Startup IPOs hit record Rs 41,248 Cr in 2025, 2026 pipeline strong

Eighteen Indian startups listed on stock exchanges in 2025, raising a record Rs 41,248 crore from public markets, Inc42 reports. The surge was driven by SEBI reforms including simplified DRHP filings and flexible ESOP rules, along with robust GDP growth and retail investor participation as demat accounts crossed 20 crore.

However, most startup listings in 2026 so far have been flat or lacklustre, barring a few like Klassroom and Kissht. Foreign institutional investors are pulling back amid geopolitical tensions and muted secondary market performance. Yet the IPO pipeline remains strong: 30 startups have filed DRHPs, and over 24 are finalising plans. Unicorns OYO, Razorpay and Zetwerk alone could raise over Rs 34,000 crore this year, Inc42 says.

Business Today notes that India's startup ecosystem is shifting from software to deep tech, with Gen Z founders competing globally and venture capital focusing on homegrown innovation. Investors in 2026 will prioritise profitability, predictable cash flows and governance over headline growth, according to Orios Venture Partners' managing partner Rehan Yar Khan.