Indian startup IPO wave sees ₹41,248 Cr raised by 18 listed firms in 2025

Eighteen Indian startups that went public in 2025 together raised roughly ₹41,248 Cr, indicating robust capital‑raising momentum ahead of 2026^[1]. The pipeline is deepening: fifteen new‑age technology firms have already debuted on the D‑Street this year, and a further 27 startups have filed draft red‑herring prospectuses (DRHPs) with SEBI, with more than 25 nearing final IPO filings^[1].

Regulatory tweaks are easing the path. SEBI’s recent reforms have streamlined DRHP submissions and relaxed ESOP regulations, making public listings more attractive for founders and investors alike^[1]. Meanwhile, the retail side is expanding rapidly—demat accounts have surpassed 20 crore, broadening the pool of potential shareholders^[1]. The OFS (offer for sale) component also dominated last year’s public issues, underscoring a shift toward secondary‑market liquidity^[1].

“Besides the readiness that startups showed in their unit economics, there is also an increase,” said Ashish Kumar, co‑founder and GP at Fundamentum Partnership^[1]. With unicorns such as OYO, Razorpay and Zetwerk poised to raise over ₹34,000 Cr this year, the IPO surge appears set to continue^[1].