OYO, Razorpay, and Zetwerk are lining up to raise over ₹34,000 crore through IPOs in 2026. This massive pipeline comes despite most 2026 listings delivering flat or lackluster performances so far. Public market investors are now explicitly demanding strong unit economics and profitability over headline growth.
How We Got Here
2025 saw 18 Indian startups list, collectively raising a record ₹41,248 crore from public markets. This surge was fueled by SEBI reforms like simplified DRHP filings and more flexible ESOP rules, alongside robust GDP growth.
The Numbers
- 30 startups have already filed their DRHPs with SEBI for 2026 listings.
- Retail investors in 2025 pushed demat accounts past 20 crore, fueling the IPO frenzy.
- The Offer For Sale (OFS) component dominated 2025 IPOs, providing liquidity for early investors.
- Ashish Kumar from Fundamentum Partnership noted founders are committing for decades, building adjacent profit pools.
- Only Klassroom, SEDEMAC, Kissht, and LEAP India have shown strong post-listing performance among 2026 debuts so far.
What Happens Next
🇮🇳 Why This Matters for India
For founders in Bangalore, Hyderabad, or Delhi, this means a harder pivot to profitability and governance will define their pre-IPO strategy.
The Take
Forget headline growth as an IPO metric. Only companies demonstrating rock-solid unit economics and predictable cash flows will clear the public markets with decent valuations from here.
Source:
Inc42 ↗