Indian Startup IPOs: 2026 Outlook | Dalal Street
Indian startup executives discuss IPO strategies.
Key Highlights
India’s startup IPO market poised for growth in 2026. Explore upcoming IPOs from Flipkart, OYO & more. Insights on Dalal Street’s evolving dynamics.
Dalal Street witnessed a surge in initial public offerings (IPOs) by Indian startups in 2025, with 18 companies raising a record ₹41,248 Cr. This momentum is expected to continue into 2026, although with a greater emphasis on fundamentals and sustainable growth.
In 2025, macroeconomic tailwinds and regulatory support, including simplified DRHP filings and flexible ESOP rules, fueled the boom. investors also played a significant role, with demat accounts crossing the 20 Cr mark. However, early performance in 2026 has been mixed, with some listings showing flat or lackluster results.
Despite this, the IPO pipeline remains robust. As of early 2026, 23 startups have filed their draft red herring prospectuses (DRHPs) with SEBI, and another 23 are finalizing their IPO plans. Unicorns like Flipkart, Zepto, OYO, InMobi, and Zetwerk could potentially raise over ₹47,000 Cr in 2026.
Experts anticipate a recalibration in 2026, with investors prioritizing predictable cash flows, sustainable unit economics, and operational discipline. Orios Venture Partners’ managing partner Rehan Yar Khan noted that public market investors would emphasize governance, capital efficiency, and long-term value creation.
Challenges remain, including moderating retail subscription levels and pullback by foreign institutional investors (FIIs) amid geopolitical tensions. The conflict in West Asia has further complicated the situation.
Despite these challenges, the outlook for new-age tech IPOs remains positive. Maturing business models, deeper domestic capital pools, and a regulatory framework favoring transparency position India as a leading startup IPO hub.
Recent updates include drone tech startup Garuda Aerospace pre-filing its DRHP with SEBI for an IPO comprising a fresh issue of up to ₹750 Cr and an undisclosed component. B2B manufacturing startup Zetwerk has filed DRHP with SEBI via the confidential pre-filing route for a $450 Mn IPO, and rental platform RentoMojo has filed its DRHP with SEBI for an IPO, which will comprise a fresh issue worth ₹150 Cr and an OFS of 2.84 Cr shares.
Several companies have already taken the IPO plunge in 2026, including Amagi, Aye Finance, Fractal, SEDEMAC, and Shadowfax. Others, such as AceVector, AVPL International, boAt, Curefoods, Garuda Aerospace, InCred Holdings, Infra.Market, Kissht, Klassroom, LEAP India, Meritto, Moneyview, OYO (PRISM), PhonePe, Purple Style Labs, RentoMojo, Shiprocket, Tonbo Imaging, Travelstack Tech, Turtlemint, Zepto and Zetwerk are in various stages of filing their DRHPs.
Startups with IPOs in the pipeline include Atomberg, BRND.ME (formerly Mensa Brands), Captain Fresh, CARS24, Cult.fit, Flipkart, Furlenco, GoBoult, Imarticus Learning, InMobi, Kuku FM, MakeMyTrip, Navi, OfBusiness, PayNearby, PayU India, Practo, Razorpay, Rebel Foods, Servify, Square Yards, Table Space, Udaan and Wonderchef.
As the Indian startup ecosystem matures, the IPO market is expected to remain active, with investors closely scrutinizing the fundamentals and long-term growth potential of new-age tech companies.