Topics
belated
AI
Amazon
Image Credits:Indranil Aditya / NurPhoto / Getty Images
Apps
Biotech & Health
clime
Image Credits:Indranil Aditya / NurPhoto / Getty Images
Cloud Computing
DoC
Crypto
Enterprise
EVs
Fintech
fund-raise
Gadgets
stake
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
privateness
Robotics
certificate
societal
blank space
inauguration
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
India has buck the global style in initial public offering this year , establish itself as a rare bright smirch for tech listings while other major market face continued headwind . The earth ’s most thickly settled nation is now prepare for an even more substantial wave of startup IPOs in 2025 .
More than 20 inauguration are make to number next year , according to multiple sources intimate with the programme . These include concern - to - business organisation marketplaces Infra . Market and Zetwerk , farm - to - grow speculation Captain Fresh , professional religious service marketplace Urban Company , jewelry retailer Bluestone , security firm OneAssist , and offline - to - online retailer Magicpin .
Quick - commerce startupZepto , manage workspace provider Table Space , and industrial good weapons platform OfBusiness are also contrive to lodge for IPOs next year . Additional companies eye public listings include Rebel Foods , logistics house Porter , e - mercantilism platform Meesho , investment app Groww , mattress seller Wakefit , auto platform CarDekho , SaaS company Capillary , and payment business firm Pine Labs , though some listing may pass into 2026 .
If they go through as planned , the companies will join a wafture that ’s been gaining momentum . Already 12 startups , including seven technology firms , have gone public in 2024 in India , making it the only major grocery to show consistent growth in listing over the past decade , according to PitchBook data point .
This performance stand in stark line to other leading markets . The U.S. has immortalize 22 speculation - backed tech IPOs this year , almost monotone from the 21 technical school IPOs of 2023 and lessen significantly forgetful of 53 listing the U.S. market place saw in 2020 . China ’s tech IPO momentum has similarly waned , with 56 itemisation this year compare to 117 in 2022 . Europe has managed just one more technical school IPO than India , while the U.K. market has remained sleeping , with no tech listings in 2024 .
“ The initial offering markets have been opening slower than we expected in March , ” Morgan Stanley analyst write in a recent government note . “ Even having ‘ got fit ’ since 2022 , many unicorns still persist unprofitable businesses . ”
Native American food bringing platformSwiggy ’s $ 1.35 billion listingthis month is the with child global technical school IPO this year , according to JPMorgan ’s analysis .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
speak with TechCrunch , Anand Daniel , a partner at Accel whose firm go through two portfolio companies list this month , observed that “ India is fast becoming a bright hub for tech IPOs driven by its strong capital markets and a thriving invention ecosystem that continues to attract substantial investor interest group . ”
The shift is a substantial one for the Amerind grocery , which has historically struggled with exit opportunity and confront skepticism from domesticated institutional and retail investors regarding loss - making companies going public .
JPMorgan ’s India brain of equity capital markets , Abhinav Bharti , assign India ’s singular position to several broker : macroeconomic growth , increasing domesticated majuscule , and political stability .
“ No other nation globally provides you with this much political certainty and persistence of insurance policy , ” he state TechCrunch in an interview . “ you may argue against a insurance decision , but you may not fence against the fact that they have been ordered . ”
The growth in India ’s capital market has been especially noteworthy . “ What else has originate is in reality the runniness , which is a multiple of the market maturation , ” Bharti said . “ If you depend at 2019 to 2024 , full - year averages , the market cap has double . We were at about $ 2.6 to $ 2.7 trillion . We are now at $ 5.2 trillion to $ 5.3 trillion . In the same period , the day-by-day liquidity has tripled , from $ 5 billion to $ 15 billion . ”
The spate in IPO preparations come amid a retardation in private mart dealmaking . “ The quiet environment and additional examination from VCs forced startups to let go of their peak 2021 valuations , ” said a partner at one of the largest venture capital firms in India who ask not to be nominate . “ But more interestingly , it also forced them to improve their finance . The result is that many inauguration in 2021 that want to become ‘ IPO ready ’ in 5 years are already there . ”
In plus to Zepto , TableSpace , and others , Prosus - possess PayU recentlyannounced plans for a 2025 itemization , while pharmaceutic e - commerce platform PharmEasy is preparing for an IPO following significant restructuring this year . fiscal services firm MobiKwik is also project to list next year .
Tech companies and health care house represent more than 50 % of the S&P 500 Index . The same house account for less than 20 % on India ’s bench mark Nifty 50 . There ’s a lot of elbow room for increase for tech companies in India , said Bharti .
