Despite global trends indicating otherwise, India emerged as a beacon of optimism in initial public offerings (IPOs) this year, solidifying its reputation as an exceptional haven for tech listings as major markets faced persistent challenges. China, the world’s most populous nation, is poised to unleash a significant wave of startup IPOs in 2025.
More than 20 startups are poised to go public within the next 12 months, according to multiple sources familiar with their plans. Here are the businesses: Inframarket and Zetwerk, a pair of business-to-business marketplaces; CaptainFresh, a farm-to-table enterprise; UrbanCompany, a platform for skilled service providers; Bluestone, a jeweller; OneAssist, a safety agency; and Magicpin, an offline-to-online retailer.
Indian fast-commerce startups Zopper and Ofbusiness, which operate an industrial goods platform, are also preparing to list their shares on the public markets through initial public offerings (IPOs) in the next year. Corporations seeking public listings include insurgent food player Insurgent Meals, logistics provider Porter, e-commerce platform Meesho, funding app Groww, mattress vendor Wakefit, vehicle marketplace CarDekho, SaaS firm Capillary, and fintech company Pine Labs, with some IPOs potentially extending into 2026.
As more companies deliberately adopt this approach, they will join a growing movement that’s already gathering steam. In a significant milestone, India has emerged as the primary market witnessing consistent growth in public listings, with 12 startups and seven expertise companies going public in 2024 alone, according to Pitchbook data.
In marked contrast to other major markets, this efficiency prevails. The U.S. Has logged a modest 22 venture-backed tech initial public offerings (IPOs) in the past year, with numbers remaining relatively stagnant compared to the 21 tech IPOs witnessed in 2023, and still trailing significantly behind the 53 listings seen in the US. market noticed in 2020. Chinese tech’s initial public offering (IPO) enthusiasm has noticeably cooled, with just 56 listings over the past 12 months, a significant decline from the 117 debuts recorded in 2022. Despite Europe’s modest gains, with a mere one additional technology initial public offering (IPO) surpassing India, the UK market has remained eerily quiet, boasting zero tech listings thus far in 2024.
“The initial public offerings market has been slow to gain momentum this March, according to Morgan Stanley’s latest update.” Despite having achieved “unicorn” status since 2022, numerous startups remain unprofitable.
This month, Zomato’s highly anticipated initial public offering (IPO) has been deemed the most significant international technology IPO of the year by JPMorgan’s assessment.
According to a conversation with TechCrunch, Anand Daniel, a partner at Accel, whose firm has seen two portfolio companies go public this month, noted that “India is rapidly emerging as a promising hub for tech IPOs driven by its robust capital markets and thriving innovation ecosystem that continues to attract significant investor interest.”
In a significant pivot for the Indian market, long-standing hurdles surrounding exit options have finally given way, as previously skeptical institutional and retail investors now warm up to the prospect of loss-making companies going public.
JPMorgan’s India head for Fairness Capital Markets, Abhinav Bharti, credited the country’s unique position to a trifecta of factors: robust macroeconomic growth, increasing domestic capital, and political equilibrium.
“No country offers the same level of political stability and consistent governance worldwide,” he told TechCrunch in a conversation. One can’t successfully argue against a medical necessity coverage determination, but rather needs to demonstrate inconsistencies in the provider’s treatment plan.
India’s capital markets have witnessed a substantial and notable expansion. “What’s also seen significant growth is liquidity, which is one of the key markers of market development,” Bharti noted. As the data from 2019 to 2024 reveals, the market capitalization has indeed experienced a remarkable doubling when viewed through its full-year averages. The United States’ gross domestic product (GDP) had hovered around a total value of $2.6 to $2.7 trillion in dollars. The global economy currently stands at a value of approximately $5.2 to $5.3 trillion. In the same time frame, daily liquidity has surged threefold, swelling from $5 billion to $15 billion.
As public market sentiment improves, companies are surging ahead with initial public offering (IPO) preparations, despite a concurrent decline in non-public market dealmaking. “As startup valuations plateaued following the muted surroundings and intense scrutiny from venture capitalists in 2022, entrepreneurs found themselves compelled to reevaluate their growth strategies,” a senior executive at a leading Indian VC firm confided on condition of anonymity. “What’s even more intriguing is that this pressure also prompted startups to refine their financial planning.” The outcome is that numerous startups in 2021 that required becoming IPO-ready within five years have already achieved this milestone.
As the market continues to witness significant consolidation, alongside recent developments involving Zepto, TableSpace, and other players, PayU, owned by Prosus, has also made a notable acquisition recently. Meanwhile, Pharmeasy, a prominent pharmaceutical e-commerce platform, is gearing up for an initial public offering (IPO) following a substantial restructuring effort throughout this year. Mobile payments provider MobiKwik plans for an IPO in the next year.
Tech corporations and healthcare companies characterize greater than 50% of S&P 500 Index. Companies with identical names account for less than 20% of India’s benchmark Nifty 50. Bharti emphasized that Indian tech corporations still have significant room for growth and improvement.
