India’s startup ecosystem is entering a phase it has been awaiting for a long long time. Ever since the first wave of IPOs in 2021. After a funding peak, a period of sharp correction, and two years of hard reset, the market is now moving towards liquidity. If 2025 reopened the IPO window, 2026 is likely to throw it wide open.

Over the next 18 months, more than 48 Indian startups are set to enter the public markets. The list cuts across sectors — fintech, ecommerce, enterprise tech, consumer internet, logistics, foodtech, and even advanced hardware and deeptech startups are here .

The 2026 IPO pipeline is notable not just for the names, which do include startups like Zepto, InMobi, PhonePe, OYO, B2B giants Infra Market and Zetwerk, and potentially even Razorpay. These are some of the biggest startups in their domain, and for this reason alone, 2026 is going to be a year unlike any other.

Unicorn Parade To The Public Markets

Collectively, the IPO batch of 2026 will likely surpass 2025’s tally of 18 listings, and even smaller companies are coming out of nowhere to go for public listings, which could completely change the equation.

While exact totals are difficult to calculate due to confidential DRHPs and pending filings and the early nature of things at this point of time in , available data suggests that key players like Flipkart, Zepto, OYO, InMobi, Fractal and Zetwerk alone could raise over INR 50,000 Cr, making it one of the largest year for startup IPO.

And not just above mentioned startups, more than 190 companies have either received approval from the Securities and Exchange Board of India (SEBI) or have draft red herring prospectuses under review, with a combined fundraising target of INR 2.5-2.65 Lakh Cr.

IPOs worth approximately INR 1.25 Lakh Cr have already received SEBI approval, allowing them to tap the market once issuers and bankers finalise timing.

“A large part of this pipeline consists of consumer and consumer-tech businesses that already operate at a national scale, with several generating multi-thousand Cr revenue runrates,” said Sayan Ghosh, founder and managing partner of Ortella Global Capital.

Per Ghosh, what is different this time is the growing role of domestic institutional and retail capital, which has improved liquidity and reduced dependence on global risk sentiment. This suggests the market is open, but with clearer filters than before.

Motiwal Oswal also expects 2026 to........

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