India's digital-first startup ecosystem is preparing for a major surge in IPO activity in 2025, with over 10 companies collectively aiming to raise close to Rs 18,000 crore through fresh capital offerings. The overall issue sizes, including offer-for-sale (OFS) portions, are expected to be significantly higher, providing a pathway for large-scale venture capital exits.
If these IPO plans come to fruition, VC exits through Indian stock markets in 2025 could surpass previous benchmarks. According to data from Venture Intelligence, investors realised $4.06 billion from IPO exits by November 2024, compared to $2.06 billion in 2023 and $1.5 billion in 2022.
Meesho
PhysicsWallah
Pine Labs
Groww
Urban Company
Wakefit
Curefoods
Shiprocket
Shadowfax
IndiQube
“Many of these filings have been made confidentially.”
Edtech platform PhysicsWallah has reportedly filed to raise Rs 4,600 crore through a combination of primary and secondary shares. If it gets listed, it would become India’s first publicly traded edtech firm. Key investors include Lightspeed, GSV Ventures, and WestBridge.
Online marketplace Meesho filed its IPO papers confidentially last week and is planning to raise Rs 4,250 crore via fresh equity. The company’s most recent valuation stood at $3.9 billion, with prominent backers including SoftBank, Tiger Global, Elevation Capital, WestBridge, and Peak XV Partners.
Pine Labs has revived its IPO ambitions with a domestic filing, aiming to collect Rs 2,600 crore through new equity. The OFS segment will include 147.8 million shares from investors like Peak XV, Temasek, Actis, PayPal, and Mastercard.
“Peak XV will be the largest seller in the issue.”
Groww, the stockbroking and investment platform, has filed confidentially. The IPO size is estimated between $700 million and $1 billion. This comes after MobiKwik’s strong market debut at a 58% premium over its issue price of Rs 279.
Shipping platforms Shiprocket and Shadowfax have also submitted confidential DRHPs for IPOs estimated between Rs 2,000 crore and Rs 2,500 crore. Once listed, they will join logistics firms like Delhivery, Allcargo Gati, and Bluedart on Indian exchanges.
Home services marketplace Urban Company is targeting a public raise of Rs 1,900 crore, including a Rs 429 crore primary issue and a sizeable OFS worth Rs 1,471 crore. Investors like Accel, Elevation Capital, Tiger Global, Bessemer India, and VYC11 are expected to participate in the share sale.
Furniture and home product brand Wakefit is looking to generate Rs 468 crore through primary equity, with an OFS of 58.4 million shares involving stakeholders like Peak XV, Verlinvest, and Investcorp.
Cloud kitchen operator Curefoods is eyeing Rs 800 crore in fresh capital. The offer-for-sale (OFS) segment comprises 48.5 million shares, which will be offloaded by investors such as Accel, Chiratae Ventures, Iron Pillar, and Crimson Winter.
IndiQube, a Bengaluru-based coworking firm, filed its DRHP in December to raise Rs 850 crore, consisting of both primary shares and OFS. The move comes after Awfis went public and Smartworks announced its IPO for July 10.
Improved public market appetite, especially for tech-first and profitability-focused startups, is one of the key reasons behind the sudden IPO surge. Founders are capitalising on investor interest in companies with strong fundamentals, clearer paths to profits, and scalable business models.
“The rush to go public comes amid an improving market sentiment and growing investor demand for digital-first companies that are showing paths to profitability.”
With nearly Rs 18,000 crore in fresh capital lined up and multiple high-growth startups preparing for IPOs, 2025 could redefine India’s public markets.
These offerings will not only unlock value for early investors but also provide insights into the maturity and global appeal of India's digital economy.
If markets remain stable and regulatory approvals follow smoothly, this wave of listings may become the largest and most diverse in India’s startup history, helping venture capitalists and founders alike realise long-awaited returns.