Picture this: turning a small investment into a fortune as India’s hottest startups go public! In 2025, India’s startup scene is buzzing with excitement, with 12 new-age companies filing for IPOs to raise over Rs 20,000 crore.
From Meesho’s blockbuster e-commerce plans to PhysicsWallah’s edtech revolution, this wave is reshaping Dalal Street.
why it matters, and how you can tap into this golden opportunity—all in clear, engaging language tailored for Indian investors.
- The 2025 IPO Surge: 12 startups aim to raise Rs 20,000 crore, signaling a maturing market.
- Key Players: Meesho, PhysicsWallah, Curefoods, and others leading the charge.
- Why Startups Are Going Public: Strong valuations, investor exits, and growth funding drive the rush.
- Investor Opportunities: How retail investors can benefit from this IPO boom.
- Quick Summary for Busy Readers: Key takeaways for those short on time.
- Interactive Data Insights: Visuals to compare IPO sizes, sectors, and subscription trends.
- Risks and Rewards: What to consider before investing in startup IPOs.
- Future Outlook: What this wave means for India’s startup ecosystem.
The 2025 IPO Surge: A Rs 20,000 Crore Party
India’s startup ecosystem is on fire, with 12 companies filing Draft Red Herring Prospectuses (DRHPs) in 2025 to raise over Rs 20,000 crore in primary capital, as reported by Moneycontrol on July 4, 2025.
This follows a record-breaking 2024, where 13 startups like Swiggy and Ola Electric raised Rs 29,000 crore. The 2025 wave includes diverse sectors—e-commerce (Meesho), edtech (PhysicsWallah), foodtech (Curefoods), and more—reflecting India’s maturing startup landscape.
Unlike the 2021 IPO frenzy led by consumer internet and fintech, this wave spans vertical commerce, D2C brands, logistics, and SaaS, showing broader market confidence.
Why It’s Big: India is now the third-largest IPO hub for internet companies after the US and China, with 118 DRHPs filed in H1 2025, eyeing Rs 1.6 lakh crore.
Key Players: Who’s Leading the Charge?
Here’s a look at the startups fueling this IPO boom:
- Meesho: Filed a confidential DRHP to raise Rs 4,250 crore, with total IPO size potentially hitting Rs 8,500 crore including secondary sales. Targets a September–October 2025 listing.
- PhysicsWallah: Aims for Rs 4,600 crore to expand its edtech empire, leveraging its 2 crore+ student base.
- Curefoods: Seeks Rs 800 crore to grow its cloud kitchen and foodtech ventures.
- Wakefit: Plans Rs 468.2 crore to scale its D2C home furnishing brand.
- Urban Company: Targets Rs 429 crore, capitalizing on its FY25 profit of Rs 240 crore.
- Others: Pine Labs (Rs 2,600 crore), Shadowfax (Rs 1,000–1,500 crore), Shiprocket (Rs 1,000–1,100 crore), Bluestone (Rs 1,000 crore), boAt (Rs 1,000 crore), Capillary Technologies (Rs 430 crore), and Groww.
| Company | Primary Raise (Rs Cr) | Sector | Listing Timeline |
|---|---|---|---|
| Meesho | 4,250 | E-commerce | Sep–Oct 2025 |
| PhysicsWallah | 4,600 | Edtech | Q4 2025 |
| Curefoods | 800 | Foodtech | Q4 2025 |
| Wakefit | 468.2 | D2C | Q4 2025 |
| Urban Company | 429 | Services | Q4 2025 |
Why Startups Are Going Public
Startups are flocking to IPOs for three key reasons:
- Strong Valuations: Public markets offer better multiples than private funding, with Sensex and Nifty up 13% from April 2025 lows.
- Investor Exits: Offer-for-Sale (OFS) components let early backers like SoftBank and Prosus cash out, boosting liquidity.
- Growth Funding: Fresh capital funds expansion, like Meesho’s logistics upgrades or PhysicsWallah’s offline centers. For example, Meesho’s FY24 revenue soared to Rs 7,615 crore, with losses cut to Rs 305 crore.
Investor Opportunities: Your Slice of the Pie
For retail investors, this IPO wave is a golden ticket:
- High Returns Potential: HDB Financial Services’ 13% listing gain shows IPOs can outperform. A Rs 14,800 lot yielded Rs 1,900 profit on debut.
- Diverse Sectors: From Meesho’s e-commerce to boAt’s D2C audio, there’s something for every investor.
- Retail Access: Minimum bids (e.g., 20 shares for HDB) make IPOs accessible, with apps like Zerodha simplifying applications.
- Confidential Filings: Six startups, including Meesho and Groww, used SEBI’s confidential DRHP route, signaling strategic timing for better market conditions.
Pro Tip: Check DRHPs on SEBI’s website for financials and risks before investing.
Quick Summary
- IPO Wave: 12 startups aim to raise Rs 20,000 crore in 2025, led by Meesho (Rs 4,250 crore) and PhysicsWallah (Rs 4,600 crore).
- Sectors: E-commerce, edtech, foodtech, D2C, and SaaS dominate.
- Why Now: Strong valuations, investor exits, and growth needs fuel the rush.
- Investor Gains: High listing premiums possible, as seen with HDB’s 13% debut gain.
- Risks: Market volatility and startup losses (e.g., Meesho’s Rs 305 crore FY24 loss) need caution.
- Next Steps: Apply via brokers like Zerodha; review DRHPs for informed decisions.
Risks and Rewards: What to Watch
Rewards:
- Growth Potential: Startups like Groww (Rs 1,819 crore FY25 profit) show strong fundamentals.
- Market Buzz: High subscription rates (e.g., HDB’s 16.69x) signal investor confidence.
- Diversification: Exposure to emerging sectors like edtech and logistics.
Risks:
- Volatility: Early 2025 saw a market sell-off due to high valuations.
- Profitability Concerns: Some startups, like Meesho, still report losses despite growth.
- Regulatory Hurdles: SEBI’s scrutiny of finfluencers could impact market sentiment.
Future Outlook: India’s Startup Ecosystem Evolves
India’s IPO market is set for a robust H2 2025, with experts predicting another 118 DRHPs, matching H1’s Rs 1.6 lakh crore ambition. Startups like Zepto, PhonePe, and Oyo are preparing filings, signaling more action.
India’s shift to local listings, with companies like Meesho returning from overseas domiciles, reflects confidence in domestic markets. This wave marks a new era of maturity, with startups prioritizing profitability and accountability over hype, positioning India as a global IPO hub.
