India’s startup ecosystem is preparing for a fresh wave of public listings in 2025. After FY24 saw 76 mainboard IPOs, FY25 is tracking slightly higher at around 80, with the spotlight shifting to high-growth startups across fintech, edtech, and consumer internet. The last cycle of new-age startup listings delivered mixed outcomes—some created strong shareholder value while others stumbled, so this year’s pipeline is being approached with greater caution and sharper focus on fundamentals.
The shortlist: five names preparing to list
1) Groww Invest Tech (online brokerage & investing)
What’s in the pipeline: Market chatter pegs a potential raise near US$700 million, with the issue likely tilted towards an offer for sale (OFS) alongside a smaller fresh issue. Founded in 2016, Groww expanded from mutual funds into equities, ETFs, intraday, IPO applications and more. The company cites NSE data to claim the #1 position by active clients as of 31 January 2025.
Significance: A broader retail investor base, UPI rails and low data costs have created a durable tailwind for digital broking and penetration is still low versus developed markets. The swing factor is pricing discipline at IPO.
2) Urban Company (home & beauty services marketplace)
What’s in the DRHP: A book-built issue of about ₹19 billion, ₹4.29 billion fresh issue plus ~₹14.71 billion via OFS by existing investors including Accel, Elevation and Tiger Global. The platform spans home salon and wellness, deep cleaning, appliance repair, plumbing/electrical work and even personal training.
Sector context: India’s home-services market is projected to rise from ~₹50 billion (2024) to ~₹83 billion by 2029, powered by urbanisation and digital adoption. For investors, the watch-items are unit economics by category and the platform’s quality controls as it scales.
3) Meesho (e-commerce for small sellers & resellers)
What’s planned: An IPO of ~₹85 billion, including a fresh raise of ~₹42.5 billion; listing targeted around September–October 2025. Meesho reports 100+ million active users and strong penetration in Tier-2+ cities. It deploys AI/ML for recommendations, pricing and support; in 2024 it rolled out a generative-AI voice bot handling ~60,000 calls daily in English and Hindi.
What to track: Growth versus service quality, and competitive intensity against larger marketplaces. Balance-sheet strengthening via the fresh issue is aimed at expansion.
4) PhysicsWallah (edtech)
Deal contours: Planning an IPO of roughly ₹42.8-46 billion. PW runs a freemium + hybrid model aimed at affordability, especially for Tier-2/3 students, spanning school curricula, competitive exams (JEE, NEET, UPSC) and skills.
Investor lens: Rapid scale-up brought strong revenue growth but losses in FY24. The question for public investors is the path to sustainable profitability while preserving low-cost access.
5) Wakefit Innovations (sleep & home solutions)
Where it stands: DRHP filed. The proposal includes a fresh issue of ~₹4.68 billion and an OFS of ~58.3 million shares. The company has indicated use of proceeds for retail expansion (117 new COCO stores plus one jumbo store), manufacturing upgrades, leases, marketing and general corporate needs. Indicatively, the listing was guided for July 2025.
Business footprint: Portfolio spans mattresses (including smart-sleep tech), furniture and home furnishings, sold via own website, marketplaces and ~80+ stores across 30+ cities; manufacturing across five plants in Bengaluru, Hosur and Sonipat.
Why this cycle looks different
- Quality over quantity: Deals are skewing toward companies with proven revenue and clearer category leadership rather than top-line growth alone.
- Learnings from 2021–24: The last wave showed a split outcomes table, Zomato among the winners, Paytm and others testing investor patience, pushing today’s issuers to tighten disclosures and investors to demand better pricing.
- Depth of pipeline: After a record 2024 (13 startups raised nearly ₹290 billion), 2025 is expected to be bigger still, with ~25 startups potentially raising over ₹550 billion, underscoring buoyant sentiment but also raising the bar on selectivity.
How to read these IPOs as an investor
- Start with the DRHP: Focus on revenue mix by product/category, cohort-level retention, and movement in take rates or contribution margins. Track cash-flow from operations, not just headline revenue.
- Watch governance and related-party transactions: Especially critical for platforms with complex seller or partner ecosystems.
- Pricing discipline matters: “Leaving little on the table” has been common in recent tech floats. If the offer bakes in forward-looking perfection, pass and revisit post-listing.
The 2025 startup-IPO slate, fronted by Groww, Urban Company, Meesho, PhysicsWallah and Wakefit, captures India’s digital economy at scale, not just at promise. The filings outline sizable raises and clear expansion plans; the investment case will ultimately hinge on unit economics, governance and issue pricing. Selectivity is not cynicism; it’s a strategy that worked (and saved) investors in the last cycle and will likely separate winners again this year.
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