OYO, Razorpay, and Zetwerk alone are targeting over ₹34,000 Cr from IPOs in 2026. This record pipeline arrives as public markets demand cold hard unit economics over mere growth metrics. Founders pushing for a public exit now face a far stricter investor gaze on cash flow and governance.
How We Got Here
Dalal Street became a founder's paradise in 2025 when 18 startups listed and collected a record ₹41,248 Cr. SEBI reforms like simplified DRHP filings and flexible ESOP rules also fuelled investor appetite and allowed founders to retain ownership.
The Numbers
- 24 startups have filed DRHPs with SEBI, with over 25 more finalising plans for public listings.
- Unicorns OYO, Razorpay, and Zetwerk's combined target of ₹34,000 Cr makes 2026 potentially one of the biggest years for tech IPOs.
- Ashish Kumar of Fundamentum Partnership noted founders are committing to long-term growth by adding adjacent profit pools.
- Orios Venture Partners' Rehan Yar Khan stated investors will prioritize predictable cash flows, sustainable unit economics, and operational discipline.
- 11 new-age tech companies, including Kissht and Shiprocket, have already debuted on D-Street this year.
What Happens Next
🇮🇳 Why This Matters for India
Fintech founders in Pune and Hyderabad building towards a public listing will now face stricter scrutiny on burn rates and sustainable revenue models from Day 1.
The Take
The market correction means growth-at-all-costs founders lose leverage, while mature B2B SaaS players who built for profit will finally get their due. Expect a divergence where fintechs like Razorpay might see a premium, while asset-heavy businesses like OYO face tougher valuation battles.
Source:
Inc42 ↗