Quick Take
- Over 48 Indian startups plan to go public in 2026, including Zepto, PhonePe, and OYO.
- 24 startups have filed draft IPO papers; Shadowfax and Amagi have already listed in 2026.
- Investors now demand profitability and cash discipline before backing new-age tech IPOs.
The Indian startup IPOs 2026 pipeline is the largest India has ever seen. Over 48 new-age companies plan to list on the BSE (Bombay Stock Exchange) or NSE (National Stock Exchange) within the next 12 to 18 months.
Twenty-four startups have already filed a DRHP (Draft Red Herring Prospectus, the document filed with SEBI (Securities and Exchange Board of India, India’s capital markets regulator) before a public listing) with the regulator. Another 26 are in active planning. Unicorns like Zepto, PhonePe, OYO, and Flipkart head the queue. The top six names alone could raise over Rs 50,000 Cr from public markets.
StartupFeed Insight
The headline number is 48 startups. The real story is the exit pressure behind that figure. Many of these companies raised capital in 2020 to 2022 at peak valuations, and their venture capital investors are now well into their fund cycles and need liquidity. Watch the OFS (Offer for Sale, where existing shareholders sell shares, not the company) component in each DRHP. A high OFS-to-fresh-issue ratio signals investor exit, not company growth. Domestic mutual fund managers and institutional investors should map how much of each offering actually builds the business versus rewards early backers. At least three high-profile names in this pipeline will reprice or withdraw under public market scrutiny before December 2026, StartupFeed Desk.
What Is Driving the Indian Startup IPOs 2026 Wave?
India’s IPO rush is not accidental. Two structural forces explain the surge.
First, investor patience is running out. Venture capital firms that backed companies in 2019 to 2022 typically manage 10-year funds. Year 2026 falls squarely in the exit window. Fund managers need to show returns to their LPs (Limited Partners, the institutions and wealthy individuals who commit money to VC funds).
Second, India’s domestic capital base has deepened. Retail demat accounts crossed 11 crore in 2025. Domestic mutual funds now manage well over Rs 60 lakh crore in AUM (Assets Under Management, total investor money under management). This creates a real, large buyer base that no longer depends on foreign institutional investors.
“IPO-bound startups in 2026 will be defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone.”
Rehan Yar Khan, Managing Partner, Orios Venture Partners.
How Strong Is the Indian Startup IPOs 2026 Pipeline?
The numbers below summarise what the pipeline looks like right now, as of May 2026.
| Metric | Detail | Notes |
|---|---|---|
| Total startups preparing to list | 48+ | 24 DRHPs filed; 26 in active planning |
| Already listed in 2026 | 3 (Shadowfax, Amagi, SEDEMAC) | Mixed post-listing performance |
| SEBI-approved, awaiting listing | 3+ (PhonePe, boAt, Shiprocket) | Ready when market window opens |
| Largest single IPO expected | Zepto, Rs 11,000 Cr | $7 Bn pre-IPO valuation; July to September 2026 target |
| Potential fundraise from top 6 names | Rs 50,000+ Cr | Flipkart, Zepto, OYO, InMobi, Fractal, Zetwerk |
| Prior year benchmark | 2025: 18 IPOs, Rs 41,248 Cr raised | 2026 pipeline projected to surpass this record |
The single most important number here is Rs 50,000 Cr. That figure comes from just six companies, and the full pipeline of 48-plus startups could push the total significantly higher.
The 20 Companies to Watch in India’s 2026 IPO Queue
This tracker covers the 20 most prominent startups in the pipeline, based on publicly verified data. Status is current as of May 14, 2026. Many filings at earlier stages remain confidential.
| Company | Sector | IPO Size (Rs Cr) | DRHP / SEBI Status | Target Timing |
|---|---|---|---|---|
| Zepto | Quick Commerce | Rs 11,000 | Confidential DRHP filed | July to September 2026 |
| PhonePe | Fintech / Payments | ~Rs 10,000 (est.) | SEBI approved (confidential DRHP Oct 2025) | Mid-2026 |
| OYO (Oravel Stays) | Hospitality | Rs 6,650 | DRHP pre-filed (third attempt) | H2 2026 |
| Shiprocket | Logistics Tech | Rs 2,342 | SEBI approved Oct 2025 | 2026 |
| boAt (Imagine Marketing) | Consumer Electronics | Rs 1,500 | SEBI approved | 2026 |
| Fractal Analytics | AI / Data Analytics | Not yet disclosed | DRHP filing stage | 2026 |
| InMobi | AdTech | Not yet disclosed | Planning | 2026 to 2027 |
| Zetwerk | B2B Manufacturing | Not yet disclosed | Planning | 2026 to 2027 |
| InfraMarket | B2B Construction | Not yet disclosed | Planning | 2026 to 2027 |
| Navi Technologies | Fintech / Lending | Not yet disclosed | Planning | FY26 |
| Razorpay | Fintech / Payments | Not yet disclosed | Potential filing | 2026 to 2027 |
| Lenskart | EyeWear / D2C | Not yet disclosed | Planning | 2026 to 2027 |
| Moneyview | Personal Finance | Not yet disclosed | Planning | 2026 to 2027 |
| Rentomojo | Consumer Finance | Not yet disclosed | Planning | 2026 to 2027 |
| Spinny | Used Car Marketplace | Not yet disclosed | Bankers appointed | Q1 2027 |
| MakeMyTrip (India listing) | Travel Tech | Not yet disclosed | Bankers appointed | Q1 2027 |
| Flipkart | E-Commerce | Not yet disclosed* | Reverse-flip ongoing | Q1 2027 (est.) |
| Shadowfax Technologies | Logistics | Rs 1,907 | Listed | January 28, 2026 |
| Amagi Media Labs | Media Tech / SaaS | Not disclosed | Listed | January 2026 |
| SEDEMAC Mechatronics | Deep Tech / AutoTech | OFS-only | Listed | March 11, 2026 |
*Flipkart’s estimated valuation is $60 to 70 Bn. Its IPO size will only be determined after the reverse-flip (moving the company’s legal domicile back to India) is complete.
Of the three companies already listed, SEDEMAC debuted at a +13.5% premium to its issue price on the NSE. Shadowfax listed at a -9.19% discount, signalling cautious investor sentiment around the logistics sector specifically.
About the 2026 Startup IPO Wave
The Indian startup IPOs 2026 wave is a batch of 48-plus technology, consumer, and enterprise companies preparing for public listings on BSE or NSE. It follows a record 2025, when 18 startup IPOs raised Rs 41,248 Cr from India’s public markets. Key sectors include fintech, quick commerce, logistics, artificial intelligence, B2B manufacturing, consumer electronics, and travel tech. Significant backers in this cohort include SoftBank, Accel, Peak XV Partners (formerly Sequoia India), Tiger Global, Prosus, and Walmart.
Why Are Investors More Cautious About 2026 Startup Listings?
India’s public markets sent a warning in 2025. Nearly half of the 100-plus mainboard IPOs that listed that year now trade below their issue price, despite generating strong subscription numbers at launch.
Investor behaviour has shifted measurably. According to an Inc42 survey, 48% of investors now cite stronger fundamentals, profitability, and lower cash burn as the primary trigger for backing tech IPOs. Just 18% point to retail participation as a key factor.
Companies that can show real earnings are better placed. OYO’s net profit rose +172% YoY (year-on-year) to Rs 623 Cr in FY25, with operating revenue up +20% YoY to Rs 6,463 Cr. Shiprocket cut its net loss by 87.5% YoY to Rs 74.5 Cr in FY25, while revenue grew +24% YoY to Rs 1,632 Cr. These are the numbers the market will reward.
Which Sectors Dominate the 2026 IPO Pipeline?
Eight sectors account for the bulk of the 2026 startup IPO queue.
| Sector | Key Companies | Why It Matters |
|---|---|---|
| Fintech / Payments | PhonePe, Razorpay, Navi, Moneyview, Rentomojo | PhonePe alone holds 40% of India’s UPI (Unified Payments Interface) transaction volume |
| Quick Commerce | Zepto | Rs 11,000 Cr target raise; $7 Bn pre-IPO valuation; listing window July to September 2026 |
| Logistics | Shiprocket, Shadowfax (listed) | Shiprocket revenue grew +24% YoY to Rs 1,632 Cr in FY25 |
| Hospitality | OYO | Third IPO attempt; Rs 6,650 Cr; 10 consecutive EBITDA-positive quarters |
| Consumer / D2C | boAt, Lenskart | boAt: Rs 500 Cr fresh issue plus Rs 1,000 Cr OFS |
| AI / Enterprise Tech | Fractal Analytics, InMobi | Fractal raised $170 Mn in its Series E round before its IPO filing |
| B2B / Manufacturing | Zetwerk, InfraMarket | Both serve India’s manufacturing and infrastructure construction sectors |
| E-Commerce / Travel | Flipkart, MakeMyTrip, Spinny | Flipkart has an estimated $60 to 70 Bn valuation; likely listing Q1 2027 post reverse-flip |
What’s Next
The next milestone to watch is PhonePe’s listing, expected mid-2026. Zepto follows with a July to September 2026 window targeting Rs 11,000 Cr. If those two go well, OYO and Fractal are likely to accelerate their own timelines. By December 2026, India will have a much clearer answer to a critical question: does investor appetite hold through the full 48-company pipeline, or does the market start picking winners and leaving the weaker names behind?
Frequently Asked Questions
How many companies are in the Indian startup IPOs 2026 pipeline?
Over 48 Indian startups plan to list in 2026 and early 2027. Of these, 24 have filed a DRHP (Draft Red Herring Prospectus) with SEBI and 26 are in planning stages. The top names alone could raise over Rs 50,000 Cr from public markets.
Which are the biggest Indian startup IPOs expected in 2026?
The five largest are Zepto (Rs 11,000 Cr, $7 Bn valuation), PhonePe (est. Rs 10,000 Cr, $15 Bn valuation), OYO (Rs 6,650 Cr), Shiprocket (Rs 2,342 Cr), and boAt (Rs 1,500 Cr). Flipkart, with an estimated $60 to 70 Bn valuation, may list in Q1 2027 after completing its reverse-flip.
Which Indian startup IPOs have already listed in 2026?
Three startups listed in 2026. Shadowfax (logistics) raised Rs 1,907 Cr and listed on January 28, but debuted at a 9.19% discount to its issue price. Amagi Media Labs (media tech SaaS) listed in January 2026. SEDEMAC Mechatronics (deep tech) listed on March 11, 2026, at a 13.5% premium to its issue price.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
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