Preparing to File

- Meesho
- Ecommerce platform received shareholder nod to raise ₹4,250 crore
- Will file under Sebi’s confidential route
- Could become the first horizontal ecommerce firm to list in India

- Lenskart
- Omnichannel eyewear retailer expected to file soon

- Shadowfax
- Logistics and last-mile delivery firm preparing for IPO

Other Notable Names in the Pipeline

- Ather Energy (EV)
- Zepto (quick commerce)
- PhysicsWallah (edtech)
- Groww (fintech)
- ArisInfra, Avanse, Aye Finance, Bluestone, Cardekho, Captain Fresh, DevX, Ecom Express, Fractal

What’s Driving the IPO Momentum

- Strong equity market performance and investor appetite for tech-led businesses
- Rationalised startup valuations post-2023 correction
- Regulatory clarity and improved profitability among late-stage startups
- Shift in domicile from overseas to India by firms like Meesho and Flipkart

As India’s startup ecosystem matures, the 2025 IPO wave is not just about capital—it’s about credibility, scale, and long-term vision. For investors, it’s a chance to own a slice of the country’s digital growth story. For founders, it’s the ultimate test of public market readiness.

Sources: Economic Times, Inc42, Moneycontrol, MSN India, YourStory, StartupHonor, Rediff Money, DRHP filings via Sebi India