The year 2025 marked a historic comeback for startup IPOs in India, with Dalal Street recording an all-time high of 18 tech startup listings, offering long-awaited liquidity to venture capital and private equity investors. Startups across consumer internet, fintech, SaaS, and electric vehicles collectively raised around ₹41,248 crore from public markets during the year.
A defining feature of the 2025 IPO cycle was the strong tilt towards offer-for-sale (OFS). Nearly 52% of the total proceeds, or ₹21,474 crore, came through OFS, compared to ₹19,810 crore raised via fresh issues. This skew underscores how 2025 effectively served as a major exit window for early investors, rather than purely a capital-raising phase for startups.
In comparison, startups raised about ₹29,000 crore in 2024, while the number of listings has steadily climbed from 6 in 2023 and 2022, and 10 in 2021, highlighting a clear revival in public market appetite.
Subscription and Listing Performance
Consumer-facing platforms saw blockbuster demand. Urban Company led with a staggering 109x subscription, followed by Aequs (102x) and Groww (79x). On listing day, strong demand translated into sharp gains for Urban Company (58%), Meesho (46%), and PhysicsWallah (33%). However, not all debuts were positive, with Indiqube, ArisInfra, Capillary Technologies, and Lenskart opening below issue price.
Big Exits for Early Investors
The IPO wave delivered outsized returns for early backers. Kauffman Fellows clocked a 196x return in Groww, while Y Combinator generated 109x in Meesho. Peak XV Partners emerged as one of the most consistent winners, delivering multiple high-return exits and holding over ₹30,000 crore worth of listed equity.
Post-Listing Returns
Since listing, Ather Energy has been the standout performer with 103% gains, reflecting improving operating metrics. Meanwhile, stocks like Groww and Capillary Technologies have posted steady gains, while recent entrants such as Urban Company, WeWork, and PhysicsWallah remain under pressure, highlighting the growing discipline of public market investors.
Overall, 2025 has firmly re-established India’s startup IPO pipeline, signalling a maturing ecosystem where exits, valuation discipline, and long-term performance matter more than hype.
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