Indian Startup IPO: 5 High-Growth Listings to Watch in 2025

India’s capital markets are entering a new era, with the rise of the Indian startup IPO wave in 2025. The enthusiasm is palpable—investors are no longer wary of tech-driven business models, and startups are evolving from cash-burning ventures to financially sound, scalable businesses.

Backed by favorable regulatory changes, rising retail investor participation, and improved transparency in public disclosures, several Indian startups are now preparing to hit the primary markets.

In this article, we explore five high-profile startups expected to launch their IPOs in 2025, while also examining recent IPO performances and what they mean for investors.

Table of Contents

A Look Back: How Have Indian Startup IPOs Performed?

The performance of past Indian startup IPOs offers a mixed bag of lessons. While companies like Zomato and Policybazaar have delivered handsome returns, others such as Paytm and Delhivery have faced significant drawdowns post-listing.

Startup	IPO Year	IPO Price (INR)	Current Price (INR)	Return Since IPO
Zomato	2021	76	261	+243%
Nykaa	2021	1,125	198	~0% (after bonus)
Paytm	2021	2,150	930	-56%
Delhivery	2022	487	389	-20%
Policybazaar	2021	980	1,794	+83%
Swiggy	2024	390	383	-2%

This track record highlights two critical takeaways:

IPO pricing matters: Many startups price aggressively, leaving little on the table for IPO investors.
Business fundamentals rule: Companies with strong unit economics and growth visibility tend to outperform.

What Makes the 2025 Startup IPO Scene Exciting?

The upcoming Indian startup IPO environment is being shaped by several macro and micro trends:

Digital India momentum: More Indians than ever are online, investing, and transacting digitally.
Stronger compliance: SEBI regulations have become more robust, enforcing greater disclosure standards.
Mature business models: Startups are entering the market with improved profitability and product-market fit.
Global liquidity returning: Institutional capital is slowly making its way back to emerging markets like India.

Let’s dive into five startup IPOs that are making headlines in 2025.

1. Groww Invest Tech: The Fintech Powerhouse

Founded in 2016, Groww began as a mutual fund investment platform and has now evolved into a full-fledged online brokerage and wealth-tech provider.

IPO Size: Estimated at US$700 million (approx.)
IPO Composition: Combination of fresh issue and Offer for Sale (OFS)
Status: DRHP awaited; launch expected by late 2025

Groww’s user-friendly interface, strong mobile penetration, and simplified investing experience have earned it a leading position in the fintech space. As of January 2025, Groww was the #1 stock broker by active NSE clients.

Its IPO will likely attract tech-savvy retail investors looking to ride the digital investment wave. However, valuation will be key to investor appetite.

2. Urban Company: Tech-Enabled Home Services

Urban Company (formerly UrbanClap) has emerged as India’s largest home services platform, offering everything from salon and spa services to AC repair and pest control.

IPO Size: Rs 19 billion
IPO Composition: Rs 4.29 billion fresh issue + Rs 14.71 billion OFS
Backers: Accel, Elevation Capital, Tiger Global

The company’s value proposition lies in its training academy, verified professionals, and end-to-end quality control. With India’s home services market poised to grow to Rs 83 billion by 2029, Urban Company is well-positioned to benefit.

The upcoming Indian startup IPO offers exposure to an underpenetrated yet high-potential sector.

3. Meesho: E-Commerce for the Masses

Meesho’s zero-commission model for small sellers has made it a force to reckon with in Tier 2 and Tier 3 cities. It currently boasts 100+ million active users and a growing seller base.

IPO Size: Rs 85 billion
IPO Composition: Rs 42.5 billion fresh issue + remaining through OFS
Launch Timeline: Expected in Q3 FY25

Backed by SoftBank, Meta, and Peak XV Partners, Meesho plans to use the proceeds for market expansion and AI-led tech improvements.

In 2024, it launched a generative AI voice bot managing 60,000+ daily customer support calls in Hindi and English. For investors looking at inclusive digital commerce, Meesho’s IPO could be a strategic play.

4. PhysicsWallah: Disrupting the Edtech Model

PhysicsWallah is one of the few profitable names in India’s edtech universe. It offers coaching for competitive exams (JEE, NEET, UPSC) and school-level education, primarily targeting Bharat—Tier 2 and Tier 3 cities.

IPO Size: Estimated at Rs 42.8 – 46 billion
Business Model: Hybrid (freemium online + offline centers)
Challenges: Heavy spending on expansion has hurt margins in FY24

PhysicsWallah’s Indian startup IPO will be the first of its kind in the education space. Given its scalable model, loyal user base, and affordability focus, investor interest is expected to be high.

5. Wakefit Innovations: Sleep to Furniture Giant

From selling mattresses online to becoming a full-scale home solutions brand, Wakefit’s journey reflects India’s booming D2C (Direct-to-Consumer) economy.

IPO Size: Rs 15 – 20 billion
IPO Composition: Rs 4.68 billion fresh issue + ~58.3 million shares OFS
Use of Funds: Retail expansion, manufacturing upgrades, marketing

Currently present in 30+ cities with 80+ stores and 5 factories, Wakefit combines tech-enabled logistics with product innovation.

Its IPO is scheduled for July 2025, making it one of the first major consumer-focused listings of the year.

Conclusion: Indian Startup IPOs Are Evolving

2025 is shaping up to be a blockbuster year for Indian startup IPOs. From fintech and edtech to e-commerce and home services, the diversity of sectors is refreshing. What’s more, most of these startups are entering public markets with better revenue metrics, improved compliance, and a clear roadmap to profitability.

However, IPO investing in startups still requires caution. Investors should evaluate:

The valuation vs profitability trade-off
Use of proceeds and capital efficiency
Competitive advantages and scalability

After a historic 2024, where 13 startups raised nearly Rs 290 billion, 2025 may double that figure. Whether you’re a retail investor or an institutional player, staying informed and doing your due diligence will be key to capitalizing on this IPO wave.

The Indian startup IPO space is no longer just about growth. It’s about sustainable, inclusive, and technology-led transformation—and the best time to watch it unfold is now.

FAQs on Indian Startup IPOs in 2025

1. What are the top Indian startup IPOs to watch in 2025?
Top IPOs expected in 2025 include Groww, Urban Company, Meesho, PhysicsWallah, and Wakefit Innovations.

2. How many Indian startup IPOs are expected in 2025?
Around 25 Indian startups are projected to go public in 2025, raising over ₹550 billion collectively.

3. What is the outlook for Indian startup IPOs in 2025?
The outlook is positive, with strong investor interest and better-quality companies entering the public market.

4. How have past startup IPOs in India performed?
Mixed results—Zomato and Policybazaar delivered strong returns, while Paytm and Delhivery underperformed.

5. Is Groww launching an IPO in 2025?
Yes, Groww Invest Tech is expected to launch a $700 million IPO, combining fresh issuance and OFS.

6. When is the Meesho IPO expected to launch?
Meesho’s IPO is likely to go live around September–October 2025, with an estimated size of ₹85 billion.

7. What makes the PhysicsWallah IPO unique?
PhysicsWallah is the first pure-play edtech startup to file for an IPO in India, targeting ₹42–46 billion.

8. Will Urban Company list on the stock exchange in 2025?
Yes, Urban Company has filed its DRHP and plans a ₹19 billion IPO, backed by global investors like Tiger Global and Accel.

9. What is the IPO size of Wakefit Innovations?
Wakefit’s IPO is estimated between ₹15–20 billion, with proceeds aimed at store expansion and manufacturing upgrades.

10. Are Indian startup IPOs suitable for long-term investors?
It depends on the company’s fundamentals. While some offer high growth potential, thorough research is essential.

11. What sectors are leading the Indian startup IPO trend in 2025?
Key sectors include fintech, edtech, e-commerce, D2C retail, and home services—driven by digital adoption and urban demand.

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