Indian Startup IPO Tracker 2026

In 2025, India's stock market witnessed a record-breaking IPO season, with 18 Indian startups listing and raising a staggering ₹41,248 Cr. The surge was fueled by robust GDP growth projections and SEBI's regulatory reforms, which simplified the DRHP filings and introduced more flexible ESOP rules for founders. Retail investors also played a significant role, with demat account subscriptions crossing the 20 Cr mark.

The OFS component dominated the public issues, providing liquidity to early backers of new-age tech companies.

Post-listing performance highlighted the importance of profitability, sustainable growth, and governance, with investors rewarding companies that focused on these aspects over hype. Ashish Kumar, cofounder and general partner at Fundamentum Partnership, emphasized the importance of founders committing to their businesses for the next few decades and expanding their profit pools.

As of 2026, the IPO pipeline remains strong, with 29 startups having filed their DRHPs with SEBI. Notable startups like OYO, InMobi, and Zetwerk are expected to raise over ₹37,000 Cr in 2026. However, the year is expected to be recalibrated, with investors prioritizing strong fundamentals, profitability, and low cash burn. Orios Venture Partners' managing partner, Rehan Yar Khan, noted that IPO-bound startups in 2026 will be defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline.

Despite challenges such as moderating retail subscription levels and foreign institutional investors (FIIs) pulling back, the overall outlook for new-age tech IPOs remains bullish. India's maturing business models, deeper domestic capital pools, and evolving regulatory framework favor transparency, positioning it as a leading startup IPO hub.