The year 2025 is set to be monumental for the Indian startup ecosystem, with several high-profile companies planning their public debut. These IPOs not only signify the maturing of India’s entrepreneurial landscape but also provide investors with opportunities to participate in the growth of these innovative companies. Here’s a detailed list of the major startup IPOs expected in 2025.
1. Ather Energy
Ather Energy, a prominent name in the electric vehicle (EV) sector, is gearing up for its much-anticipated IPO in 2025. The company, known for its premium electric scooters, plans to raise ₹4,500 crore through a combination of fresh issue of shares and an offer for sale by existing stakeholders.
As the first EV company to go public since Ola Electric’s listing in 2024, Ather Energy’s IPO is set to redefine the EV space on the Indian stock exchanges. With growing demand for sustainable mobility solutions, Ather’s robust market positioning and innovation-driven approach make it a hot topic among investors.
2. boAt (Imagine Marketing Ltd.)
boAt, India’s leading audio and wearables brand, is preparing to launch its IPO, targeting a valuation between $300 million and $500 million. After delaying its initial public offering plans in 2022 due to unfavorable market conditions, boAt is now ready to go public in 2025.
Known for its affordable, high-quality products, boAt has captured a significant share of India’s consumer electronics market. Its IPO is expected to attract considerable interest from retail and institutional investors, given the brand’s wide appeal and growth trajectory.
3. Zepto
Zepto, the quick-commerce startup, is among the most awaited IPOs of 2025. The company is reportedly in advanced stages of filing its draft papers with SEBI by March or April 2025. Zepto has already received Singapore’s approval to shift its holding entity to India, a key milestone in its IPO journey.
If successful, Zepto will become the first independent quick-commerce company to go public in India. Its innovative business model, focusing on delivering groceries within 10 minutes, has made it a leader in the segment and a favorite among urban consumers.
4. Avanse Financial Services
Education-focused Non-Banking Financial Company (NBFC) Avanse Financial Services plans to raise ₹3,500 crore through its public offer. The IPO will consist of a fresh issue of ₹1,000 crore and an offer for sale worth ₹2,500 crore.
Avanse plays a critical role in funding higher education and skill development in India. With rising demand for education financing, this IPO is expected to attract investors looking for long-term growth in the education and financial services sectors.
5. BlueStone Jewellery and Lifestyle
Jewelry retailer BlueStone is set to shine in the public markets with its IPO planned for 2025. The company has already filed draft papers with SEBI, proposing a fresh issue of shares worth ₹1,000 crore and an offer for sale of up to 2.4 crore equity shares.
BlueStone’s strong brand presence in the jewelry market and its focus on premium, contemporary designs make it a promising investment opportunity. Its IPO is expected to capitalize on the growing demand for luxury and lifestyle products in India.
6. CarDekho
Automotive marketplace CarDekho is planning to raise ₹3,000 crore to ₹4,000 crore through its IPO in 2025. The offering will include a mix of fresh shares and an offer for sale by the promoters.
CarDekho, which enables users to buy, sell, and evaluate cars, has emerged as a leader in the automotive space. Its IPO will offer investors a chance to tap into the booming digital automotive solutions market in India.
7. Ecom Express
Logistics solutions provider Ecom Express has filed draft papers with SEBI for its ₹2,600 crore IPO. Specializing in last-mile delivery services for e-commerce companies, Ecom Express is a key player in India’s rapidly expanding e-commerce sector.
The company’s expertise in logistics and its partnerships with leading e-commerce platforms make it a valuable addition to the stock market, especially as online retail continues to grow.
8. PayU
Digital payments giant PayU, owned by Prosus, is preparing to launch its IPO in 2025 after delaying plans in 2024. While the exact fundraising amount is yet to be disclosed, PayU’s public debut will be a significant milestone for India’s fintech ecosystem.
With its strong presence in digital payments and its role in facilitating online transactions, PayU’s IPO is expected to garner significant attention from investors seeking exposure to the fast-growing fintech sector.
9. InCred Financial Services
InCred Financial Services Ltd. is targeting to raise ₹4,000 crore to ₹5,000 crore through its IPO in 2025. Known for offering consumer loans, SME financing, and educational loans, InCred has established itself as a prominent player in the Indian financial services industry.
Though the company has yet to file its draft papers, its IPO is highly anticipated, as it offers exposure to a diversified lending business with a strong growth outlook.
10. PhysicsWallah
Edtech unicorn PhysicsWallah plans to go public in 2025 with a $500 million IPO, targeting a valuation of $5 billion. Known for its affordable and quality-focused online education platform, PhysicsWallah has become a household name among students preparing for competitive exams.
This IPO will make PhysicsWallah the first publicly listed edtech company in India. Its success is expected to boost investor confidence in the edtech space, which has faced challenges in recent years.
Why 2025 is Crucial for Indian Startups
The IPOs planned for 2025 reflect the growing maturity and resilience of India’s startup ecosystem. Key factors driving this surge include:
- Investor Interest: Startups that have achieved significant scale and profitability are attracting attention from institutional and retail investors alike.
- Economic Growth: India’s robust economic growth provides a favorable environment for companies to go public.
- Diverse Sectors: The IPOs span sectors such as EVs, fintech, edtech, logistics, and lifestyle, offering investors a variety of opportunities.
- Regulatory Clarity: Improved policies from SEBI and the government have made the IPO process smoother and more transparent.
What Investors Can Expect
For investors, the IPOs in 2025 present opportunities to participate in the growth of India’s most promising startups. These companies, many of which have become household names, bring a mix of innovation, strong market positioning, and growth potential.
However, as with any investment, it is crucial to analyze each IPO’s financials, business model, and industry trends before making decisions.
Conclusion
The year 2025 promises to be a landmark year for Indian startups, with major IPOs across various sectors. From Ather Energy’s foray into the stock market as an EV pioneer to PhysicsWallah’s debut as the first listed edtech firm, these public offerings signify the growing confidence in India’s entrepreneurial ecosystem.
As these companies take the leap into the public domain, they pave the way for future startups to follow suit, further strengthening India’s position as a global hub for innovation and business excellence. Investors and stakeholders alike are set to witness a transformative year in the world of startup IPOs.