Indian startups have filed 28 DRHPs for 2026, with an estimated ₹45,000 crore IPO pipeline. This massive surge contrasts sharply with a new market reality: investors now explicitly demand profitability and low cash burn. Unicorns like Zepto and OYO will find D-Street far less forgiving than the 2025 cohort.
How We Got Here
2025 was a record year, with 18 Indian startups raising ₹41,248 crore from public markets, fueled by robust GDP growth. SEBI reforms, including simplified DRHP filings and flexible ESOP rules, also cleared the path, alongside 20 crore demat accounts boosting retail investor participation.
The Numbers
- Seven new-age tech companies have already listed in the first half of 2026, with most performing flat or lacklustre.
- SEDEMAC and Kissht are the only two IPOs in 2026 to see strong post-listing performance so far.
- Unicorns like InMobi and Zetwerk are part of the pipeline, alongside Zepto and OYO, potentially pushing the total raise beyond ₹45,000 crore.
- The 2025 IPO surge allowed early investors to exit via the Offer For Sale (OFS) component, providing crucial liquidity.
- Public market investors will now specifically demand predictable cash flows, sustainable unit economics, and operational discipline, according to Orios Venture Partners' Rehan Yar Khan.
What Happens Next
🇮🇳 Why This Matters for India
For founders in Bangalore and Hyderabad, building in sectors like SaaS or fintech, this means a ruthless focus on unit economics from Series B onwards, not just pre-IPO.
The Take
Despite the current pipeline, expect a significant portion of the 28 DRHP filers to either withdraw their papers or indefinitely delay their IPO plans. The public market is demanding a complete overhaul of the growth-at-all-costs playbook from 2021, favoring companies that can prove sustainable cash flows immediately.
Source:
Inc42 ↗