Rich exits to investors: 42 tech companies went public in 2025

Bengaluru: Tech companies have recorded 42 IPOs in 2025, a 17% increase over 36 IPOs in 2024, and a 62% rise compared to 26 IPOs in 2023, according to data from Tracxn.

Of this, new-age companies led the charge with 18 startups making their debut on the exchanges in 2025, making many early-stage investors rich. According to brokerage firm Angel One, 18 new-age tech startups raised Rs 41,283 crore through IPOs this year. 

Among these companies, seven startups are from Bengaluru including Meesho, Ather Energy, BlueStone, Capillary Technologies, Groww, Indiqube, and Wakefit. Aequs is also based out of Karnataka.

Major IPOs that got listed during the year included Meesho, Aequs, Lenskart, Ather Energy, Pine Labs, and PhysicsWallah, among others. While Urban Company saw over 60% listing gains, Meesho and PhysicsWallah witnessed 46% and 42.4% listing gains, respectively.

While the average years for these 42 tech companies to reach IPO from their first funding was 13.9, it was 9.2 in 2024. Also, the average IPO Mcap stood at $731 million, compared to $578 million in the previous year. With 10 exits, Peak XV Partners was the top investor (BlueStone), followed by Trifecta Capital with seven exits (notable exit includes Urban Company).

Inflection Point Ventures Co-Founder Ankur Mittal said 2025 has been a defining year for the startup ecosystem of India. While earlier years were about nurturing unicorns, the focus of 2025 was on realising meaningful IPOs.

“These IPOs have yielded tremendous returns for early-stage investors and early backers of young startups. These returns to early-stage investors have brought the limelight to angel investing and have inspired more people to evaluate and invest in startups and a brilliant cycle is thus created. The momentum for the years ahead is clearly building,” he said.

Recently, J P Morgan said annual IPOs worth around $20 billion have become the country’s new normal. In September this year alone, 25 companies got listed.

According to Sattva Ventures Founder Adrija Aggarwal, the market is currently seeing competition for capital, as big public listings (IPOs) pull institutional money away from private startups. To keep the ecosystem moving, secondary markets have become essential, allowing older investors to sell their stakes and reinvest that cash into newer companies.

Already, at least 20 startups have lined up for listing next year, and this includes Kuku FM, Navi, and InMobi.

Assiduus Global Founder and CEO Somdutta Singh said more Indian startups listing in 2025 matters for reasons that go far beyond market sentiment. For founders, an IPO is a structural shift in how the company is built and operated. Once listed, the business is no longer evaluated on ambition or future narratives. “It is judged on the consistency of execution, the quality of cash flows, and the ability to manage risk in full public view. One change that is often underestimated is how sharply the cost of capital comes into focus. In private markets, capital is raised episodically and largely on expectation. In public markets, capital is priced daily. Missed guidance, weak working capital controls, or operational surprises show up immediately in valuation. This forces tighter discipline on margins, capital allocation, and the true sustainability of growth,” the serial entrepreneur said.

The 2025 IPO cohort is also notable because many companies are entering the market after years of learning hard lessons around governance, compliance, and financial controls.

“These are not cosmetic changes made for listing. They fundamentally alter decision-making, accountability, and how risk is absorbed across the organisation. This maturity is critical as companies scale across geographies, regulations, and complex supply chains,” she added.