Indian Startup IPO Tracker 2026

After a record 2025 that saw 18 Indian startups list and a combined capital raise of ₹41,248 crore from public markets, momentum for new-age tech IPOs remains robust into 2026. So far this year, 29 startups have filed draft red herring prospectuses (DRHPs) with market regulator SEBI, more than 25 are finalising IPO plans, and several large unicorns — including OYO, Razorpay and Zetwerk — could together raise over ₹34,000 crore if they proceed as expected.

"Besides the readiness that startups showed in their unit economics, there is also an increase in the founders committing to their businesses for next couple of decades and grow their businesses by adding adjacent profit pools – something that the public markets reward handsomely,” said Ashish Kumar, cofounder and general partner at Fundamentum Partnership.

The 2025 IPO wave was supported by regulatory reforms that simplified DRHP filings and loosened ESOP rules, alongside macroeconomic tailwinds and a surge in retail participation — demat accounts crossed the 20 crore mark last year. Nonetheless, market conditions in 2026 are expected to be more discerning: investors are prioritising profitability, predictable cash flows and low cash burn over headline growth. “IPO-bound startups in 2026 will be increasingly defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone,” said Rehan Yar Khan, managing partner at Orios Venture Partners. He added that public markets will focus more on governance, capital efficiency and long-term value creation.

Several notable companies are lined up for the public route or have already taken steps this year. Highlights and recent developments include:

• AceVector, the parent of Snapdeal, launched a ₹420 crore IPO that was 23% subscribed at the end of day one, receiving bids for 1.72 crore shares against 7.42 crore shares on offer.
• Fintech unicorn Moneyview’s IPO was subscribed 6.01x by the end of day two, with bids for 139.8 crore shares against 23.25 crore shares on offer.
• Used-car marketplace Spinny pre-filed its DRHP aiming to raise between ₹2,500 crore and ₹3,000 crore through a mix of fresh issue and offer-for-sale (OFS).
• Companies with notable funding and IPO intentions featured in the pipeline include Amagi (SaaS, $320 million in funding), Acko (insurtech, $458 million), CarDekho (auto tech, $750 million), CARS24 (auto tech, $1.3 billion), Cult.fit (ecommerce/healthtech, $650 million) and boAt (D2C, $177 million).

The IPO landscape also shows variability in subscription and investor appetite: retail subscription levels have been moderating, and many foreign institutional investors have pulled back amid geopolitical uncertainty and muted secondary market performance. The conflict in West Asia was flagged as an added complication for FIIs. Still, the broader picture is one of maturation — listed companies that balanced scale with strong unit economics, governance and profitability tended to be rewarded by investors.

Looking ahead, the 2026 calendar could include several marquee listings and a reshaped investor focus. With more than 25 startups at advanced stages and a pipeline of unicorns potentially raising tens of thousands of crores, the year is shaping up to test which new-age tech firms can meld growth ambitions with demonstrable financial discipline.