Indian Startup IPO Tracker 2025

At the start of 2025, markets were brimming with confidence and optimism about the IPOs of new-age tech companies, as 13 such companies got listed on the bourses last year and cumulatively raised INR 29,070 Cr via their public listing.

From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X.

Tailwinds favouring the startup IPO frenzy at the outset of the year were aplenty – India’s strong position in the equities market over the last few years, the investor interest in new-age tech companies, more rationalised valuations sought by startups, and renewed focus on profitability and sustainable growth.

So, it was only natural that industry watchers expected the momentum to percolate well into 2025 as well. However, the picture perfect story of startup IPO mania went south barely months into the year.

While 23 startups were in various stages of undertaking their IPO preparations at the start of the year, most seem to have decided to go slow on their public listing plans. Despite 21 new-age tech companies filing their draft red herring prospectuses (DRHPs) with SEBI, including Urban Company, BlueStone, and many receiving regulatory nod, only four listings have materialised so far.

While Smartworks’ July IPO saw enthusiastic response from markets, Ather Energy’s May listing turned out to be a muted debut. B2B ecommerce platform ArisInfra and workspace solutions provider IndiQube, too, saw lacklustre debuts.

So, what happened to India’s startup IPO frenzy in 2025? Largely, it was unseen forces that played a spoilsport. The Indian equities markets saw a correction in the first few months of 2025 due to geopolitical tensions, high valuations, tariff war, macroeconomic factors like fears of recession and inflation, and more.

Then, there were also fundamental challenges faced by new-age tech companies. The public market investors want potential listees to be profitable and differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.

“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” said Lightbox Ventures founder and MD Sandeep Murthy.

While analysts expect new-age tech IPOs to pick up pace in the second half of 2025, it would be interesting to see what lies in store for the startup ecosystem as the year progresses. To keep an eye on this, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape:

Latest Updates:

The companies have been listed in an alphabetical order | Data has been sourced from Inc42, respective DRHPs, MCA filings and other media reports | Asterisk (*) specifies reported numbers.

Now, let’s take a detailed look at the list:

Startups That Have Taken The IPO Plunge In 2025

ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.

Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and CEO Siddharth Shah, and Karbonite Ventures, the company has bagged more than $25 Mn in funding to date.

In August 2024, the company kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue was to comprise solely a fresh issue of shares, with no OFS.

Later, the company first trimmed the size of the fresh issue to INR 579.6 Cr and then to INR 499.6 Cr. It received approval from the market regulator for its public listing in November 2024.

In the run up to its IPO, ArisInfra raised INR 224.8 Cr from anchor investors, including the likes of Astorne Capital VCC, Niveshaay Hedgehogs Fund, and Nexus Global Opportunities Fund. Its public issue closed with an oversubscription of 2.65X, with investors bidding for 3.47 Cr shares as against 1.31 Cr shares on offer.

The company made a lacklustre stock market debut on June 25. ArisInfra’s shares listed at INR 205 on the NSE, a 7.65% discount over its issue price of INR 222. On the BSE, the stock debuted at INR 209, a 5.81% discount over its issue price.

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in FY24, while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review. The company reported a net loss of INR 0.51 Cr in Q4 FY25, down 97% YoY, on an operating revenue of INR 221.1 Cr, up 7% YoY.

Ather Energy

Ather became the first listed Indian new-age tech company of 2025 to go public after it listed on the exchanges on May 6. The EV maker’s public issue saw a muted response as the shares opened at INR 328 on the NSE, a mere 2.18% premium over its IPO price of INR 321.

On the BSE, the stock opened at INR 326.05, a 1.57% premium over the IPO price. With this, it became the second EV startup in the country to go public, after Ola Electric.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather is one of the biggest players in the Indian electric two-wheeler segment. It manufactures and services escooters and operates its own charging infrastructure.

The EV major raised more than $431 Mn in funding prior to its stock market debut from the likes of Hero MotoCorp, GIC, Tiger Global, among others.

The Bengaluru-based company’s public issue closed with an oversubscription of 1.43X in late-April 2025. The IPO received bids for 7.65 Cr shares as against 5.34 Cr shares on offer.

This marked the culmination of Ather’s year-long efforts to get listed on the exchanges. In September 2024, it filed its DRHP. As per its draft IPO papers, Ather’s public issue was to comprise a fresh issue of shares worth INR 3,100 Cr and an OFS component of up to 2.2 Cr equity shares.

In December 2024, the company received SEBI’s approval to go ahead with its IPO plans. Four months later in April 2025, the EV major filed its RHP with SEBI and trimmed the size of its IPO.

Ahead of the opening of the IPO, the company raised INR 1,340 Cr from 36 anchor investors, including SBI, ADIA, Invesco, Franklin Templeton, among others, at INR 321 apiece.

Ather managed to trim its net loss by 17% to INR 234.4 Cr in Q4 FY25 from INR 283.3 Cr in the year-ago period. Revenue from operations rose 29% to INR 676.1 Cr in the quarter under review from INR 523.4 Cr in the same period last year.

IndiQube

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a coworking space provider that offers workspace design, interior build out and other B2B and B2C-focussed services.

Backed by WestBridge Capital, Aravali Investment Holdings, and Konark Trust, IndiQube raised more than $45 Mn in funding across multiple rounds before it came out with its IPO.

Kicking off its IPO proceedings, the Bengaluru-based company turned into a public limited company in December 2024. Initially, it filed its DRHP with SEBI for an INR 850 Cr IPO. In March 2025, SEBI greenlit the coworking space startup’s IPO.

Subsequently, in its RHP, the company trimmed the size of its public issue by INR 150 Cr to INR 700 Cr. The IPO comprised a fresh issue of shares worth INR 650 Cr and an OFS of INR 50 Cr.

Ahead of the IPO, the workspace solutions provider raised INR 314 Cr by allotting 1.3 Cr equity shares to anchor investors INR 237 apiece. Subsequently, its public issue closed with an oversubscription of 12.4X, with investors bidding for 21.2 Cr shares as against 1.71 Cr shares on offer.

However, IndiQube had a lacklustre market debut. Shares of the workspace solutions provider listed at INR 218.7 apiece on the BSE, down 7.7% from the issue price of INR 237. On the NSE, it listed at INR 216, a discount of 8.8% over its issue price.

IndiQube’s net loss declined 60% to INR 139.6 Cr in FY25 from INR 341.5 Cr in the previous fiscal. However, revenue from operations jumped 28% to INR 1,059.3 Cr during the year under review from 830.6 Cr in FY24.

Smartworks

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider that offers customisable coworking solutions for enterprises. The startup has raised $41 Mn in funding till date and is backed by the likes of Ananta Capital, Keppel Land and Plutus Capital.

Taking the first step towards its IPO, the startup turned into a public company in July 2024 and then filed its DRHP with SEBI for INR 550 Cr IPO in August 2024. It received approval from the markets regulator for its listing in December 2024.

More than seven months after the market regulator’s nod, Smartworks filed its RHP in July 2025. The coworking startup trimmed the size of its fresh issue to INR 445 Cr from INR 550 Cr previously. It also almost halved the size of the OFS component to up to 33.79 Lakh shares from 67.49 Lakh shares earlier.

Smartworks raised INR 173.64 Cr from anchor investors. Its public issue closed with an oversubscription of 13.45X, with investors bidding for 13.9 Cr shares as against 1.04 Cr shares on offer.

Subsequently, on July 17, Smartworks made its stock market debut. The stock debuted at INR 436.10 on the BSE, a premium of 7.14% over the issue price of INR 407. On the NSE, shares of the company opened at INR 435, a 6.88% premium over the issue price.

On the financial front, the company’s net loss jumped 26.5% to INR 63.2 Cr in FY25 from INR 49.9 Cr in the previous year. Operating revenue jumped 32.3% to INR 1,374.1 Cr during the year under review from INR 1,039.3 Cr in FY24.

Startups That Have Filed DRHP

AceVector

A brainchild of Kunal Bahl and Rohit Bansal, AceVector’s genesis lies in the founding of ecommerce platform Snapdeal in 2010. Since then, the umbrella entity has grown to also include listed ecommerce enablement platform Unicommerce and house of brands platform Stellaro Brands.

The three entities were consolidated under a single group brand, AceVector, in 2022. Three years later, AceVector now wants to go public.

In July 2025, the consolidated entity filed its DRHP for an INR 500 Cr IPO, which will primarily comprise a fresh issue of shares.

As per Tofler, AceVector clocked revenue to the tune of INR 379.8 Cr in FY24, up a marginal 2.1% from INR 372 Cr in the previous year. It managed to trim its net loss by 43% to INR 160.4 Cr in the fiscal under review compared to INR 282.2 in FY23.

Aequs

A brainchild of Aravind Melligeri, Aequs is a contract manufacturing company that offers a range of integrated high-precision engineering services including forging, precision machining, surface treatment and aerostructure assembly and testing for the aerospace industry as well as consumer electronics companies.

Founded in 2016, it operates a diversified and vertically-integrated manufacturing platform, which is focussed on exports. It caters to giants like Apple, Airbus, Boeing, Safran, Dassault, Collings Aerospace, among others. Alongside, it also claims to have built India’s first global-scale toys manufacturing ecosystem, the Koppal Toy Manufacturing Cluster, in Karnataka.

Till date, Aequs has raised more than $81 Mn in funding and is backed by the likes of Avansa Capital, Amicus Capital, Steadview Capital, Catamaran (the family office of Infosys founder Narayana Murthy), Sparta Group, among others.

Kicking off its IPO proceedings, Aequs’ board, in April 2025, gave its nod to change the name of the company to ‘Aequs Limited’ from ‘Aequs Private Limited’. In the run up to the public listing, Aequs’ board also approved the appointment of Melligeri as the executive chairman and CEO of the company for five years till May 2030.

In June 2025, the Karnataka-based contract manufacturing company filed its DRHP with SEBI via the confidential pre-filing route for a $200 Mn IPO. Prior to this, the company also raised INR 128 Cr via a rights issue. The round was led by its holding company Aequs Manufacturing Investments Pvt Ltd, with participation from existing backers like Amicus Capital, Steadview Capital, Amansa Investments, and others.

On the financial front, the aerospace parts maker narrowed its consolidated net loss by 89% to INR 12.1 Cr in FY24 from INR 108.7 Cr in the previous fiscal. Meanwhile, total revenue grew more than 18% to INR 988.3 Cr during the fiscal year under review from INR 836.2 Cr in FY23.

Amagi

Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming TV platforms.

It claims to support over 800 content brands, 800 playout chains and 5,000 channel deliveries via its platforms in over 150 countries, and has presence in cities such as New York, Los Angeles, Toronto, London, among others.

The SaaS unicorn’s IPO plans first came to light in January 2025 when a report claimed that the company had roped in Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment bankers to helm its public issue.

Subsequently in May 2025, it converted into a public entity after the company’s board passed a special resolution to change its name to “Amagi Media Labs Limited” from “Amagi Media Labs Private Limited” previously.

After much ado, the media-focused SaaS unicorn filed its DRHP in July 2025 for its IPO, which will comprise a fresh issue of shares worth up to INR 1,020 Cr and an OFS component of up to 3.41 Cr shares.

On the financial front, Amagi’s consolidated net loss declined 72% to INR 68.7 Cr Cr in FY25 from INR 245 Cr in the previous fiscal year. Revenue from operations jumped 32.2% to INR 1,162.6 Cr from INR 879 Cr in FY24.

Avanse Financial Services

Founded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India.

The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR........

© Inc42

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