For years, we at Inc42 have tracked the Indian tech startup ecosystem and seen it grow from a kid to an adult. Among the clearest signs of evolution and maturity of this ecosystem is the growing number of startups eyeing a public listing now.

For Indian companies, achieving a public listing has for long symbolised operational progression, transparency, and long-term viability. For startups, it’s a relatively new but increasingly critical rite of passage, one that not only signals coming of age but also creates pathways for investor exits and wealth creation.

Currently, nearly 20 startups, including Groww, Infra.Market, Lenskart, Meesho, among others, are in various stages of their IPO journey. Meanwhile, over 40 Indian new-age tech companies have already crossed the milestone and are now listed on the bourses.

The count includes the likes of Swiggy, Ola Electric, and Ather Energy, who made their much anticipated market debuts over the past year. The list doesn’t include Indian companies like MakeMyTrip, Zoomcar and Freshworks, which are listed on Nasdaq in the US.

The peak of India’s startup IPO wave came in 2024, when 13 companies went public amid a buoyant market. In contrast, only three startups — Ather Energy, ArisInfra Solutions and Smartworks — have listed so far in 2025, with market sentiment dampened by global geopolitical headwinds in the first half of the year.

However, an uptick in startup listings is anticipated in the second half as there is a long queue of new-age tech companies getting ready to drive to Dalal Street.

As of now, the total market capitalisation of the listed companies stands at over $101 Bn.

To consolidate all the information about listed startups, Inc42 has launched the Indian Listed New-Age Tech Company Tracker. From the movement in the shares of the companies since their listing to the financial performance of these companies, the tracker is your one-stop resource to know everything you need about the listed tech companies.

Read our methodology here.

Indian startups had gained a reputation for being “loss making” by prioritising growth at all costs and market share over immediate profitability. The trend of putting scale ahead of the bottom line was at its peak amid the funding boom of 2020-22.

While prioritising growth is not wrong for startups, especially at early stages, the start of funding winter in 2022 gave a reality check to the Indian startup ecosystem. Subsequently, startups started pushing for profitability. Giving further wings to the aggressive profitability push was the ambition to list on the exchanges.

While new-age tech companies look to turn profitable before filing their draft IPO papers, those that cross the line manage to stay in the green, data shows. Over 70% of the listed new-age tech companies are currently profitable.

In terms of profits, Sanjeev Bikhchandani-led internet company Info Edge towers over the rest. It posted a net profit of INR 962 Cr in FY25. Prominent internet companies Justdial and IndiaMART trail Info Edge in terms of profitability, raking in profits of INR 584 Cr and INR 551 Cr in FY25, respectively.

It is pertinent to mention that these companies have been listed on the bourses for years now, with Info Edge making its public market debut in 2006. While these companies trace their origin back to the 90s, a large majority of the new-age tech stocks under Inc42’s purview are about a decade old.

From a broad perspective, Inc42 data reflects that the median time taken for a startup to get listed on the bourses is 12 years. While listing for 18-year-old ixigo and 19-year-old Fino Payments Bank came relatively much later, recently listedArisInfra’s IPO materialised within four years of its operations.

Meanwhile, the new-age tech companies that have made their public market debuts in the past couple of years haven’t necessarily seen their bottom lines fare well. Foodtech major Swiggy, which listed in November last year, incurred the highest net loss in FY25 at INR 3,117 Cr. Its competitor Eternal recorded a net profit of INR 551 Cr in the fiscal.

Meanwhile, EV makers Ather Energy and Ola Electric also incurred heavy losses, posting net loss of INR 1,060 Cr and INR 2,276 Cr in FY25, respectively.

As a result, the cumulative loss of listed new-age tech companies for FY25 stood at INR 7,542.3 Cr ($877 Mn). Meanwhile, the total profit stood at INR 5,326 Cr ($619 Mn).

On the bourses, investors have rewarded profitable new-age tech companies. The median stock price increase for profitable companies has been 31% since their listing, while the loss-making ones have witnessed a decline of 42%.

The startup sectors producing the most number of listed companies is proportional to the private funding trends witnessed in the Indian startup ecosystem. For context, of the total $12 Bn funding secured by Indian startups in 2024, more than $2.5 Bn in fresh capital was netted by fintech startups. Enterprise tech and consumer services sectors share the second spot, with each raising $1.8 Bn in 2024.

In line with this, the fintech sector has accounted for eight public listings till date – the highest number. Enterprise tech and ecommerce sectors are close behind with seven and six listings, respectively.

The fintech dominance on the bourses is expected to continue as the likes of Groww, Pine Labs and PhonePe are also eyeing public listings. Meanwhile, the number of startups hailing from other sectors is also expected to surge.

Notably, the number of listed real-estate tech startups may go up to six from three currently, as WeWork India, Infra.Market, and IndiQube are also gearing up for their IPOs.

While Bengaluru continues to be the startup capital of India, Delhi and its neighbouring cities Gurugram and Noida account for the most number of listed new-age tech companies. Overall, the Delhi NCR region is home to 17 listed new-age tech companies, ahead of Mumbai’s eight and Bengaluru’s six.

While nine companies, including Eternal, Delhivery, and PB Fintech, call Gurugram their home, Awfis, EaseMyTrip, MapmyIndia and E2E Networks are from Delhi. Noida on the other hand is home to four listed new-age tech companies, including Paytm and Info Edge.

Overall, Delhi NCR contributes $67.5 Bn in the cumulative $101 Bn market cap of new-age tech companies.

Moving forward, the chart for listed companies from different cities is going to see many changes. While Delhi NCR-based Physics Wallah, Urban Company, and Pine Labs have already filed their DRHPs, Bengaluru-based Meesho, Curefoods and Capillary Technologies have also filed their draft IPO papers.

Last updated: July 26

The Indian Listed New-Age Tech Company Tracker will be updated periodically with fresh data.

[Edited by: Vinaykumar Rai]

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