In 2025, Dalal Street—the heart of India’s financial markets—became a haven for entrepreneurs. Eighteen Indian startups went public, raising a record-breaking ₹412.48 billion from the open market.
This surge was fueled by favorable macroeconomic conditions and regulatory support. Strong GDP growth projections bolstered investor confidence, while reforms introduced by the Securities and Exchange Board of India (SEBI) played a pivotal role. For instance, the streamlining of the Draft Red Herring Prospectus (DRHP) submission process reduced red tape, and more flexible rules regarding Employee Stock Ownership Plans (ESOPs) allowed founders to retain significant equity stakes.
Retail investors also fueled this momentum, with the number of demat (securities) accounts surpassing the 200 million mark. Last year, the Offer for Sale (OFS) component dominated public offerings, providing liquidity to early-stage backers of these emerging tech companies. Post-listing performance followed a familiar pattern: investors favored companies that prioritized profitability, sustainable growth, and corporate governance over mere hype.
“Beyond the readiness startups have demonstrated in terms of unit economics, an increasing number of founders are committing to building businesses for the long haul—spanning decades—and expanding by tapping into adjacent profit pools. The public markets have rewarded this approach handsomely,” noted Ashish Kumar, Co-founder and General Partner at Fundamentum Partnership.
Building on this momentum, 15 emerging tech companies have already debuted on Dalal Street so far this year. Among them, ESDS Software Solution, Klassroom, RentoMojo, SEDEMAC, Kissht, LEAP India, and Shiprocket delivered strong performances in their stock exchange debuts.
The IPO market remains robust; 27 startups have already filed their Draft Red Herring Prospectuses (DRHP) with SEBI, while another 25 companies are in the final stages of finalizing their own IPO plans. Three unicorn companies alone—OYO, Razorpay, and Zetwerk—could potentially raise over ₹340 billion in 2026, making it one of the biggest years for startup IPOs.
However, 2026 may also bring a recalibration, as investors—when backing emerging tech companies—are expected to prioritize those with strong fundamentals, robust profitability, and low cash burn.
Rehan Yar Khan, Managing Partner at Orios Venture Partners, told Inc42: “By 2026, the success of startups preparing for an IPO will increasingly depend on their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline—rather than just superficial growth. Public market investors will place greater emphasis on corporate governance, capital efficiency, and long-term value creation, favoring companies that strike a balance between scale and financial soundness.”
Furthermore, other challenges persist. Retail subscription levels have seen a general decline, while Foreign Institutional Investors (FIIs) have been withdrawing capital—a trend reflecting caution driven by geopolitical tensions and lackluster performance in the secondary markets. The ongoing conflict in West Asia has added further complexity to the situation.
Nevertheless, the overall outlook for IPOs among emerging tech companies remains positive. With mature business models, deeper domestic capital pools, and an evolving regulatory framework that promotes transparency, India is cementing its position as a leading hub for startup IPOs.
With many companies gearing up for their market debuts, we have compiled a list of Indian emerging tech firms planning to list on Dalal Street later this year. But before we dive into that list, let’s take a look at the latest developments in the Indian IPO market:
Latest Updates:
Hunger Pangs, the parent company of Burma Burma, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The offering will include a fresh issue of shares worth up to ₹1.5 billion, alongside an offer for sale (OFS) of up to 28 million existing shares. The Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of fitness chain Cult.fit. The IPO comprises a fresh issue of shares worth up to 9.5 billion rupees, alongside an offer for sale of up to 179 million existing shares.
The 8.52 billion rupee IPO of defense technology firm Tonbo Imaging was oversubscribed 7.78 times by the end of the second day of the subscription period.