India has bucked the global trend in initial public offerings this year, establishing itself as a rare bright spot for tech listings while other major markets face continued headwinds. The world’s most populous nation is now preparing for an even more substantial wave of startup IPOs in 2025.
More than 20 startups are preparing to list next year, according to multiple sources familiar with the plans. These include business-to-business marketplaces Inframarket and Zetwerk, farm-to-produce venture CaptainFresh, professional services marketplace UrbanCompany, jewelry retailer Bluestone, security firm OneAssist, and offline-to-online retailer Magicpin.
Quick commerce startup Zepto, managed workspace provider Table Space, and industrial goods platform Ofbusiness are also planning to file for IPOs next year. Additional companies eyeing public listings include Rebel Foods, logistics firm Porter, e-commerce platform Meesho, investment app Groww, mattress seller Wakefit, automobile platform CarDekho, SaaS company Capillary, and payments firm Pine Labs, though some listings may extend into 2026.
If they go through as planned, the companies will join a wave that’s been gaining momentum. Already 12 startups, including seven technology firms, have gone public in 2024 in India, making it the only major market to show consistent growth in listings over the past decade, according to Pitchbook data.
This performance stands in stark contrast to other leading markets. The U.S. has recorded 22 venture-backed tech IPOs this year, almost flat from the 21 tech IPOs of 2023 and falling significantly short of 53 listings the U.S. market saw in 2020. China’s tech IPO momentum has similarly waned, with 56 listings this year compared to 117 in 2022. Europe has managed just one more tech IPO than India, while the UK market has remained dormant, with no tech listings in 2024.
“The IPO markets have been opening slower than we expected in March,” Morgan Stanley analysts wrote in a recent note. “Even having ‘got fit’ since 2022, many unicorns still remain unprofitable businesses.”
Indian food delivery platform Sw …