5 Major Indian Startups to Launch IPOs in 2025 – Upcoming Indian IPOs

In India, the IPO market has recently seen the listing of high-quality stocks.  This has been characterized by heightened involvement, bigger deal sizes, and a strategic pivot toward quality rather than quantity.

In FY25, India experienced approximately 80 mainboard IPOs, a slight increase from the 76 recorded in FY24.  There has been robust interest in technology, fintech, and consumer tech companies with demonstrated revenue traction in the market.

Famous start-ups are preparing to debut their IPOs in 2025.

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A number of upcoming launches are from startup tech firms.  Hence, don’t anticipate that they will be inexpensive.  The majority of them have a solid track record and strong brand equity.

Here are 5 of these startups that are preparing for their IPOs.

1. Groww Invest Tech

groww logo

Groww Invest Tech is our first entry on the list.

Groww is a prominent online investment platform in India.

The anticipated funds to be garnered from its IPO are still undetermined.  The amount and the size cannot be confirmed by us.  Media reports have suggested that the size of the IPO is US$ 700 million (m).

The IPO will probably consist primarily of an offer for sale (OFS) along with a smaller fresh issue.

Founded in 2016, Groww Invest Tech specializes in mutual funds.  It has slowly broadened its scope to include stock trading, digital gold, ETFs, intraday trading, and investments in IPOs.  According to the company, it is the top stock broker based on active client user data from NSE as of January 31, 2025.

The company seeks to offer a smooth and user-friendly experience via its web and mobile applications.

The increasing involvement of retail investors in the stock market, along with robust digital infrastructure, low data expenses, and government programs such as Digital India and UPI, bode well for Groww’s future.

Given that India’s retail investor base is still not fully tapped compared to developed markets, Groww Invest Tech has considerable growth potential as more Indians adopt online financial services.

The IPO is highly anticipated, but it is the pricing that everyone is focused on.

2.Urban Company

urban company logo

Urban Company, previously named UrbanClap, is a tech-enabled digital platform that links consumers to qualified and trained professionals for various home and beauty services.

Although the pricing and other specifics remain unknown, certain details can be gleaned from the draft red herring prospectus (DRHP) submitted to SEBI.

This IPO is a book-built offering with a total size of Rs 19 billion, consisting of a fresh issue worth Rs 4.29 billion and an offer for sale (OFS) of Rs 14.71 billion from current investors.  This encompasses firms like Accel, Elevation Capital, and Tiger Global.

Urban Company offers a wide range of services, including beauty and wellness (home salon, massage, grooming), home cleaning (deep cleaning, kitchen, bathroom), appliance repair (AC, fridge, washing machine), home maintenance (plumbing, electrical work, carpentry, pest control), and fitness services (yoga, personal training).

The IPO of Urban Company provides investors with an opportunity to engage in the growth narrative of India’s largest home services platform.

Urbanization, digital adoption, and increasing consumer expectations are expected to drive the growth of India’s home services market from Rs 50 billion in 2024 to Rs 83 billion by 2029.  This will probably generate beneficial opportunities for the company in the future.

3.Meesho

meesho logo

Meesho is an Indian e-commerce platform that allows small businesses, individual entrepreneurs, and resellers to sell products online without any commission fees.

Meesho is gearing up for an IPO valued at Rs 85 billion, comprising a fresh capital raise of Rs 42.5 billion and the rest through an offer for sale from current shareholders.

The firm has submitted the DRHP and aims for a listing around September to October 2025.

The IPO of Meesho is one of the biggest in the Indian e-commerce industry.  It is anticipated that it will bolster its balance sheet for expansion and to compete with major players such as Flipkart and Amazon.

With a robust presence in tier 2 and smaller cities, Meesho boasts over 100 million active users and a fast-expanding seller base.

The company uses AI and machine learning for tailored recommendations, pricing strategies, supply chain optimization, and customer support.  In 2024, it launched a voice bot powered by generative AI that manages 60,000 daily calls in both English and Hindi.

Even with promising prospects, Meesho must contend with fierce competition from major players such as Amazon and Flipkart, uphold service quality, and keep innovating to retain and expand its user base.

4.PhysicsWallah

physicswallah logo

The firm provides reasonably priced online education focused mainly on competitive exams and school curricula, and it is gaining considerable traction in India’s edtech market.

PhysicsWallah aims to introduce an IPO valued at roughly Rs 42.8-46 billion.  The IPO would result in it being the first pure-play edtech company to be listed on Indian stock exchanges.

PhysicsWallah utilizes a freemium and hybrid learning model, providing both free and paid content to ensure education is accessible and affordable, with a special focus on students in Tier 2 and Tier 3 cities.

It encompasses a variety of topics, such as school curricula, competitive examinations (JEE, NEET, UPSC), and skill enhancement.

5.Wakefit Innovations

wakefit logo

Wakefit Innovations has submitted its DRHP for an IPO aimed at raising Rs 4.68 billion via a fresh equity issue and an OFS of approximately 58.3 million shares from existing shareholders.

The IPO is scheduled for sometime this month (July 2025).  The proceeds from the new issue will be used for retail expansion by opening 117 new company-owned stores and one jumbo store, upgrading manufacturing equipment, making lease and rental payments, conducting marketing and brand-building activities, and covering general corporate purposes.

Wakefit Innovations provides a diverse range of products, including mattresses (memory foam, latex, smart sleep technology), furniture (beds, sofas, wardrobes, dining sets, office pieces), and home accessories (pillows, essentials for the home, decor items, kitchen utensils).

The company sells its products through its own website, COCO (company-owned company-operated) stores, and various online marketplaces, operating over 80 stores in more than 30 cities across India.

It operates 5 manufacturing facilities located in Bengaluru, Hosur (Tamil Nadu), and Sonipat (Haryana), which are outfitted with state-of-the-art machinery and automation to guarantee quality and efficiency.

The company has good prospects, but it will need to keep innovating and managing competition from both domestic and international players to sustain its momentum.

In 2025, the landscape for startup IPOs in India is set to become robust.  This will be characterized by unprecedented fundraising and a significant rebound in investor confidence following the recent market correction.

2024 was a landmark year in which 13 startups secured nearly Rs 290 billion (a record), and 2025 is anticipated to surpass this with approximately 25 startups raising over Rs 550 billion.

Historically, the returns from startup IPOs have exhibited a mixed trend.  This period might not be too different.  Investors ought to be discerning when evaluating these and other startup IPOs.