Despite Bengaluru being the startup capital of India, Delhi NCR leads the ‘Silicon Valley’ of India, Bengaluru, with a very comfortable margin in the startup IPO race.

According to Inc42’s ‘The State Of Indian Startup Ecosystem Report 2024‘, 15 new-age tech companies from the national capital region are listed on the stock exchanges. Delhi NCR-based companies account for 43% of the 35 such listed companies under Inc42’s coverage.

Delhi NCR-based listed startups include fintech major Paytm, logistics unicorn Delhivery, foodtech giant Zomato, Mamaearth parent Honasa Consumer, among others. In comparison, only three Bengaluru-based startups have been able to go public so far – electric vehicle (EV) manufacturer Ola Electric, market intelligence platform Tracxn, and Nasdaq-listed Zoomcar.

Interestingly, the country’s financial capital is also ahead of Bengaluru in the startup IPO race. Seven Mumbai-based startups have gone public so far, including coworking space provider Awfis, insurtech startup Go Digit, beauty ecommerce major Nykaa, gaming major Nazara Technologies, fintech Fino Payments Bank, and hyperlocal search engine provider Justdial.

Like Bengaluru, Pune has also seen three startup listings. While Chennai and Ahmedabad are home to two listed startups each, Mohali, Hyderabad and Jaipur have seen one startup each make it to the bourses so far.

How Delhi Forged Ahead

Delhi NCR leads in the startup IPO race despite not being the leader in terms of number of registered startups in the country. As per government data, there were 1,40,803 startups registered with the department for promotion of industry and........

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