For years, we at Inc42 have tracked the Indian tech startup ecosystem and seen it grow from a kid to an adult. Among the clearest signs of evolution and maturity of this ecosystem is the growing number of startups eyeing a public listing now.
For Indian companies, achieving a public listing has for long symbolised operational progression, transparency, and long-term viability. For startups, it’s a relatively new but increasingly critical rite of passage, one that not only signals coming of age but also creates pathways for investor exits and wealth creation.
Currently, nearly 15 startups, including Zepto, Shiprocket, boAt, OYO among others, are in various stages of their IPO journey. Meanwhile, over 60 Indian new-age tech companies have already crossed the milestone and are now listed on the bourses.
The list now also includes Indian companies like MakeMyTrip, Zoomcar and Freshworks, which are listed on Nasdaq in the US.
India’s startup IPO wave reached its peak in 2025, surpassing the previous year’s momentum.
While 13 startups went public in 2024, the number has already been overtaken this year, with 18 companies making their market debut in the previous year. The list of new-age tech companies that went public in 2025 included Meesho, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs and PhysicsWallah.
The list is only expected to grow further this year. Fiive new-age companies – Aye Finance, Fractal Analytics, Amagi, Shadowfax and SEDEMAC – have already made their public market debut.
As of now, the total market capitalisation of the listed companies stands at over $130 Bn.
To consolidate all the information about listed startups, Inc42 has launched the Indian Listed New-Age Tech Company Tracker. From the movement in the shares of the companies since their listing to the financial performance of these companies, the tracker is your one-stop resource to know everything you need about the listed tech companies.
Read our methodology here.
Indian startups had gained a reputation for being “loss making” by prioritising growth at all costs and market share over immediate profitability. The trend of putting scale ahead of the bottom line was at its peak amid the funding boom of 2020-22.
While prioritising growth is not wrong for startups, especially at early stages, the start of funding winter in 2022 gave a reality check to the Indian startup ecosystem. Subsequently, startups started pushing for profitability. Giving further wings to the aggressive profitability push was the ambition to list on the exchanges.
While new-age tech companies look to turn profitable before filing their draft IPO papers, those that cross the line manage to stay in the green, data shows. About 64% of the listed new-age tech companies, 41 to be precise, are currently profitable.
In terms of profits, Sanjeev Bikhchandani-led internet company Info Edge towers over the rest. It posted a net profit of INR 962 Cr in FY25. Prominent internet companies Justdial and IndiaMART trail Info Edge in terms of profitability, raking in profits of INR 584 Cr and INR 551 Cr in FY25, respectively.
It is pertinent to mention that these companies have been listed on the bourses for years now, with Info Edge making its public market debut in 2006. While these companies trace their origin back to the 90s, a large majority of the new-age tech stocks under Inc42’s purview are about a decade old.
From a broad perspective, Inc42 data reflects that the median time taken for a startup to get listed on the bourses is 11 years. While listing for 18-year-old ixigo and 19-year-old Fino Payments Bank came relatively much later, ArisInfra’s IPO materialised within four years of its operations.
Meanwhile, the new-age tech companies that have made their public market debuts this year generally turned profitable right before their public market debuts. For instance, eyewear major Lenskart reported a net profit of around INR 297 Cr , a significant turnaround from a INR 10 Cr loss in FY24. The company maintained profitability in the first three quarters of FY26.
Urban Company also reported its first consolidated net profit of approximately INR 240 Cr for FY25, a major turnaround from losses in FY24. While it maintained profitability in Q1 FY26, the company plunged back in to the red in Q2, reporting a multifold rise in its net loss to INR 59.3 Cr.
The startup sectors producing the most number of listed companies is proportional to the private funding trends witnessed in the Indian startup ecosystem. The three most funded sectors, fintech, ecommerce and enterprise tech, also house the highest number of 11 listed startups each.
The dominance of the fintech and ecommerce sectors on the bourses is expected to continue as the likes of PhonePe, boAt and Turtlemint would soon be making their public market debuts.
Meanwhile, the number of startups hailing from other sectors is also expected to surge. For instance, the number of listed real-estate tech startups may go up to seven from six currently, with Infra.Market having filed its IPO papers confidentially with the SEBI.
While Bengaluru continues to be the startup capital of India, Delhi and its neighbouring cities Gurugram and Noida account for the most number of listed new-age tech companies. Overall, the Delhi NCR region is home to 25 listed new-age tech companies, ahead of Bengaluru’s eleven and Mumbai’s eight.
While thirteen companies, including Eternal, Delhivery, and Lenskart, call Gurugram their home, Awfis, EaseMyTrip, MapmyIndia and E2E Networks are from Delhi. Noida on the other hand is home to four listed new-age tech companies, including Paytm and IndiQube.
Delhi NCR contributes $72.5 Bn in the cumulative $130 Bn market cap of new-age tech companies.
Last updated: March 13 The Indian Listed New-Age Tech Company Tracker will be updated periodically with fresh data.
[Edited by: Vinaykumar Rai]
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