Indian startups are lining up for 2026 IPOs, with 26 DRHPs filed and 25 more nearing submission. This potential record year arrives as public markets demand cold, hard profitability over mere growth metrics. Unicorns like OYO and Razorpay, planning to raise ₹34,000 crore, will lead this recalibration test for high-burn tech.
How We Got Here
2025 was a record year for startup IPOs, with 18 listings raising ₹41,248 crore thanks to SEBI reforms and surging retail investor interest. Post-listing, those prioritizing profits and sustainable growth performed well, setting the stage for current market expectations.
The Numbers
- Unicorns OYO, Razorpay, and Zetwerk project a combined ₹34,000 Cr raise for their 2026 public debuts.
- SEBI’s simplified DRHP filings and more flexible ESOP rules were key drivers for IPO momentum in 2025.
- Retail investor demat accounts crossed 20 crore, fueling a significant portion of the 2025 public issue frenzy.
- 14 new-age tech companies, including Shiprocket and Kissht, have already debuted on D-Street in early 2026.
What Happens Next
🇮🇳 Why This Matters for India
For new-age tech founders in Bangalore and Pune, the public market's pivot to profitability means less focus on growth-at-all-costs and harder valuation discussions.
The Take
The clear losers in 2026 will be growth-at-all-costs startups still burning through VC cash without a clear path to black. Expect founders to aggressively restructure unit economics and profitability targets over the next 12-18 months to avoid a discounted public debut.
Source:
Inc42 ↗