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Indian Startup IPO

In 2024, a wave of innovative tech startups such as Go Digit, TBO Tek, Awfis, Ola Electric, FirstCry, ixigo, and Unicommerce have made their debut on stock exchanges. Additionally, major players like Swiggy, Ecom Express, and Zappfresh are gearing up for their own market launches in the near future. With many startups poised to go public this year and next, Inc42’s IPO tracker is here to keep you informed about the latest developments in their market entry plans.

It’s a vibrant spring for startup IPOs! After a quiet period in 2022 and 2023—marked by geopolitical issues, a challenging funding environment, and broader economic concerns—startups are now eagerly lining up to make their mark in 2024. So far this year, ten new-age tech companies have successfully listed: Go Digit General Insurance, FirstCry, Unicommerce, TBO Tek, Ola Electric, Awfis, ixigo, Menhood, TAC Security, and Trust Fintech. This stands in stark contrast to just five startups that went public throughout all of 2023, and only three in 2022.

Despite these ten listings, the Indian startup scene still has more surprises in store. Industry giants like Swiggy, logistics leader Ecom Express, and coworking space provider Smartworks are also eyeing their market debuts in the coming months.

What’s driving these startups to revive their IPO ambitions after many had to delay or cancel their plans last year? The answer lies in a recovering funding landscape, a renewed focus on profitability, and an increasing appetite from investors for startup IPOs.

Angel investor Nikhil Parmar shared insights with Inc42, noting that many startups have reached a level of maturity suitable for public markets, thanks to strong growth, solid business models, and established revenue streams. He added that favorable market conditions and abundant liquidity have made the stock market an appealing avenue for raising capital, with heightened investor confidence playing a crucial role.

Echoing this sentiment, Meet Chandan, co-founder of angel investing platform BizDateUp Technologies, highlighted that the current IPO boom is also driven by investors eager to diversify their portfolios and capitalize on the potential for significant returns from tech-focused companies.The ecosystem has been positively impacted by a wave of new-age companies going public in 2024. From TBO Tek and Awfis to GoDigit Insurance, Unicommerce, and ixigo, these companies have made their market debut at impressive valuations, with many experiencing significant gains shortly after listing.

Both non-institutional investors (NIIs) and qualified institutional buyers (QIBs) are increasingly interested in supporting the growing number of Indian startups eager to enter the stock market. However, there are still hurdles to overcome. Investors are primarily looking for ventures that are profitable and sustainable, avoiding those that are currently operating at a loss. Awfis stands out as an exception, having reported a profitable quarter right after its listing. Moreover, strong corporate governance and adherence to regulatory standards are high on investors’ priority lists.

Currently, the market is welcoming IPO-bound companies that boast a solid brand reputation, sound unit economics, and a clear route to profitability. There’s a noticeable appetite for tech stocks, making it an attractive time for founders to consider taking their businesses public. This trend is encouraging for the overall ecosystem, according to Kushal Bhagia, co-founder of VC firm All In Capitals.

Parmar highlights that the uptick in IPOs during this funding winter demonstrates the resilience and adaptability of the startup ecosystem, showcasing its growing maturity.

With this context, Inc42 has compiled a list of top Indian startups that have gone public in 2024, along with those planning to launch their IPOs soon. Before we delve into the specifics, here are some of the latest updates from the Indian IPO scene:

Latest Updates:

  • Swiggy is set to file its Draft Red Herring Prospectus (DRHP) with SEBI for a $1.4 billion IPO in late September, potentially increasing the fresh issue size to INR 5,000 crore.
  • Physics Wallah is on the lookout for investment bankers for a 2025 IPO, which could see the edtech startup valued at over $2.8 billion.
  • Ather Energy has submitted its IPO papers to SEBI, aiming to raise more than INR 3,100 crore through its offering.

Now, let’s take a closer look at the startups that have made their mark by listing in 2024!This isn’t a typical listing; instead, we’ve organized the startups alphabetically. The information has been gathered from sources like Inc42, their respective Draft Red Herring Prospectuses (DRHPs), filings with the Ministry of Corporate Affairs (MCA), and various media reports. An asterisk (*) indicates reported figures.

Name Founded In Sector Total Funding Revenue (FY24) IPO Status IPO Size Market Cap at Listing Market Cap [Aug 13, 2024]

  • Awfis
    • 2015
    • Coworking
    • $94 Million
    • ₹849 Crore
    • Listed
    • ₹598.9 Crore
    • ₹3,109 Crore
    • ₹4,664.66 Crore
  • FirstCry
    • 2010
    • Ecommerce
    • $1.14 Billion
    • ₹6,480.8 Crore
    • Listed
    • ₹4,194 Crore
    • ₹35,213 Crore
    • ₹35,213 Crore
  • GoDigit Insurance
    • 2016
    • Insurtech
    • $542 Million
    • ₹7,096 Crore
    • Listed
    • ₹2,614.6 Crore
    • ₹27,021 Crore
    • ₹31,993.28 Crore
  • ixigo
    • 2006
    • Travel Tech
    • $96 Million
    • ₹655.9 Crore
    • Listed
    • ₹740.1 Crore
    • ₹5,347 Crore
    • ₹6,121.29 Crore
  • Menhood
    • 2019
    • D2C
    • N/A
    • N/A
    • Listed
    • ₹19.5 Crore
    • N/A
    • ₹102.95 Crore
  • Ola Electric
    • 2017
    • Electric Vehicles
    • $1.44 Billion
    • ₹5,009.8 Crore
    • Listed
    • ₹6,145 Crore
    • ₹40,218 Crore
    • ₹47,667 Crore
  • TAC Security
    • 2016
    • SaaS
    • N/A
    • ₹6.33 Crore
    • Listed
    • ₹30 Crore
    • N/A
    • ₹619.34 Crore
  • TBO Tek
    • 2006
    • Travel Tech
    • $61 Million
    • ₹1,393 Crore
    • Listed
    • ₹1,550.8 Crore
    • ₹15,254.96 Crore
    • ₹17,766.05 Crore
  • Trust Fintech
    • 1998
    • Fintech SaaS
    • N/A
    • ₹35 Crore
    • Listed
    • ₹63.45 Crore
    • N/A
    • ₹477.46 Crore
  • Unicommerce
    • 2012
    • SaaS
    • $10 Million
    • ₹103.5 Crore
    • Listed
    • ₹103.5 Crore
    • ₹2,151.63 Crore
    • ₹2,151.63 Crore

Awfis, founded in 2015 by Amit Ramani, has transformed from a simple coworking network into a tech-driven workspace solutions provider, serving freelancers, startups, SMEs, large corporations, and multinational companies. The company submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) in December of last year, and the market regulator approved its public offering in April 2024.The startup made its market debut in May this year, listing on the BSE at INR 432.25 per share, which was a 12.8% increase from its issue price. On the NSE, it opened even higher at INR 435, reflecting a 13.5% premium.

In its fourth quarter of FY24, Awfis reported a profit of INR 1.4 crore, bouncing back from a net loss of INR 13.8 crore during the same period last year. The company also saw a remarkable rise in operating revenue, soaring over 45% year-on-year to reach INR 232.3 crore for the quarter ending March 2024.

Now, let’s talk about FirstCry. Established in 2010, FirstCry is a comprehensive marketplace catering to mothers and children. They offer everything from diapers and toys to clothing and cribs, along with daycare services and a network of play schools and preschools across India.

The Pune-based company refiled its IPO draft prospectus in April after receiving guidance from SEBI to include essential metrics in its initial filing from December 2023. By July, they had secured approval from the market regulator for their public offering.

FirstCry’s IPO included a fresh share issue valued at INR 1,816 crore, alongside an offer-for-sale (OFS) of 5.4 crore equity shares. However, they later trimmed the fresh issue size by about 8%, bringing it down to INR 1,666 crore, according to their revised prospectus.

Before the IPO, the omnichannel marketplace successfully raised INR 1,885.82 crore from 71 anchor investors at INR 465 per share. When it finally debuted on the stock exchanges, FirstCry’s shares opened at INR 651 on the NSE, marking a 40% jump from its issue price of INR 549. On the BSE, shares listed at INR 625, translating to a 34.4% premium.

In FY24, FirstCry achieved sales of INR 6,480.8 crore, a 15% increase from INR 5,632.5 crore in FY23. Additionally, the company’s losses decreased significantly, dropping nearly 34% year-on-year to INR 321.5 crore in FY24.

Lastly, we have Go Digit General Insurance, founded in 2016. This insurtech unicorn provides a wide range of insurance policies, including health, motor vehicle, travel, and property coverage.

The Bengaluru-based startup refiled its draft red herring prospectus (DRHP) with SEBI in March after the capital markets regulator raised concerns regarding its employee stock appreciation rights scheme. Their IPO consists of a fresh issue of shares worth INR 1,125 crore, along with an OFS component of 5.47 crore equity shares.The startup backed by Virat Kohli had a rather tepid entry on Dalal Street in May, debuting at a 5.15% discount to its issue price. The stock opened at INR 286 on the NSE and INR 272 on the BSE.

In the first quarter of FY25, Go Digit’s profit after tax (PAT) soared by 74% year-on-year, reaching INR 101 crore compared to INR 58 crore the previous fiscal year. Additionally, the gross written premium climbed by 22.2%, hitting INR 2,660 crore for the quarter ending June 2024, up from INR 2,178 crore a year earlier.

Now let’s talk about ixigo. Established in 2006, ixigo initially served as a travel search platform aimed at helping users compare flight prices. By FY20, it transformed into an online travel aggregator, offering a range of services including flights, trains, bus tickets, hotel bookings, and holiday packages.

Le Travenues Technology Ltd, ixigo’s parent company, resubmitted its Draft Red Herring Prospectus (DRHP) to SEBI in February. The travel tech startup received regulatory approval to launch its public offering in May.

The IPO featured a fresh share issuance worth INR 120 crore, along with an Offer for Sale (OFS) component of 6.67 crore shares valued at up to INR 620 crore. When it debuted on the stock market in June, ixigo made a remarkable splash, opening at INR 138.10 per share on the NSE—an impressive 48.5% increase from its issue price of INR 93—and at a 45.16% premium on the BSE. Prior to this, the public offering was met with overwhelming demand, being oversubscribed 98 times.

In Q4 FY24, ixigo reported a PAT of INR 7.4 crore, reflecting a 55.2% increase from INR 4.7 crore in the same period last year. Revenue from operations also surged, rising 20.4% year-on-year to INR 164.8 crore, compared to INR 136.9 crore in Q4 FY23.

Lastly, we have Menhood, founded in 2019 by Dushyant Gandotra, Divya Gandotra, and Shivam Bhateja. This direct-to-consumer men’s grooming brand offers a variety of products, including trimmers, intimate perfumes, washes, and moisturizers.

Menhood’s parent company, Macobs Technologies Limited, filed its DRHP in January 2024 for an IPO that included a fresh issue of 25.95 lakh shares. The public offering garnered a strong response, being oversubscribed 157.5 times!The Jaipur-based brand made its debut on NSE Emerge on July 24, listing at INR 96 per share, which is a notable 28% increase from its issue price of INR 75.

Ola Electric Established in 2017, Ola Electric specializes in electric two-wheelers and currently offers a range of five scooter models. Under the leadership of Bhavish Aggarwal, this startup is also gearing up to introduce an electric autorickshaw soon. The Bengaluru-based company submitted its Draft Red Herring Prospectus (DRHP) to SEBI in December 2023 for an IPO exceeding INR 5,500 crore.

In late June, Ola Electric received the green light from the market regulator for its IPO, which includes a fresh issue of shares valued at up to INR 5,500 crore along with an Offer for Sale (OFS) of up to 8.49 crore shares. They set a price band between INR 72 and 76 for their public offering.

Before hitting the market, Ola Electric successfully raised INR 2,763 crore from 84 anchor investors, including major players like SBI, HDFC, Nippon Life, Nomura Asset Management, and the Government Pension Fund of Norway, all at INR 76 per share. The public offering opened on August 2 and was oversubscribed by 4.27 times by the end of bidding on August 6.

However, the company’s market debut was somewhat subdued, with shares opening flat at INR 75.99 on the BSE, just below the IPO price of INR 76. On the NSE, they opened at INR 76 as well. In Q1 FY25, Ola Electric reported a net loss that widened by 30%, reaching INR 347 crore compared to INR 267 crore the previous fiscal year. Nonetheless, sales surged to INR 1,644 crore during this period, marking a 32% increase from INR 1,243 crore in FY23.

TAC Infosec Founded in 2016, TAC Infosec, also known as TAC Security, is a SaaS-based cybersecurity firm. It provides solutions for risk-based vulnerability management, cybersecurity quantification, and penetration testing tailored for enterprises.

Backed by Vijay Kedia, TAC Infosec filed its DRHP in January to list on the NSE’s small and medium enterprise (SME) platform, NSE Emerge. Their IPO consisted solely of a fresh issue of 28.29 lakh equity shares. The shares made their debut on NSE Emerge in April at INR 290, reflecting an impressive 173.6% premium over the issue price of INR 106.The startup reported a net profit of INR 6.33 crore for FY24, marking a 23% increase from INR 5.12 crore in FY23. Its operating revenue surged by 17%, reaching INR 11.84 crore in FY24 compared to INR 10.09 crore the previous year.

TBO Tek Established in 2006, Travel Boutique Online (TBO) is a B2B travel platform that caters to travel agents and tour operators. It provides a range of services including white-label solutions, APIs for hotel and flight bookings, and dynamic packages. Based in the Delhi NCR region, TBO filed its Draft Red Herring Prospectus (DRHP) with SEBI in November last year, receiving approval for its public listing in April. When TBO Tek debuted on the NSE in May, it did so at a remarkable 55% premium over its issue price, opening at INR 1,426 versus the set price of INR 920. On the BSE, shares began trading at INR 1,380, reflecting a 50% premium. In Q4 FY24, TBO Tek experienced a significant 64% rise in Profit After Tax (PAT), climbing to INR 46.4 crore from INR 28.2 crore in the same quarter last year. Revenue from operations reached INR 369 crore during this period, a 31% increase from INR 281.4 crore in Q4 FY23.

Trust Fintech Founded in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Trust Fintech specializes in enterprise technology, offering SaaS products and fintech solutions for ERP implementation, along with offshore IT services tailored for the BFSI sector. This fintech SaaS company submitted its DRHP to NSE Emerge in February to raise funds through an IPO, successfully listing on the SME platform just two months later in April. It saw an impressive oversubscription rate of 101X for its public offering, driven by strong demand from retail and non-institutional investors. Ultimately, it listed at a 42% premium, priced at INR 143.25 per share compared to the issue price of INR 101. Trust Fintech’s net profit skyrocketed by 210%, reaching INR 12.5 crore in FY24, up from INR 4 crore in FY23. Additionally, its operating revenue soared by 55.4%, totaling INR 35 crore in the review period, compared to INR 22.5 crore the previous year.

Unicommerce (Additional information about Unicommerce would follow here.)Established in 2012 and acquired by Snapdeal in 2015, Unicommerce is an innovative ecommerce SaaS startup that empowers sellers to efficiently manage their inventory across various online marketplaces. It seamlessly integrates with all major ecommerce platforms operating in India.

In January, Unicommerce submitted its Draft Red Herring Prospectus (DRHP) and received regulatory approval on July 1. The company’s IPO consisted entirely of an Offer for Sale (OFS) of 2.98 crore shares.

The public offering opened on August 6 and closed on August 8, achieving an impressive subscription rate of 168 times. Following this success, Unicommerce made a remarkable entry into the stock market on August 13.

On the National Stock Exchange (NSE), the shares of this enterprise tech startup debuted at INR 235 each, reflecting a staggering premium of 117.59% over its issue price of INR 108. On the Bombay Stock Exchange (BSE), it started at INR 230, marking a premium of 112.96%.

For the fiscal year 2024, Unicommerce reported a net profit of INR 13.1 crore, up from INR 6 crore the previous year. Additionally, the startup’s operating revenue reached INR 103.5 crore for the year ending March 2024, showing a remarkable 52% increase from INR 90 crore in FY23, which was itself up from INR 59 crore in FY22.

Upcoming Indian Startup IPOs

NameFounded InSectorTotal FundingKey InvestorsRevenuesDRHP StatusIPO Size [₹Cr]Potential Valuation [₹Cr]
AITMC2016DeeptechNANA₹21.44 Cr (FY23)Filed2.07 Cr Shares (OFS)NA
Ather Energy2013Electric Vehicles$431 MnHero MotoCorp, GIC, Tiger Global₹1,783.6 Cr (FY23)Yet To FileYet To Be DecidedYet To Be Decided
Avanse Financial Services2013Fintech$212 MnWarburg Pincus, Kedaara Capital, International Finance Corporation, Mubadala₹1,726.9 Cr (FY24)Refiled₹3,500 Cr*NA
Bira912015D2C$449 MnPeak XV Partners, Sofina, DS Group₹824.3 Cr (FY23)Yet To FileYet To Be DecidedYet To Be Decided
BlackBuck2015Logistics$376 MnAccel Partners, Apoletto Asia, Trifecta Capital, Flipkart₹296.9 Cr (FY24)Filed₹550 CrNA
Flipkart2007EcommerceNAWalmart, Google₹14,845.8 Cr (B2C) (FY23)Yet To File

Stay tuned for more exciting developments in the world of Indian startups!

Status: To Be Determined

Fractal

  • Founded: 2000
  • Sector: SaaS
  • Valuation: $685 Million
  • Investors: TPG Capital, Khazanah Nasional, Apax Partners
  • Revenue (FY23): ₹1,985.4 Crores
  • Filing Status: Not Yet Filed
  • Valuation Range: $3 Billion*

Garuda Aerospace

  • Founded: 2015
  • Sector: Deeptech
  • Funding: $28.2 Million
  • Investors: Venture Catalysts, Silver Swan Capital, Claris Capital
  • Filing Status: Not Yet Filed
  • Valuation Status: To Be Determined

Infra.Market

  • Founded: 2016
  • Sector: Ecommerce
  • Funding: $415 Million
  • Investors: Tiger Global, Accel, Nexus Ventures
  • Revenue (FY23): ₹11,846.5 Crores
  • Filing Status: Not Yet Filed
  • Valuation Status: To Be Determined

InMobi

  • Founded: 2007
  • Sector: SaaS
  • Funding: $320 Million
  • Investors: Sherpalo Ventures, SoftBank, Kleiner Perkins
  • Revenue (FY23): ₹587 Crores
  • Filing Status: Not Yet Filed
  • Valuation Status: To Be Determined

Innoviti

  • Founded: 2002
  • Sector: Fintech
  • Funding: $87 Million
  • Investors: Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India
  • Revenue (FY23): ₹110 Crores
  • Filing Status: Not Yet Filed
  • Valuation Status: To Be Determined

MobiKwik

  • Founded: 2009
  • Sector: Fintech
  • Funding: $242 Million
  • Investors: Peak XV Partners, Orios Venture Partners, Cisco Investments, NET1, ADIA
  • Revenue (FY23): ₹539.4 Crores
  • Filing Status: Filed
  • Valuation Range: ₹700 Crores – ₹4,500 to ₹5,100 Crores*

Ola Cabs

  • Founded: 2011
  • Sector: Mobility
  • Funding: $3.84 Billion
  • Investors: SoftBank, Vanguard, Accel, Bessemer Venture Partners
  • Revenue (FY23): ₹2,799.3 Crores
  • Filing Status: Not Yet Filed
  • Valuation Range: $500 Million – $5 Billion

OYO

  • Founded: 2013
  • Sector: Travel Tech
  • Funding: $3.47 Billion
  • Investors: Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company
  • Revenue (FY24): ₹5,464 Crores*
  • Filing Status: To Be Refiled
  • Valuation: ₹6,680 Crores*

PayMate

  • Founded: 2006
  • Sector: Fintech
  • Funding: $55.8 Million
  • Investors: Lightbox, Mayfield Fund, Mayfair 101
  • Revenue (FY23): ₹1,350.1 Crores
  • Filing Status: To Be Refiled
  • Valuation Status: To Be Determined

PayU

  • Founded: 2002
  • Sector: Fintech
  • Funding: Not Available
  • Investor: Prosus
  • Revenue (FY24): $444 Million
  • Filing Status: Not Yet Filed
  • Valuation Status: To Be Determined

PhonePe

  • Founded: 2015
  • Sector: Fintech
  • Investors: Walmart, General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds
  • Revenue (FY23): ₹2,913.7 Crores
  • Filing Status: Not Yet Filed
  • Valuation Status: To Be Determined

Portea Medical

  • Founded: 2013
  • Sector: Healthtech
  • Funding: $92.3 Million
  • Investors: Accel, IFC, InnoVen Capital
  • Revenue (FY23): ₹145 Crores
  • Status: Uncertain
  • Valuation Status: To Be Determined

This snapshot gives you a glimpse into the exciting world of emerging companies and their potential!

Shadowfax

Founded: 2015 Sector: Logistics Funding: $212 Million Investors: Flipkart, Mirae India, IFC, Nokia Growth Partners, Qualcomm Revenue (FY23): ₹1,415 Crore Filing Status: Yet to file Decision on IPO: Pending


Smartworks

Founded: 2016 Sector: Coworking Funding: $41 Million Investors: Ananta Capital, Keppel Land, Plutus Capital Revenue (FY23): ₹711 Crore Filing Status: Yet to file Decision on IPO: Pending


Swiggy

Founded: 2014 Sector: Foodtech Funding: $3.58 Billion Investors: Prosus, Accel, Elevation Capital Revenue (FY23): ₹8,625 Crore Filing Status: Filed Market Cap: ₹10,414.1 Crore Valuation Estimate: ₹83,497 Crore*


Ullu

Founded: 2018 Sector: Consumer Internet Funding: Not Applicable Investors: Not Applicable Revenue (FY23): ₹93 Crore Filing Status: Filed OFS Component: 62.63 Lakh Shares Estimated Range: ₹500 Crore – ₹570 Crore*


Zappfresh

Founded: 2015 Sector: D2C Funding: $14.5 Million Investors: SIDBI, ah! Ventures Filing Status: Yet to file Decision on IPO: Pending


AITMC Ventures

Established in 2016, AITMC Ventures specializes in drone training and skill development for the agriculture industry. The company has launched 46 centers across India dedicated to research, development, training, and testing of agricultural drone technology. They filed their Draft Red Herring Prospectus (DRHP) last October to list on NSE Emerge. The Gurugram-based startup plans to offer up to 2.07 Crore new shares in its IPO, with no Offer for Sale (OFS) component. In FY23, they reported revenues of ₹21.44 Crore and a profit of ₹4.81 Crore.


ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B e-commerce platform that utilizes AI to streamline the procurement of construction materials. It connects real estate developers with vendors for all building material needs while also providing project management services. Supported by notable figures like PharmEasy CEO Siddharth Shah and firms such as Think Partners, Logx Venture Partners, and Karbonite Ventures, the startup has raised over $25 Million to date. In August 2024, it submitted its DRHP to SEBI to raise ₹600 Crore through its IPO, which will consist solely of fresh shares with no OFS component.The startup intends to utilize the funds from its IPO to settle existing debts, bolster working capital, pursue potential acquisitions, and invest in its subsidiary.

ArisInfras reported a consolidated net loss of INR 17.33 Cr for FY24, marking an 11.95% increase compared to the previous year. During this period, its revenue from operations reached INR 696.84 Cr, down from INR 746.07 Cr in the prior fiscal year.

Ather Energy Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is a key player in India’s electric two-wheeler sector. The company not only manufactures and services electric scooters but also runs its own charging network.

Since its inception, Ather has successfully raised over $431 million from notable investors like Hero MotoCorp, GIC, and Tiger Global through various funding rounds.

In June 2024, Ather’s board made the decision to transition from a private to a public company. Just a few months later, in September, they submitted their draft red herring prospectus to SEBI for an IPO.

This upcoming IPO will feature a fresh issuance of shares valued at INR 3,100 Cr, along with an offer-for-sale (OFS) of up to 2.2 Cr equity shares. Reports suggest that the unicorn is aiming for a valuation of approximately $2.5 billion during its IPO.

The funds raised will be directed towards launching construction on a new manufacturing facility in Maharashtra, enhancing research and development, marketing efforts, and other general corporate activities.

For FY24, Ather Energy recorded a net loss of INR 1,059.7 Cr, a 22.5% increase from INR 864 Cr the previous year. However, operating revenue saw a slight rise of 0.4% year-on-year, reaching INR 1,789.10 Cr compared to INR 1,783 Cr in FY23.

Avanse Financial Services Established in 2013, Avanse is a non-banking financial company (NBFC) dedicated to providing education financing for students and educational institutions across India. Its offerings cater to those pursuing higher education both domestically and abroad.

In June 2024, Avanse filed its draft red herring prospectus for an IPO worth INR 3,500 Cr. This IPO will include a fresh issue of INR 1,000 Cr alongside an OFS component valued at up to INR 2,500 Cr.

However, in July 2024, SEBI returned the NBFC’s IPO application due to technical issues. Subsequently, the company refiled its IPO documents with the market regulator on July 31.Supported by prominent investors such as Warburg Pincus, the International Finance Corporation (IFC), and Kedaara Capital, the startup recently secured INR 1,000 Cr in a funding round led by Abu Dhabi’s Mubadala Investment Company in March 2024.

According to their Draft Red Herring Prospectus (DRHP), Avanses saw its net profit soar to INR 342.4 Cr for the financial year 2023-24 (FY24), a significant increase from INR 157.71 Cr the previous year. Their operating revenue also experienced impressive growth, rising to INR 1,726.9 Cr compared to INR 989.5 Cr in FY23.

Bira 91 Established in 2015 by Ankur Jain, Bira 91 specializes in craft, lager, and strong beers, along with non-alcoholic beverages. With backing from Peak XV Partners, Sofina, and DS Group, Bira 91 has successfully raised $449 million through various funding rounds.

In December 2022, the company transitioned into a public entity, rebranding itself as B9 Beverages Limited. However, it has yet to submit its DRHP to SEBI. Reports from July 2024 indicated that this alcoholic beverage brand is eyeing a stock market listing in 2026 and has enlisted Morgan Stanley to lead its pre-IPO efforts.

The Delhi NCR-based beer maker reported an operating revenue of INR 824.3 Cr for the year ending March 2023, reflecting a 15% increase from INR 718.8 Cr in FY22. On the downside, its net loss rose by 12% year-on-year to INR 445.4 Cr in FY23.

BlackBuck Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, BlackBuck operates a digital marketplace for inter-city full truck load (FTL) transportation, claiming to be India’s largest online trucking platform that connects suppliers with truckers.

Backed by Flipkart and other notable investors like Tiger Global, Accel, Peak XV Partners, and Goldman Sachs, BlackBuck has raised over $360 million to date. The logistics unicorn filed its IPO papers with SEBI in July 2024, which includes a fresh issue of shares worth INR 550 Cr and an offer-for-sale (OFS) component of up to 2.16 Cr shares.

As per its DRHP, BlackBuck reported a net loss of INR 193.9 Cr in FY24, a 33% reduction from INR 290 Cr the prior year. Meanwhile, its operating revenues surged by 69% year-on-year to INR 296.9 Cr for the fiscal year ending March 2024.

**BlueStone**Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, Bluestone is a dynamic omnichannel jewelry startup offering a range of products including rings, pendants, and earrings. With the support of investors like Prosus, Steadview Capital, and Think Investments, Bluestone has successfully secured over $184 million in funding to date.

In August 2024, the company kicked off its IPO journey after raising INR 900 crore in a pre-IPO funding round, boosting its valuation to an impressive $970 million. Reports indicate that Bluestone intends to submit its draft red herring prospectus (DRHP) to the market regulator SEBI by late 2024.

The startup saw a significant improvement in its financials, with net losses shrinking by 86% to INR 167.2 crore for the fiscal year 2022-23 (FY23), down from INR 1,268.4 crore in FY22. Meanwhile, operating revenue surged 1.6 times to INR 770.7 crore during this period, compared to INR 461.3 crore the previous year.

Moving on to boAt, which was established in 2016 by Aman Gupta and Sameer Mehta, this D2C audio tech and wearables brand specializes in headphones, smartwatches, and speakers. In September 2024, co-founder and CMO Aman Gupta announced plans for the startup to list on Indian stock exchanges in 2025, aligning with earlier statements from CEO Sameer Mehta in June 2024.

Mehta mentioned that boAt aims to return to profitability in FY25 before proceeding with its IPO plans, targeting to raise INR 2,000 crore within the next 12-18 months. This isn’t the first time boAt has considered going public; it previously filed its DRHP with SEBI in 2022 for a INR 2,000 crore issue but postponed those plans due to challenging macroeconomic conditions.

For the first time in FY23, boAt reported a net loss of INR 129.4 crore, contrasting with a net profit of INR 68.7 crore in FY22. However, operating revenue climbed 18% year-on-year to reach INR 3,376.7 crore in FY23.

Lastly, Ecom Express, founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana, and Sanjeev Saxena, serves as a logistics solutions provider catering to e-commerce platforms, D2C brands, and quick commerce players.The startup proudly boasts a network of 3,000 delivery centers covering an impressive 9.6 million square feet, reaching 27,000 pin codes across 2,700 cities and towns nationwide.

In August, the company kicked off its IPO journey after its board greenlit public listing plans during an extraordinary general meeting on August 13. Shortly thereafter, it submitted its Draft Red Herring Prospectus (DRHP) to the market regulator SEBI for an IPO valued at INR 2,600 crore.

According to the draft documents, this upcoming public offering will include a fresh issue of shares worth up to INR 1,284.5 crore, alongside an offer for sale component totaling up to INR 1,315.5 crore. The company aims to list its shares on both the BSE and NSE.

With backing from notable investors like Warburg Pincus, PG Esmeralda, and British International Investment (BII), Ecom Express has successfully raised over $275.79 million in funding to date.

In FY24, the logistics giant significantly reduced its net loss by 67%, bringing it down to INR 255.8 crore from INR 428.1 crore in FY23. Meanwhile, its operating revenue saw a slight year-on-year increase of 2.15%, reaching INR 2,609 crore for the fiscal year ending March 2024.

Now, let’s talk about Flipkart. Founded in 2007 by Binny Bansal and Sachin Bansal, Flipkart sold a majority stake to Walmart in 2018 for a staggering $16 billion. Since then, it has emerged as India’s largest e-commerce platform, branching out into various sectors such as fintech and travel aggregation.

Backed by Google, Flipkart was last valued at $35 billion during a $1 billion fundraising round that included participation from these major investors. Like its sibling venture PhonePe, Flipkart is eyeing a 2026 IPO. Its B2C division, Flipkart Internet Private Limited, reported nearly INR 15,000 crore in operating revenue for the fiscal year ending March 31, 2023. The marketplace’s operating revenue surged by 42%, climbing to INR 14,845.8 crore in FY23 from INR 10,477.4 crore in FY22.

Flipkart Internet primarily generates revenue through commission fees and various services offered to merchants, including product advertising. When factoring in additional income, the total revenue for the B2C arm rose by 41%, hitting INR 15,044 crore during the reviewed year, up from INR 10,640.5 crore in FY22.

And that’s just a glimpse into the dynamic world of these rising giants!Fractal, the brainchild of Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, was established in 2000. This innovative SaaS startup specializes in providing artificial intelligence and advanced analytics solutions to businesses worldwide.

With significant backing from TPG Capital, Khazanah Nasional, and Apax Partners, Fractal has successfully raised $685 million in funding so far. It achieved unicorn status in 2022 and is currently valued at over $2 billion.

Now, this enterprise tech powerhouse is preparing to submit its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) by late August or early September 2024. The company aims to launch an IPO worth between $500 million and $600 million on Indian stock exchanges, targeting a valuation of around $3 billion.

Reports suggest that a substantial portion of Fractal’s public offering will consist of secondary shares sold by existing investors, although the exact amount is still being determined. After bouncing back to profitability in FY23 with a profit of INR 194.4 crore—compared to a loss of INR 148.4 crore in FY22—the SaaS unicorn also saw its operating revenue soar by 53% year-on-year, reaching INR 1,985.4 crore for the fiscal year ending March 2023.

Garuda Aerospace Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace specializes in designing, manufacturing, and selling drones. They also offer drone-as-a-service (DaaS) for various applications, including agriculture, defense, and mining.

The startup has attracted $28.2 million in funding, supported by investors like Venture Catalysts, Silver Swan Capital, and Claris Capital. In an interview with Inc42 last year, Jayaprakash mentioned that the company plans to kick off its IPO process after March 2024, aiming for a listing by October or November 2024.

Infra.Market Established in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates a B2B marketplace that offers construction products and a wide array of building materials such as concrete, steel, pipes, fittings, and chemicals.

Having raised over $415 million in funding, Infra.Market is backed by prominent investors like Tiger Global, Accel, and Nexus Ventures. The company is already making strides toward its IPO, reportedly having shortlisted eight investment banks—including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, and Jefferies—as advisors for the upcoming offering.The company is aiming to raise between $500 million and $700 million through its upcoming IPO, with the possibility of increasing this amount based on market conditions. The public offering will include both new shares and a secondary share sale.

Although discussions are still in the preliminary phase, the funds generated from Infra.Markets’ potential IPO will be directed towards paying off debts incurred for the startup’s growth strategies, both organic and inorganic.

In the last fiscal year (FY23), this B2B e-commerce giant experienced a 17% year-on-year decline in net profit, totaling INR 155.2 crore. However, operating revenue saw a remarkable increase of 90%, soaring to INR 11,846.5 crore compared to INR 6,236.3 crore in FY22.

Now, let’s talk about IndiQube. Established in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a coworking startup that provides various services, including workspace design and interior build-outs, catering to both B2B and B2C clients.

With backing from WestBridge Capital, Aravali Investment Holdings, and Konark Trust, IndiQube has successfully raised over $45 million across several funding rounds. The startup is currently in advanced negotiations to select its merchant bankers for the IPO and plans to submit its Draft Red Herring Prospectus (DRHP) to the market regulator SEBI before November 2024.

IndiQube aims to raise between INR 1,000 crore and INR 1,500 crore through its IPO, primarily through a fresh issuance of shares. The offer-for-sale (OFS) portion is expected to be minimal, as promoters and existing investors do not plan to make significant dilutions.

In FY23, IndiQube turned profitable, reporting a net profit of INR 20.63 crore, a turnaround from a loss of INR 18.82 crore in FY22. Revenue also surged by 69%, reaching INR 592.41 crore for the fiscal year ending March 2023, up from INR 351.43 crore in FY22.

Moving on to InMobi, which was founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal. This adtech platform offers a comprehensive suite of product discovery and monetization solutions.

Headquartered in Singapore, InMobi also operates offices in Bengaluru, New York, Beijing, London, Dubai, and other locations. Supported by prominent investors like Sherpalo Ventures, SoftBank, and Kleiner Perkins, InMobi has raised over $320 million in funding to date and was one of the first Indian tech startups to achieve unicorn status back in 2011.The SaaS startup is setting its sights on going public in India by 2026, aiming for a valuation of around $10 billion. This isn’t InMobi’s first attempt at an IPO; back in 2021, they had plans to launch but put them on hold due to challenging market conditions and a funding slowdown.

Innoviti Founded in 2002 by Rajeev Agrawal, Innoviti specializes in digital payment solutions that enable businesses to accept payments while seamlessly integrating real-time sales data into their essential operations. As of July 2024, the company boasts processing over INR 72,000 crore in purchase volume annually, serving 2,000 cities across India and collaborating with more than 20,000 offline merchants and 3,000 online ones. With support from notable investors like Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India, and Alumni Ventures, Innoviti has raised upwards of $87 million so far. The company announced in August 2024 that it aims to make its public market debut within the next year. In the fiscal year 2022-23 (FY23), Innoviti’s operational revenue surged by over 48% year-on-year to reach INR 110 crore, although its losses increased to INR 86.56 crore, up from INR 73.4 crore in FY22.

MobiKwik Established in 2009, MobiKwik began as a digital wallet and has since expanded its offerings to include consumer payments, buy now pay later (BNPL) services, and payment gateway solutions. Based in Delhi NCR, the startup has also launched a device called Vibe, similar to the Soundbox, to compete with Paytm and PhonePe. In January, MobiKwik refiled its Draft Red Herring Prospectus (DRHP) with SEBI, seeking to raise INR 700 crore through a new equity share issue, a significant reduction from its previous attempt in 2021 when it aimed for INR 1,900 crore. Notably, the fintech unicorn achieved profitability in FY24, reporting a profit of INR 14.1 crore for the fiscal year ending March 2024, compared to a loss of INR 83.19 crore the previous year. Additionally, its operational revenue skyrocketed by 62% year-on-year to INR 875 crore during the same period.

OfBusiness Stay tuned for more updates on these exciting developments!OfBusiness, conceived by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan, and Vasant Sridhar, was established in 2015. This innovative startup runs a B2B e-commerce platform that specializes in selling construction materials while also providing financing solutions for merchants.

The company is gearing up for its IPO, which it initiated in August 2024. Reports indicate that they are in discussions with major investment banks like Bank of America, Citi, JP Morgan, and Morgan Stanley to oversee the IPO, set to launch in the latter half of 2025. According to CFO Bhavesh Keswani, OfBusiness aims for an IPO valued between $750 million and $1 billion, featuring a fresh share issuance of $200 million, with the rest allocated for the Offer for Sale (OFS) component. The B2B marketplace anticipates debuting on the stock exchange with a valuation ranging from $6 billion to $9 billion.

In FY24, OfBusiness experienced a remarkable growth spurt, with consolidated operating revenue climbing over 25% year-on-year to INR 19,296.3 crore. Their net profit also saw a significant increase, rising to INR 603 crore from INR 463.2 crore the previous year.

Now, let’s talk about Ola Cabs. Founded by Bhavish Aggarwal, this mobility platform provides ride-hailing and food delivery services. With backing from SoftBank, Ola has successfully raised over $3.84 billion in funding, establishing itself as a leading player in India’s ride-hailing market.

Recently, Ola has been in discussions with investment banks such as Goldman Sachs, Bank of America, Citi, Kotak, and Axis regarding its IPO plans. The company aims to raise $500 million through its public listing, targeting a valuation close to $5 billion. Notably, parent company ANI Technologies managed to reduce its losses significantly, cutting them nearly in half to INR 772.2 crore in FY23, down from INR 1,522.3 crore the previous year. Operating revenue also surged by 42% year-on-year, reaching INR 2,799.3 crore.

Lastly, we have OYO, a travel tech startup launched in 2012 that offers a variety of accommodations, including vacation homes, budget hotels, corporate stays, and more. The hospitality giant is planning to introduce 13 self-operated hotels under its premium Palette brand by the end of 2024.

However, in May 2024, OYO made headlines by withdrawing its IPO documents from the market regulator SEBI, marking its second attempt at going public.In early 2024, OYO was reportedly aiming to raise between $400 million and $600 million—almost half of its previous target in 2021 when it sought to secure INR 8,430 crore (around $1.2 billion). The company managed to reduce its net loss by 34%, bringing it down to INR 1,286.5 crore for FY23, compared to INR 1,941.5 crore the year before. Operating revenue also saw a boost, climbing 14% to INR 5,463.9 crore in FY23 from INR 4,781.3 crore in FY22. Ritesh Agarwal, OYO’s co-founder and CEO, announced that the startup achieved a net profit of INR 100 crore in FY24.

Now, let’s talk about PayMate. Established in 2006 by Ajay Adiseshann, this Mumbai-based fintech firm specializes in automating supply chain payments, offering B2B solutions tailored for SMEs and larger enterprises. In 2022, PayMate submitted its Draft Red Herring Prospectus (DRHP) for an IPO worth INR 1,500 crore, which included a fresh issue of INR 1,125 crore and an offer-for-sale (OFS) of INR 375 crore. However, the market regulator returned their DRHP, requesting updates before they could proceed. By early 2023, the company indicated plans to refile its DRHP, but there has been no further information on its IPO ambitions since then. For FY23, PayMate reduced its net loss by 3.5% year-on-year to INR 55.7 crore, while its operating revenue surged by 11.7% YoY to INR 1,350.1 crore.

Turning to PayU, the fintech giant backed by Prosus is also preparing for a public listing in India. Last October, reports suggested that the company was considering seeking regulatory approval for a $500 million IPO. At that time, PayU had enlisted Goldman Sachs, Morgan Stanley, and Bank of America as advisors, with plans for the IPO potentially taking place by the end of 2024. In November, Ervin Tu, the interim CEO of Prosus, mentioned that PayU could be ready to go public in India during the latter half of 2024. According to the annual report from Dutch investors, PayU India experienced an 11% year-on-year revenue growth, reaching $444 million in FY24. However, this figure fell short of the 31% growth seen in FY23 and the over 40% increase recorded in FY22.

And let’s not forget PhonePe!Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe has emerged as India’s leading digital payments platform, handling nearly half of all Unified Payments Interface (UPI) transactions in the country. Initially launched as a payment service, it has evolved into a comprehensive financial services hub, providing a variety of digital payment options, insurance products, and brokerage services. In 2016, this fintech giant was acquired by the e-commerce powerhouse Flipkart.

Fast forward six years, and Walmart, Flipkart’s parent company, announced plans to spin off PhonePe as an independent entity and relocate its headquarters back to India. By late 2022, PhonePe returned to its roots with aspirations to list on Indian stock exchanges. However, in June 2024, a senior executive from Walmart indicated that the IPO might take a couple of years, potentially pushing it to 2026.

In August 2024, co-founder and CEO Sameer Nigam expressed concerns that the National Payments Corporation of India’s (NPCI) proposal to limit the UPI market share for third-party app providers was complicating their IPO ambitions. The company reported a consolidated net loss that widened by 39% year-on-year to INR 2,795.3 crore for FY23, although revenue surged by 77% to INR 2,913.7 crore during the same period.

On the other hand, Physics Wallah (PW), founded in 2020 by Alakh Pandey and Prateek Maheshwari, operates both online and offline coaching centers for K-12 students and offers test preparation platforms for various exams. Additionally, it has a skilling division and a study abroad program.

Just days after securing a substantial $210 million funding round in September, PW is reportedly exploring options for investment bankers to assist with its initial public offering (IPO) planned for 2025. The edtech unicorn aims for a valuation exceeding $2.8 billion, matching the figure from its latest funding round. If successful, PW would become the first edtech startup in India to go public.

Despite facing challenges, including a staggering 90% drop in net profit to INR 8.9 crore in FY23 from INR 98.2 crore the previous year due to rising expenses, PW experienced a remarkable 234% increase in operating revenue, climbing to INR 779.3 crore in FY23 from INR 233 crore in FY22.Portea Medical Co-founded by Krishnan Ganesh and Meena Ganesh, Portea Medical is an innovative healthtech startup that provides a range of services including maternal care, physiotherapy, nursing, lab tests, counseling, and critical care. With strong support from investors like Accel, InnoVen Capital, Alteria Capital, and British International Investment, Portea has successfully raised over $92.3 million through various funding rounds.

In July 2022, the company filed for an IPO aiming to raise INR 800 crore, which included a fresh equity issuance worth INR 200 crore along with an offer-for-sale (OFS) of up to 56.25 million shares. By April 2023, it received the green light from market regulators to proceed with its public listing on the BSE and NSE, although there haven’t been any recent updates regarding its IPO timeline. Unfortunately, Portea reported a net loss of INR 53 crore in FY23, an increase from INR 40 crore the previous year, while its operational revenue dipped by 3.3% year-on-year to INR 145 crore.

Pure EV Founded by Nishanth Dongari and Rohit Vadera, Pure EV specializes in manufacturing electric bikes and scooters in various models. The startup has secured over $14 million in funding, attracting notable investors such as Bennett Coleman and Company, Hindustan Times Media Ventures, and Ushodaya Enterprises.

With ambitions to become India’s second listed electric vehicle player, Pure EV announced plans for a stock market debut in 2025. However, it continues to face challenges, reporting a net loss of INR 9.3 crore in FY23, alongside a significant revenue decline of 42%, dropping from INR 225.98 crore in FY22 to INR 131.28 crore.

Shadowfax Established in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup focused on hyperlocal and on-demand delivery services for businesses. Backed by Flipkart, Shadowfax competes with major players like Delhivery, Ecom Express, XpressBees, LoadShare, Ripple, and Pickrr. Its investor roster also includes prominent names like Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm, and Trifecta Capital.A logistics services startup is reportedly aiming to raise between INR 2,500 Cr and INR 3,000 Cr through its upcoming public offering, targeting a valuation of INR 5,000 Cr to INR 8,000 Cr. While the exact timeline for the IPO remains uncertain, discussions have begun between the company’s promoters and investors with merchant bankers.

In FY23, Shadowfax managed to reduce its net loss by 19% year-over-year, bringing it down to INR 142.63 Cr. On a brighter note, its operational revenue soared by 42%, reaching INR 1,415 Cr, up from INR 990 Cr in FY22.

Turning to Smartworks, founded in 2016 by Neetish Sarda and Harsh Binani, this shared workspace provider specializes in customizable coworking solutions for businesses. The startup has successfully raised $41 million in funding, with support from notable investors like Ananta Capital, Keppel Land, and Plutus Capital.

Taking significant steps toward an IPO, Smartworks transitioned to a public company in July 2024, rebranding itself as Smartworks Coworking Spaces Ltd from its previous name. In August 2024, it submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an initial public offering valued at INR 550 Cr. According to the DRHP, the IPO will feature a fresh equity share issuance worth INR 550 Cr, alongside an offer for sale (OFS) of up to 67.49 lakh equity shares. The company also reported a reduced net loss of INR 49.9 Cr in FY24, down from INR 101.4 Cr in FY23, while its operating revenue surged by 46% year-over-year to reach INR 1,039.3 Cr.

Lastly, Swiggy kicked off its journey as an online food delivery service in 2014 and expanded into grocery delivery with Swiggy Instamart in 2020. Now based in Bengaluru, the startup is diversifying further beyond quick commerce groceries, with Swiggy Instamart now offering high-value items such as fitness gear and electronics.

Initially, Swiggy filed its DRHP with SEBI confidentially in April for an impressive IPO worth INR 10,414.1 Cr (approximately $1.2 billion). This offering includes a fresh issuance of shares valued at INR 3,750.1 Cr (around $449 million) and an OFS component of INR 6,664 Cr (about $799 million), as detailed in regulatory documents.The company is reportedly considering expanding the size of its initial public offering (IPO) and intends to submit its Draft Red Herring Prospectus (DRHP) in the latter half of September 2024. It now aims to raise INR 5,000 crore through a fresh issuance of shares valued at INR 5,000 crore (approximately $600 million), while keeping the Offer for Sale (OFS) component unchanged. This adjustment raises the total IPO size to around $1.4 billion.

Previously, there were reports suggesting that the company is aiming for a valuation of $15 billion for its IPO. Swiggy plans to use the funds from the IPO to enhance its presence in the quick commerce sector and expand its network of dark stores. Notably, in anticipation of the IPO, the family office of renowned actor Amitabh Bachchan and actress Madhuri Dixit acquired a minority stake in the company.

In terms of financial performance, Swiggy reported a net loss of INR 2,350 crore for FY24, which is a 44% decrease from the INR 4,179 crore loss in FY23. However, revenue saw a significant increase of 36%, rising to INR 11,247 crore during the fiscal year, up from INR 8,265 crore in FY23.

Ullu

Founded by the husband-and-wife team of Vibhu Agarwal and Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform focused on distributing, promoting, exhibiting, marketing, and delivering video content through its streaming service. The company submitted its DRHP to the BSE SME for an IPO back in February this year. According to the draft documents, the IPO will consist of a fresh issue of 62.63 lakh shares, with no OFS component included.

Ullu Digital aims to raise between INR 135 crore and INR 150 crore through the IPO, which, if approved, would mark the largest SME IPO to date. The platform plans to allocate the net proceeds from the IPO towards production costs for new content, acquiring international shows, investing in technology, and fulfilling working capital needs.

Vibhu Agarwal holds a 61.75% stake in Ullu Digital, while Megha Agarwal owns 33.25%. In March 2024, the OTT platform faced scrutiny from several government agencies, including SEBI, the Ministry of Corporate Affairs, and the Ministry of Electronics and Information Technology (MeitY), over allegations of distributing pornographic content involving school children.

**Zappfresh**Founded in 2015 by Deepanshu Manchanda and Shruti Gochhwal, Zappfresh is a direct-to-consumer meat startup that delivers fresh meat from farms to customers in just 90 minutes.

In a significant move towards going public, the company transitioned to a public entity in April 2024, dropping “private” from its name. According to its filings with the Registrar of Companies, Zappfresh has rebranded itself as DSM Fresh Foods Limited, previously known as DSM Fresh Foods Private Limited.

The parent company submitted its Draft Red Herring Prospectus (DRHP) for a listing on BSE SME in August 2024. The upcoming IPO will feature a fresh issue of 5.9 million equity shares, without any offer-for-sale component.

Zappfresh intends to utilize the funds raised from the IPO to support acquisitions, enhance marketing efforts, cover capital expenditures, and address general corporate needs.

Zepto

Launched in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a quick commerce startup boasting 10-minute delivery services for groceries and other essentials.

As of September 2024, reports indicate that Zepto has begun engaging with both domestic and international merchant bankers, including heavyweights like Morgan Stanley and Goldman Sachs, to explore a potential IPO by August 2025.

The startup aims to raise $450 million through new share issuances, along with an undisclosed amount via an offer-for-sale (OFS) component.

However, Zepto’s net loss surged 3.35 times year-over-year to INR 1,272.4 crore in FY23, up from INR 390.3 crore the previous year. On a brighter note, revenue from operations skyrocketed 14.3 times to INR 2,024.3 crore for the fiscal year ending March 2023, compared to INR 140.7 crore in FY22.

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