2025 was already a record year — 18 Indian startups raised ₹41,248 Cr from public markets. But 2026 is shaping up to be something else entirely.
Here’s the number: 47 companies are in the IPO pipeline. Twenty-four have already filed DRHPs with SEBI. Over 25 more are finalizing plans. And the five biggest names alone — Flipkart, Zepto, OYO, InMobi, and Zetwerk — could raise over ₹47,000 Cr combined.
The Heavyweights
Flipkart (₹20,493 Cr revenue, FY25) — Still hasn’t filed yet, but with Walmart and Google as backers, India’s biggest ecommerce play is the most anticipated listing in years. The valuation whispers are massive.
Zepto — Filed DRHP for ₹11,682 Cr. The quick commerce king is going all in after raising $1.6 Bn. Morgan Stanley and Goldman Sachs are lead managers. This one’s going to be a blockbuster.
PhonePe — Filed an OFS-only IPO worth ₹10,700-13,400 Cr at a potential ₹1.07-1.3 Lakh Cr valuation. But — they paused plans in March 2026 amid geopolitical tensions and market volatility. Targeting a relaunch by June 2026.
OYO (PRISM) — Third time’s the charm? Filed for ₹6,650 Cr IPO after two previous withdrawals. The Ritesh Agarwal-led chain posted a stellar turnaround — ₹623 Cr profit in FY25, up 172% YoY. Valuation target: $7-8 Bn.
InMobi — The adtech veteran (founded 2007) is targeting ₹8,609 Cr. Oldest unicorn on the list, backed by SoftBank and Kleiner Perkins.
Zetwerk — B2B manufacturing marketplace looking at ₹3,456-4,320 Cr. Revenue of ₹12,798 Cr in FY25.
The Rest of the Pipeline
boAt — ₹1,500 Cr IPO filed. ₹628 Cr Q1 revenue, turning profitable.
Razorpay — Prepping DRHP confidentially. ₹4,500 Cr fresh issue expected.
Infra.Market — ₹5,000 Cr. B2B construction materials giant with ₹18,472 Cr revenue.
Curefoods — Cloud kitchen unicorn. ₹2,582-3,443 Cr. Owns EatFit, CakeZone, Nomad Pizza.
Moneyview — Fintech unicorn. Filed for ₹3,457 Cr. ₹2,409 Cr in 9-month revenue.
Acko — Insurtech. $300-400 Mn IPO planned for FY27.
Garuda Aerospace — Drone startup backed by MS Dhoni. ₹750 Cr fresh issue.
The 2026 Reality Check
Not everything is rosy. Five startups already listed in Q1 2026 — Amagi, Aye Finance, Fractal, SEDEMAC, and Shadowfax — and most have had lacklustre or flat debuts. Amagi listed 12% below issue price. Fractal at 2.7% discount. Only SEDEMAC gave a stellar 13.5% listing gain.
The market is sending a clear signal: profitability > hype. Investors are rewarding companies with strong fundamentals, governance, and low cash burn. FIIs are pulling back amid geopolitical tensions. Retail subscription levels are moderating.
Yet the pipeline isn’t slowing down. Maturing business models, deeper domestic capital, and SEBI’s friendly reforms (simplified DRHP filings, flexible ESOP rules) are creating the perfect launchpad.
Why This Matters
India’s demat accounts crossed 20 crore in 2025. The startup-to-public-market pipeline is thickening every year. If even half of these 47 companies list successfully, 2026 could go down as the year Indian startups truly came of age on Dalal Street.