Year Round Up 2025: Indian Brands IPOs That Defined the Year

The year 2025 marked a strong comeback for tech startup IPOs in India, reopening the public markets for venture-backed companies after years of uncertainty. As many as 18 startups made their Dalal Street debut, collectively raising Rs. 41,248 crore, a sharp jump from around Rs. 29,000 crore raised in 2024. Consumer internet, fintech, SaaS, and EV startups dominated the listings, with offer-for-sale (OFS) components accounting for nearly 52% of the total capital raised. This clear tilt towards OFS underscored how 2025 functioned as a long-awaited exit window for early investors, venture capital funds, and private equity players.

Fresh Issue vs OFS: Growth Capital or Exit Window?

A closer look at the 2025 IPO cohort reveals a market slightly skewed toward liquidity events rather than pure growth fundraising. Of the total Rs. 41,248 crore raised, Rs. 21,474 crore came via OFS, compared to Rs. 19,810 crore through fresh issues. Large consumer-facing startups such as Lenskart, Groww, and Meesho leaned heavily on OFS, signalling partial exits for existing shareholders. In contrast, companies like PhysicsWallah, Ather Energy, and Pine Labs raised a greater share through fresh capital, pointing to continued investment in expansion, technology, and long-term scale.

IPO Subscription: Big Brands, Bigger Demand

Subscription trends in 2025 showed a clear bias toward familiar, consumer-facing platforms. Urban Company emerged as the most subscribed IPO of the year at nearly 109x, followed by Aequs at 102x and Groww at 79x. On the other end of the spectrum, ZappFresh (1.36x) and WeWork India (1.15x) struggled to attract strong investor demand. The disparity highlighted how brand recall, business clarity, and market timing played a crucial role in investor appetite.

IPO Listing Gains: Winners and Laggards on Day One

Listing-day performance largely mirrored subscription levels. Urban Company (58%), Meesho (46%), and PhysicsWallah (33%) delivered strong debut gains, while even smaller issues like ZappFresh surprised with a 20% jump. However, not all listings enjoyed a smooth debut. IndiQube (-9%), ArisInfra (-8%), Capillary Technologies (-3%), and Lenskart (-1.7%) opened in the red, reminding investors that hype does not always translate into listing-day returns.

Investors Cash In: Bumper Returns for Early Backers

For early-stage investors, 2025 proved to be a blockbuster exit year. Kauffman Fellows clocked a staggering 196x return in Groww, while Y Combinator earned 109x in Meesho and Peak XV delivered 39.5x in Pine Labs. Premji Invest also booked close to 17x returns in Lenskart. Peak XV stood out as one of the most consistent performers across the IPO cohort, generating multiple high-return outcomes and sitting on over Rs. 30,000 crore worth of holdings in listed companies.

Returns Since Listing: Who Held Up Post-Debut?

Post-listing performance painted a more nuanced picture. Ather Energy emerged as the biggest outperformer, delivering over 103% gains since listing, driven by improving operating metrics and rising EV demand. Groww (29%) and Capillary Technologies (20.38%) also posted steady gains. Meanwhile, stocks such as Urban Company (-23%), IndiQube (-7.41%), WeWork India (-9.18%), and PhysicsWallah (-8.97%) traded below their issue prices, reflecting the pressures of quarterly scrutiny and public market expectations.

Stock prices are as of today, and may have changed thereafter.

1. Ather Energy

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is a leading electric two-wheeler manufacturer focused on premium scooters and charging infrastructure. The company launched a Rs. 2,981 crore IPO in 2025, including a fresh issue of Rs. 2,626 crore and an OFS of Rs. 355 crore. The proceeds were largely earmarked for capacity expansion, R&D, and strengthening its fast-charging network. Despite being loss-making, Ather’s IPO underlined sustained investor interest in India’s EV ecosystem.

2. IndiQube

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube provides managed and flexible office spaces to enterprises and startups. Its IPO was sized at Rs. 700 crore, with a fresh issue of Rs. 650 crore and an OFS of Rs. 50 crore, indicating a growth-focused capital raise. The listing reflected steady demand for hybrid workplace solutions across India’s major business hubs. IndiQube’s model emphasises long-term enterprise clients rather than short-term coworking users.

3. Smartworks

Founded in 2016 by Neetish Sarda, Smartworks is an enterprise-focused coworking and managed office space provider. The company raised Rs. 582.5 crore via its IPO, consisting of a fresh issue of Rs. 445 crore and an OFS of Rs. 137.5 crore. Smartworks caters largely to mid and large enterprises, differentiating itself from traditional coworking players. Its listing highlighted renewed confidence in office space demand post-pandemic.

4. Urban Company

Founded in 2014 by Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, Urban Company operates a technology-enabled home services marketplace. Its Rs. 1,900 crore IPO included a fresh issue of Rs. 472 crore and a sizable OFS of Rs. 1,428 crore, making it one of the year’s biggest consumer internet listings. The heavy OFS component reflected early investors and founders partially exiting. Urban Company’s IPO showcased investor confidence in asset-light, service-led platforms.

5. WeWork India

WeWork India, the Indian franchise of the global coworking brand, went public with a Rs. 3,000 crore IPO. The issue was structured entirely as an offer for sale, with no fresh capital raised. The listing allowed existing shareholders to monetise their holdings while keeping operations capital-neutral. Despite global concerns around the WeWork brand, the Indian business benefited from strong occupancy in premium office locations.

6. Lenskart

Founded in 2008 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi, Lenskart is India’s largest omnichannel eyewear retailer. The company launched a massive Rs. 7,278 crore IPO, including a fresh issue of Rs. 2,150 crore and an OFS of Rs. 5,128 crore. Funds were allocated towards store expansion, technology, and international growth. Lenskart emerged as the largest startup IPO of 2025 by size.

7. Groww

Founded in 2016, Groww is a digital investment platform catering to India’s growing base of retail investors. Its IPO stood at Rs. 6,632 crore, with a fresh issue of Rs. 1,060 crore and an OFS of Rs. 5,572 crore. The listing reflected rising financialisation and increased equity participation among young Indians. Groww’s IPO was one of the most closely tracked fintech listings of the year.

8. Pine Labs

Founded in 1998, Pine Labs provides merchant payments, POS solutions, and financial services infrastructure. The company raised Rs. 3,900 crore through its IPO, including a fresh issue of Rs. 2,080 crore and an OFS of Rs. 1,820 crore. Pine Labs stood out as a mature, enterprise-focused fintech with a strong offline merchant network. Its listing reinforced investor appetite for B2B fintech platforms.

9. Capillary Technologies

Founded in 2008, Capillary Technologies is a SaaS company offering customer loyalty and engagement solutions to retailers. Its IPO size was Rs. 877.5 crore, with a fresh issue of Rs. 345 crore and an OFS of Rs. 532.5 crore. The listing brought attention back to India’s SaaS sector after a muted period. Capillary’s revenue model is largely subscription-driven with global clients.

10. PhysicsWallah

Founded in 2016 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah is an affordable edtech platform focused on competitive exam preparation. The company launched a Rs. 3,480 crore IPO, dominated by a fresh issue of Rs. 3,100 crore, with a smaller OFS of Rs. 380 crore. The proceeds were aimed at content expansion, technology, and offline centres. PhysicsWallah became one of the rare edtech companies to successfully go public.

11. ZappFresh

Founded in 2015, ZappFresh operates in the fresh meat and seafood delivery segment. Its IPO was relatively small at Rs. 59 crore, consisting entirely of a fresh issue. The listing highlighted cautious public market sentiment towards niche consumer startups. ZappFresh used the funds primarily for working capital and supply chain expansion.

12. Meesho

Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho is a social commerce platform enabling small sellers across India. The company launched a Rs. 5,421 crore IPO, including a fresh issue of Rs. 4,250 crore and an OFS of Rs. 1,171 crore. The IPO marked a major milestone for value-driven e-commerce focused on tier-2 and tier-3 markets. Meesho was among the biggest startup listings of the year.

13. Wakefit

Founded in 2016, Wakefit is a D2C brand focused on mattresses, furniture, and sleep solutions. Its IPO size stood at Rs. 1,289 crore, with a fresh issue of Rs. 377 crore and an OFS of Rs. 912 crore. Wakefit’s listing reflected growing investor confidence in scaled D2C brands with offline presence. The company used proceeds to expand manufacturing and retail footprint.

14. BlueStone

Founded in 2011 by Gaurav Singh Kushwaha, BlueStone is an omnichannel jewellery retailer. The company raised Rs. 1,541 crore, including a fresh issue of Rs. 820 crore and an OFS of Rs. 721 crore. BlueStone’s IPO highlighted the formalisation of India’s jewellery market. It also showcased how digital-first brands are disrupting traditional categories.

15. DevX

Founded in 2017, DevX provides managed office spaces and enterprise infrastructure solutions. The company launched a Rs. 143 crore IPO, structured entirely as a fresh issue. The capital was aimed at expanding its footprint across new cities. DevX was one of the smaller but growth-focused listings of the year.

16. Aequs

Founded in 2007, Aequs operates in aerospace, defence, and precision manufacturing. Its IPO was sized at Rs. 922 crore, including a fresh issue of Rs. 670 crore and an OFS of Rs. 252 crore. The listing highlighted rising investor interest in India’s manufacturing and defence supply chain. Aequs benefited from long-term global contracts.

17. Zelio

Zelio operates in the electric mobility segment, focusing on electric scooters and last-mile solutions. The company raised Rs. 78 crore, with a fresh issue of Rs. 63 crore and an OFS of Rs. 15 crore. Zelio’s IPO was among the smallest of 2025 but reflected early-stage EV participation in public markets. The funds were directed toward product development and distribution.

18. ArisInfra

Founded in 2021, ArisInfra is a construction materials and infrastructure procurement platform. The company closed the IPO calendar with a Rs. 500 crore IPO, consisting entirely of a fresh issue. ArisInfra’s listing highlighted investor interest in tech-enabled infrastructure and construction supply chains. It marked one of the youngest startups to go public in 2025.

Upcoming IPOs: A Crowded Calendar Ahead

Looking ahead, the IPO pipeline for 2026 appears even more crowded. Over 20 tech startups are expected to hit the markets, including PhonePe, Zepto, Infra.Market, Zetwerk, Fractal Analytics, Amagi, Shiprocket, Shadowfax, Boat, Curefoods, InCred, Captain Fresh, and Moneyview. With a broader sector mix and several late-stage, scaled businesses lining up, the coming year could mark a decisive phase for India’s startup IPO ecosystem. However, concerns around financial quality, valuation logic, and sustainability remain, underscoring the need for retail investors to focus on long-term fundamentals rather than short-term listing pops.