2024 has been a landmark year for Indian startups, with 13 companies raising almost ₹30,000 crore through initial public offerings (IPOs). This surge highlights the growing strength of India’s tech-driven economy, paving the way for a vibrant startup ecosystem. From fintech to e-commerce, the IPOs spanned diverse sectors, underlining investor confidence and the promise of sustainable growth.
The rise of Indian startup IPOs in 2024
India witnessed a record 13 startup IPOs in 2024, a sharp increase compared to 6 each in 2023 and 2022. These IPOs raised a total of ₹29,247.4 crore, comprising ₹14,672.9 crore through fresh issues and ₹14,574.5 crore via offers for sale (OFS). This strong performance reflects a maturing market and an appetite for innovation among investors.
Key players and sectors
Top IPO performers
Major IPOs included:
- Swiggy: ₹11,327.43 crore
- Ola Electric: ₹6,145.56 crore
- FirstCry: ₹4,193.73 crore
- Digit Insurance: ₹2,614.65 crore
- TBO Tek: ₹1,550.81 crore
Trust Fintech, TAC Security, and Menhood made waves on the SME front by raising ₹63.45 crore, ₹29.99 crore, and ₹19.46 crore, respectively.
Fresh issues vs offers for sale
Capital for growth vs shareholder exits
Several IPOs, such as MobiKwik, focused entirely on raising growth capital through fresh issues. On the other hand, companies like Unicommerce, Ixigo, and Swiggy leaned heavily on OFS, enabling early investors to exit.
Subscription trends
Investor enthusiasm
The IPOs saw varying levels of subscription:
- Unicommerce: 168.39x
- MobiKwik: 119.38x
- Awfis: 108.56x
- TAC Security: 280.68x
However, larger IPOs like Swiggy (3.59x) and BlackBuck (1.86x) saw moderate interest.
Listing gains
Winners on the exchange
TAC Security led with a staggering 173.58% listing gain, followed by Unicommerce (117.59%) and MobiKwik (57.71%). Notably, Ola Electric debuted flat, reflecting cautious sentiment despite its large IPO size.
What lies ahead for Indian startups?
Promising Pipeline
With nearly 50 startups, including PhysicsWallah, Pine Labs, and Zepto, planning IPOs, 2025 is set to continue the momentum. Key sectors like fintech, e-commerce, and proptech are expected to dominate the landscape.
Indian startups are solidifying their place in the public markets, reflecting the potential of the nation’s innovation ecosystem. As IPOs gain traction, corporate governance and sustainable valuations will ensure long-term success.
