Year Round Up 2024: Indian Brands IPOs & Major Updates for This Year

2024 has been a remarkable year for India’s stock market, with a slew of exciting IPOs hitting the trading floors. From cutting-edge fintech startups to e-commerce giants, this year has proven to be one for the books when it comes to investment opportunities. But what exactly has been going on behind all these IPO buzzwords? Why should we care about these initial public offerings, and what do they mean for us, the investors and the everyday market-watchers? Well, let’s take a deep dive into the top 20 major Indian IPOs that have taken centre stage this year. Trust me, this will be a fun yet insightful ride!

1. PhonePe

Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe has evolved into one of the country’s biggest digital payments platforms. It processes nearly half of all Unified Payments Interface (UPI) transactions, making it a market leader. In 2024, PhonePe's IPO is expected to be one of the most anticipated in India. Although its initial plans were delayed, the company remains optimistic. Despite facing a net loss of Rs. 2,795.3 Cr in FY23, PhonePe's revenue shot up 77%, demonstrating a promising growth trajectory. While its IPO might take longer than expected, PhonePe is well-positioned for the future.

2. Flipkart

Founded by Binny Bansal and Sachin Bansal in 2007, Flipkart became India’s largest e-commerce platform before being acquired by Walmart. Flipkart is eyeing an IPO in 2026, following internal approvals to shift its domicile back to India. Its B2C arm, Flipkart Internet Private Ltd, reported an operating revenue of Rs. 17,907.3 Cr in FY24, a 20% increase over the previous year. Flipkart’s valuation, estimated at Rs. 2.55 Lakh Cr, makes this IPO one to watch closely.

3. OLA

Ola, founded in 2010 by Bhavish Aggarwal, has grown into a mobility giant with services in ride-hailing, food delivery, and financial services. After securing over $3.84 billion in funding, Ola is preparing for its IPO, potentially valued at Rs. 5,000 Cr. The company reported a significant reduction in losses, with operating revenue growing by 42% to Rs. 2,799.3 Cr in FY23. Ola’s IPO could be a game-changer, especially as it continues to diversify its business portfolio.

4. ixigo

ixigo, a travel search engine turned online travel aggregator, refiled its DRHP in February 2024 and made its stock market debut in June. The IPO saw a 98X subscription, with the stock listing at Rs. 138.10 on the NSE, a 48.5% premium from the issue price. Despite a decline in profit after tax (PAT) in Q2 FY25, ixigo's revenue from operations jumped 26%, highlighting the company’s resilience and growth potential in the competitive travel industry.

5. Mobikwik

Founded in 2009, MobiKwik started as a digital wallet but has since evolved into a fintech powerhouse. With its refiled DRHP in January 2024, MobiKwik’s IPO raised Rs. 700 Cr. The stock made an impressive debut, listing at Rs. 442.25, a 58.5% premium over its issue price. Despite a slight dip in net profit for Q1 FY25, MobiKwik's strong revenue of Rs. 342.2 Cr suggests a promising future for this fintech leader.

6. Unicommerce

Unicommerce, founded in 2012, has become a key player in the e-commerce SaaS market. After receiving approval from SEBI in July 2024, the company’s IPO opened with an overwhelming 168X subscription. The stock debuted at Rs. 235 on the NSE, nearly doubling from the issue price. With a net profit increase and a 13% rise in operating revenue, Unicommerce's IPO is a reflection of the expanding e-commerce ecosystem in India.

7. Smartworks

Smartworks, a leader in shared coworking spaces, filed its DRHP in July 2024 for a Rs. 550 Cr IPO. The company has grown rapidly, offering flexible and customisable workspace solutions to enterprises of all sizes. Its FY24 revenue jumped 46%, and its net loss shrank by nearly half. With a steady increase in demand for flexible office spaces, Smartworks is a promising player in the commercial real estate sector.

8. Ather Energy

Ather Energy, founded in 2013, is a leader in the electric vehicle (EV) two-wheeler space. With a Rs. 3,100 Cr IPO planned for 2024, the company is focused on scaling up its manufacturing and R&D efforts. Despite a net loss of Rs. 1,059.7 Cr in FY24, Ather’s revenue rose slightly, and it is banking on the growing demand for EVs to fuel its future. Ather Energy is poised to be a major player in India’s green mobility future.

9. PayU India

PayU India’s IPO plans are now slated for after FY26’s first quarter, but the buzz remains strong. With an 11% revenue growth to Rs. 37 billion, the company’s valuation aspirations and fintech dominance make it worth the wait. Goldman Sachs leads the charge for what could be a game-changing listing.

10. TBO Tek

TBO Tek, a B2B travel portal, made its stock market debut in May 2024, listing at a 55% premium over the issue price. The company’s solid 21% revenue growth in FY25 is a testament to its strong position in the travel tech market. TBO Tek is set to continue its expansion, helping travel agents and tour operators streamline their operations with tech-driven solutions.

11. Awfis

Founded in 2015, Awfis is a tech-enabled workspace solutions provider catering to freelancers, startups, and large corporates. The company filed its DRHP in December 2023 and received approval from SEBI in April 2024 for an IPO. Awfis went public in May 2024, with shares listing at Rs. 432.25 on the BSE, a premium of 12.8% over the issue price. The company’s operating revenue jumped by over 37.2% YoY in Q1 FY25, and it reported a profit of Rs. 2.7 crore, compared to a net loss of Rs. 8.3 crore in the same quarter the previous year.

12. TAC Infosec

Founded in 2016, TAC Infosec (also known as TAC Security) is a cybersecurity startup that has quickly gained traction. The company offers risk-based vulnerability management and penetration testing to enterprises. Backed by Vijay Kedia, TAC Infosec filed its Draft Red Herring Prospectus (DRHP) in January to list on the NSE’s SME platform. The IPO consisted of a fresh issue of 28.29 lakh equity shares, which listed on the NSE Emerge in April at a price of Rs. 290, a whopping 173.6% premium over its issue price of Rs. 106. In FY24, TAC Infosec posted a net profit of Rs. 6.33 crore, a 23% rise from Rs. 5.12 crore in FY23, while operating revenue surged by 17% to Rs. 11.84 crore.

13. OYO

Founded in 2012, OYO is one of India’s most recognised hospitality brands. Known for its budget-friendly accommodations, OYO had been gearing up for its second attempt at an IPO in 2024 after previously withdrawing its filing in 2021. The company aimed to raise between $400 billion to $600 billion, which was significantly lower than its earlier target. OYO reported a 34% reduction in its net loss for FY23, bringing it down to Rs. 1,286.5 crore. Operating revenue grew by 14%, reaching Rs. 5,463.9 crore. OYO also posted a net profit of Rs. 100 crore in FY24, a major boost for the company ahead of its public debut.

14. ArisInfra

Founded in 2021, ArisInfra is a B2B platform using AI to streamline construction material procurement. Backed by investors like PharmEasy’s Siddharth Shah, ArisInfra plans to raise Rs 579.6 crore in its IPO. The company’s technology-driven approach to construction procurement positions it as a disruptor in the sector. With approval from SEBI, the company is on track to make its debut in 2024, giving investors an exciting opportunity to tap into the construction tech space.

15. PayMate

Founded in 2006, PayMate offers a full-stack payment automation solution for SMEs and enterprises. Initially planning to raise Rs. 1,500 crore, the company refocused its IPO plans after SEBI requested an update to its DRHP in 2022. Although its IPO was delayed, PayMate’s operating revenue jumped by 11.7% to Rs. 1,350.1 crore in FY23, and the company trimmed its net loss by 3.5%, bringing it to Rs. 55.7 crore.

16. Portea Medical

Portea Medical, a healthtech startup, is founded by Krishnan Ganesh and Meena Ganesh. It offers a range of services, including physiotherapy, nursing, lab tests, and more. Portea filed its IPO papers in 2022 for an Rs. 800 crore issue, consisting of both a fresh issue of equity shares and an offer for sale. However, the company’s operating revenue declined by 3.3% to Rs. 145 crore in FY23, and it posted a net loss of Rs. 53 crore. Despite these challenges, Portea remains a key player in India’s rapidly growing healthtech sector.

17. OLA Electric

Founded in 2017, Ola Electric is one of the leading electric vehicle (EV) manufacturers in India. The company filed its DRHP with SEBI in December 2023 for an Rs. 5,500 crore IPO. Ola Electric aims to offer shares in a price band of Rs. 72-76 per equity share. After receiving approval from the markets regulator, the IPO raised Rs. 2,763 crore from anchor investors, including SBI, HDFC, and others. However, Ola Electric’s Q1 FY25 results showed a widening net loss of Rs. 347 crore, even as sales grew by 32% to Rs. 1,644 crore.

18. Swiggy

Launched in 2014, Swiggy revolutionized food delivery in India and expanded into grocery delivery with Swiggy Instamart. The Bengaluru-based company filed its DRHP for an Rs. 10,414 crore IPO in 2024, later increasing the size to Rs. 11,324 crore. The IPO, which was oversubscribed by 3.59x, raised Rs. 5,085 crore from anchor investors. Swiggy’s shares debuted on the NSE at Rs. 420, a premium of 8% over its IPO issue price. Despite posting a net loss of Rs. 2,350 crore in FY24, Swiggy’s revenue grew 36% to Rs. 11,247 crore, showing strong potential for future growth.

19. Ecom Express

Founded in 2012, Ecom Express is a logistics solutions provider catering to e-commerce platforms and D2C brands. The company filed its DRHP in August 2024, targeting an IPO of Rs. 2,600 crore. The IPO will comprise a fresh issue of Rs. 1,284.5 crore and an offer for sale of Rs. 1,315.5 crore. Ecom Express operates 3,000 delivery centres and delivers to 27,000 pin codes across India. In FY24, the company reduced its net loss by 67%, posting a loss of Rs. 255.8 crore. Its operating revenue increased by 2.15%, totalling Rs. 2,609 crore.

20. FirstCry

Founded in 2010, FirstCry is an omnichannel marketplace that sells a range of products for mothers and children, from diapers to cribs. The company refiled its DRHP in April 2024, seeking an IPO of Rs. 1,816 crore, later reducing the size of its fresh issue to Rs. 1,666 crore. The IPO was successful, and FirstCry raised Rs. 1,885.82 crore from 71 anchor investors. The company made a strong debut, with its shares listing at Rs. 651 on the NSE, a 40% premium over the issue price. FirstCry posted Q1 FY25 sales of Rs. 1,652 crore, up 10% from the previous year.

21. Zepto

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has become a household name with its 10-minute grocery deliveries. It plans to raise $450 million (approximately Rs. 3,725 crore) in its IPO, with a mix of fresh shares and an OFS component. Despite a net loss of Rs. 1,272.4 crore in FY23, Zepto’s revenues skyrocketed 14.3x to Rs. 2,024.3 crore. Clearly, convenience pays off, even if it's burning cash at the moment!

22. Zappfresh

Since 2015, Zappfresh, co-founded by Deepanshu Manchanda and Shruti Gochhwal, has been delivering farm-fresh meat in 90 minutes. In 2024, the brand transformed into DSM Fresh Foods Limited and filed for an SME IPO with 59.06 lakh equity shares. With no OFS in sight, this IPO is all about growth, aimed at acquisitions and marketing spending.

23. Ullu Digital

Ullu Digital, the OTT platform co-founded by Vibhu and Megha Agarwal, made waves this year with its IPO plans. The company is raising Rs. 135-150 crore through a fresh issue of 62.63 lakh shares, aiming to produce new content and invest in international shows. Despite some controversies surrounding its content, Ullu Digital continues to hold a 95% family ownership.

24. Go Digit General Insurance

Backed by cricket star Virat Kohli, Go Digit aims to raise Rs. 1,125 crore through fresh shares and an OFS of 5.47 crore equity shares. Despite a lukewarm market debut, the company’s Q2 FY25 profit surged by 221% to Rs. 89 crore. Its gross premiums also rose by 14.2%, showcasing strong fundamentals for long-term investors.

25. Physics Wallah

Physics Wallah, co-founded by Alakh Pandey and Prateek Maheshwari, is set to make history as India’s first edtech company to list. Targeting Rs. 400-500 million (roughly Rs. 3,300-4,125 crore), the company saw revenues soar by 234% to Rs. 779.3 crore in FY23, despite a drop in profits due to rising expenses.

26. boAt

boAt, led by Aman Gupta and Sameer Mehta, is preparing for a Rs. 2,000 crore IPO in 2025. After delaying its plans in 2022, the brand is back, targeting net profitability in FY25. While FY24 saw a net loss of Rs. 79.7 crore, boAt remains bullish on its growing market for smartwatches and audio gadgets.

27. Bira 91 

Delhi NCR’s Bira 91 has big IPO ambitions for 2026, backed by Morgan Stanley. The brand posted a 15% revenue growth to Rs. 824.3 crore in FY23, though its net losses increased to Rs. 445.4 crore. As India’s craft beer scene expands, Bira 91’s stock could be a toast to the future.

28. Avanse Financial Services

Focused on making education affordable, Avanse plans to raise Rs. 3,500 crore via its IPO. With a net profit of Rs. 342.4 crore in FY24, the NBFC has grown its revenues by 75% to Rs. 1,726.9 crore. Backed by heavyweights like Warburg Pincus, Avanse is a promising prospect for investors seeking stable returns.

29. BlackBuck

Logistics unicorn BlackBuck is raising Rs. 550 crore in its IPO, alongside an OFS of 2.16 crore shares. The company listed at Rs. 279.05 per share, slightly above its issue price of Rs. 273. With Q1 FY25 profits of Rs. 28.67 crore, BlackBuck’s turnaround story is one to watch.

30. Menhood

Jaipur-based Menhood impressed the markets with an oversubscribed IPO, listing at Rs. 96 per share, a 28% premium to its issue price. Founded in 2019, the brand has carved a niche in men’s grooming, making it a fresh addition to NSE Emerge.

31. Zetwerk

Founded in 2018, Zetwerk bridges manufacturers and vendors for industrial machine components. With revenues skyrocketing 130% to Rs. 11,448.6 crore in FY23, this unicorn plans to raise Rs. 1,000 crore in its IPO. Although it recorded losses of Rs. 108.7 crores, it's sheer growth trajectory and valuation targets in the “several billion” range make Zetwerk a must-watch.

32. Shadowfax

Shadowfax, Flipkart-backed and logistics-driven, is making waves with its planned Rs. 3,000 crore IPO. The company's losses slimmed dramatically to Rs. 11.8 crore in FY24, while revenues climbed 33% to Rs. 1,884.8 crore. With competitors like Delhivery and Ecom Express, Shadowfax stands out with its hyperlocal expertise and rapid recovery strategy.

33. Rebel Foods

Rebel Foods, the cloud kitchen unicorn behind brands like Behrouz Biryani and Ovenstory Pizza, is ready for its IPO debut. The company aims to offer partial stakes to Temasek while listing in the next 12–18 months. As it readies its Rs. 500 crore IPO, Rebel Foods is serving not just biryanis but promising financial returns.

34. Pure EV

The electric vehicle maker Pure EV is steering towards a 2025 IPO with ambitions to become India’s second listed EV company. Despite a revenue dip to Rs. 131.28 crore, the startup's innovative electric bikes and scooters hold promise in India’s booming EV market. Watch out for this Rs. 9.3 crore loss-maker as it pivots towards profitability.

35. Pine Labs

Fintech leader Pine Labs is moving its domicile back to India, eyeing a Rs. 1,000 crore IPO in FY26. With a valuation exceeding Rs. 6,000 crore and a 233% rise in net losses to Rs. 187.2 crore, its growth story remains compelling. From PoS systems to cashback solutions, Pine Labs is redefining payment experiences for Indian businesses.

36. OfBusiness

OfBusiness, a B2B marketplace for construction materials, plans a late-2025 IPO worth Rs. 1,000 crore. With revenues soaring 25% YoY to Rs. 19,296.3 crore in FY24, this startup’s growth is nothing short of extraordinary. Its Rs. 603 crore profit is the cherry on top for IPO investors.

37. Meesho

Meesho is gearing up for a Rs. 1,000 crore IPO by February 2025, making headlines with its unique social commerce model. With investors like Prosus Ventures, this Rs. 5,000 crore-valued platform is taking on Flipkart and Amazon. Its pivot to a marketplace model signals big ambitions.

38. Innoviti

Innoviti’s upcoming IPO, worth Rs. 110 crore, highlights its role in transforming Indian payments. With 48% revenue growth in FY23, the company processes Rs. 72,000 crore annually. Despite Rs. 86.56 crore in losses, Innoviti’s focus on real-time integration sets it apart in a competitive fintech landscape.

39. InMobi

India’s adtech pioneer, InMobi, is targeting a 2026 IPO at a Rs. 10,000 crore valuation. With offices worldwide, the SaaS unicorn plans to conquer the IPO market after shelving previous attempts in 2021. Its global reach and innovative solutions make this IPO a long-term gem.

40. Infra.Market

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market has quickly become a leading B2B marketplace for construction products. With over $415 million in funding from top investors like Tiger Global and Accel, the company is gearing up for an IPO to raise between Rs 500 crore and Rs 700 crore. Despite a 17% drop in net profit in FY23, the company’s revenue has skyrocketed by 90%, reaching Rs 11,846.5 crore. The IPO proceeds will help repay the company’s debt and fuel future growth, making it one to watch for the future.

41. IndiQube

IndiQube, a Bengaluru-based coworking space provider founded in 2015 by Rishi Das and Meghna Agarwal, has raised over $45 million. The company, which serves both B2B and B2C clients, is looking to raise Rs 1,000 crore to Rs 1,500 crore through its IPO. After turning profitable in FY23, IndiQube has seen its operating revenue jump 69%, showing strong growth potential. With plans to file its DRHP soon, this coworking giant is poised for a big public debut in 2024.

42. InCred

InCred, founded in 2016 by Bhupinder Singh, has raised more than $100 million from investors like Abu Dhabi Investment Authority and Moore Capital. The fintech unicorn is preparing for an IPO in 2024, aiming to raise between Rs 4,000 crore and Rs 5,000 crore. With verticals spanning retail bonds, lending, and wealth management, InCred is in a prime position to attract investors looking to diversify their portfolios. In FY24, the company reported a 162% increase in profit, showcasing its strength in the market.

43. Garuda Aerospace

Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace designs and manufactures drones for sectors like agriculture and defence. With $28.2 million in funding and backers such as Venture Catalysts, the company plans to launch its IPO post-March 2024. As the demand for drones grows in multiple industries, Garuda Aerospace is positioned for long-term success. The IPO will be a key indicator of how well this sector is expected to perform on the Indian stock market.

44. Fractal

Fractal, a leader in AI and advanced analytics founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, has raised a staggering $685 million in funding. With a valuation exceeding $2 billion, Fractal is aiming for a $500 million to $600 million IPO. The company’s operating revenue soared by 53% in FY23, and with its strong financials, Fractal is set to make a big splash when it files its DRHP by November 2024.

45. DevX

Founded in 2017, DevX offers coworking spaces and managed office solutions across India. The company filed its DRHP with SEBI in September 2024, with an IPO size of Rs 108 crore. Despite a small profit after tax (PAT) of Rs 43.7 lakh in FY24, the company has shown strong revenue growth of 55% year-on-year. With coworking becoming a staple in the modern workforce, DevX’s IPO is one that could appeal to investors looking to capitalise on this growing trend.

46. CarDekho 

CarDekho, founded in 2008 by siblings Amit and Anurag Jain, operates India’s largest online car marketplace. Having raised over $692 million, CarDekho is set to launch its IPO in 2025, aiming to raise around $500 million at a valuation of $2 billion to $2.5 billion. The company has shown impressive revenue growth, and its IPO will help fund geographic and product expansion. Despite a net loss in FY23, CarDekho remains one of the most anticipated IPOs in the Indian market.

47. Captain Fresh

Captain Fresh, founded in 2019 by Utham Gowda, operates as a B2B seafood marketplace. With over $172 million in funding, the company is planning to raise between $350 million and $400 million through its IPO. While the valuation is expected to reach up to $1.5 billion, the seafood giant has shown significant promise with an impressive network of retail outlets and seafood distributors. The company’s IPO could offer a strong entry point for investors interested in the agri-tech and food sectors.

48. BlueStone

BlueStone, founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, is an online jewellery company that has raised $184 million. The company filed its DRHP in December 2024, planning to raise over Rs 1,000 crore in its IPO. With a focus on omnichannel retailing, BlueStone is looking to expand its footprint across India. Despite a net loss in FY25, the strong growth in revenue makes it a compelling option for investors with an eye on the luxury goods market.

49. AITMC Ventures

AITMC Ventures, founded in 2016, is bringing drone technology to Indian agriculture. With 46 centres across India, this startup has shown substantial growth in its mission to improve the agricultural sector with drone technology. In FY23, it reported a revenue of Rs. 21.44 Cr and a profit of Rs. 4.81 Cr. The company filed its DRHP in October 2023 to list on the NSE Emerge. With a strong presence in agriculture, AITMC Ventures is poised to tap into the growing agri-tech space.

50. Nykaa

Nykaa has become a household name in India’s beauty and wellness industry, revolutionising how women shop for cosmetics and lifestyle products. The company is looking to raise Rs. 4,000 crore through its IPO, which will fuel its expansion plans and debt reduction. With a robust revenue growth of 60% last year, Nykaa’s profitability and market presence make it one of the most exciting IPOs of 2024. Whether you're a beauty enthusiast or an investor, Nykaa’s growth trajectory, backed by its online success and brick-and-mortar presence, makes it a standout candidate for your portfolio.

The Road Ahead – Opportunities and Growth

As we wrap up this whirlwind tour of the top 15 IPOs of 2024, one thing is clear; India’s startup ecosystem is flourishing. From fintech to retail, each brand has brought something unique to the table, showing the immense potential in India’s diverse economy. Whether you’re an investor or just a market enthusiast, these IPOs represent the future of India’s corporate landscape. If you’re considering jumping into the investment world, these IPOs could be a great starting point. Keep an eye on them for long-term growth, and don’t forget to stay updated on the latest trends in the market!