India has emerged as a standout market for initial public offerings (IPOs) in 2024, defying global trends as other regions face challenges. Over 20 startups are preparing to go public in 2025, with notable names like Inframarket, Zetwerk, CaptainFresh, UrbanCompany, and Zepto leading the wave. Other firms eyeing IPOs include Rebel Foods, Meesho, Groww, CarDekho, and Pine Labs, with some possibly postponing to 2026.
This surge builds on India’s robust 2024 IPO performance, where 12 startups, including seven tech firms, went public. This contrasts sharply with stagnant IPO activity in the U.S., China, and Europe. For instance, the U.S. saw only 22 venture-backed tech IPOs in 2024, compared to 53 in 2020.
Experts credit India’s unique momentum to factors like economic growth, political stability, and increased domestic liquidity. The country’s market capitalization has doubled since 2019, reaching $5.3 trillion in 2024, with daily trading liquidity tripling to $15 billion.
Startups, pressured by private market slowdowns, have focused on improving financial health, accelerating their IPO readiness. Analysts note India’s expanding tech ecosystem offers significant growth opportunities, making it a critical player in the global IPO landscape.
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