In the last 20 years, India’s startup ecosystem has undergone a major transformation.  What started as a small number of internet-first companies in the early 2000s has evolved into a lively community of unicorns and soonicorns that draw worldwide focus.  Although numerous startups have remained private or spent years gearing up for a public listing, the past few years have witnessed a surge of prominent IPOs.

Some of these startups faced challenges after their listings, burdened by stretched valuations or regulatory obstacles.  However, some have thrived in the public markets, providing returns to early investors and reaffirming India’s status as a source of scalable, high-growth businesses.

This blog will delve into the top 10 private Indian startups established after 2000 that have seen the most growth since their IPOs.  Besides showcasing successful business models, these stories offer important insights into resilience, timing, and execution.

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1. Zomato

Zomato went public in July 2021, becoming one of the initial Indian unicorns to enter public markets.  Despite doubts about its profitability trajectory, Zomato’s leadership in food delivery and restaurant discovery convinced investors.

Price for IPO: ₹76/share

Recent Range: ~₹220 (≈100–130% total gain)

Reasons for its success:

• First mover advantage in food delivery.
• Broadened ecosystem (acquisition of Blinkit in the realm of quick commerce).
• Increasing demand for convenience among city-dwelling millennials.

Zomato’s achievement demonstrated that Indian consumer tech could generate shareholder value, opening the door for other startups to think about IPOs.

2. CarTrade Tech

CarTrade, an online service for vehicle transactions and auctions, became a publicly traded company in 2021.  The company has achieved a remarkable turnaround after an unsteady beginning marked by lackluster investor enthusiasm.

Price for IPO: ₹1,618 for each share

Recent Range: Well above the issue price, with some periods showing gains in the hundreds of percent.

Reasons for its success:

• Robust profit discipline in a market where numerous startups pursue growth.
• Augmented digitalization of the second-hand car market.
• Increased demand for online car transactions following the pandemic.

CarTrade exemplifies how fundamentals can ultimately prevail over market pessimism.

3. PB Fintech / PolicyBazaar

PolicyBazaar, the biggest online insurance aggregator in India, went public in 2021 with much fanfare.  Although the stock fell at first, it has now recovered robustly as the company has shown an increase in revenue and customer acquisition.

IPO Price: ₹980 for each share

Recent Range: approximately 80–100% cumulative gains

Reasons for its success:

• Unambiguous leadership in the distribution of insurance.
• Brand recognition and consumer trust are both high.
• Favorable conditions arising from the low penetration of insurance in India.

The success of PolicyBazaar’s journey demonstrates that fintech IPOs can thrive when they address a genuine, large-scale issue.

4. Zaggle Prepaid Ocean

When Zaggle, a fintech startup providing expense management and corporate gifting solutions, went public in 2023, it was not among the most famous unicorns. Despite this, it has emerged as one of the most reliable performers after the IPO.

Price for IPO: ₹164/share

Recent Range: ₹340–₹450 (approx. +100–170%)

Reasons for its success:

• High profitability upon going public.
• A specialized yet expanding market for prepaid cards and expense automation.
• Operational discipline in comparison to cash-burning peers.

The ascent of Zaggle underscores the importance of profitability in drawing and keeping public market investors.

5. ixigo / Le Travenues Technology

In 2024, ixigo, a travel aggregator platform, went public and rapidly made an impression on the markets with robust growth figures.  Unlike many of its contemporaries, ixigo targeted tier-2 and tier-3 markets, positioning itself as a genuine mass-market travel solution.

Price for IPO: ₹93/share

Recent Range: ~₹170–₹200 (~80–120% total gains)

Reasons for its success:

• Extensive coverage of flights, trains, and buses.
• Operations that are cost-effective, coupled with robust app penetration.
• Travel demand recovery following the pandemic.

ixigo demonstrates how businesses focusing on the core of India can achieve both scale and profitability.

6. Nykaa / FSN E-Commerce

Nykaa’s 2021 IPO was among the decade’s most lauded listings.  Nykaa, functioning as a beauty and lifestyle marketplace, introduced organization and reliability into a disjointed industry.

Price for the IPO: ₹1,125/share

Recent Range: Surpassing the IPO price on several occasions, interspersed with phases of considerable profit.

Reasons for its success:

• First-mover edge in beauty and personal care online sales.
• Omnichannel presence (both online and offline stores).
• Robust brand collaborations and customer allegiance.

Nykaa’s experience illustrates how concentrating on a specific sector and effectively positioning a brand can maintain growth in competitive markets.

7. Swiggy

Swiggy, Zomato’s main competitor, launched its IPO in 2024.  The company had a strong listing debut, and its IPO was closely watched.

IPO Price: ~₹450 per share

Listing Day: +15–17%

Cumulative Gains: Varying but frequently favorable.

Reasons for its success:

• Leading the way in food delivery together with Zomato.
• Expansion into quick commerce (Instamart).
• Brand stickiness within the young, urban Indian demographic.

The IPO of Swiggy highlights the interest of investors in large-scale consumer internet ventures, even though there are worries about profitability.

8. Delhivery

In 2022, Delhivery, the logistics behemoth of India, went public.  Although the stock experienced volatility, it has shown robust recoveries, indicative of the company’s significance in India’s thriving e-commerce ecosystem.

IPO price: ₹487 for each share

Recent Range: Intervals with gains of 20–50% over the IPO price.

Reasons for its success:

• Strong logistics network covering over 18,000 pin codes.
• Increasing e-commerce volumes.
• Capital outlays for automation and logistics driven by artificial intelligence.

The case of Delhivery illustrates how startups can gain long-term durability through scale and infrastructure.

9. MapMyIndia / C.E. Info Systems

MapMyIndia, although technically established in the 1990s, underwent significant startup-like scaling after 2000, making it relevant to this list.  Its initial public offering (IPO) in 2021 was a huge success.

Price for the IPO: ₹1,033/share

Latest Range: ~+60% total profits

Reasons for its success:

• Robust competitive advantage in navigation and mapping technology.
• Business-to-business collaborations and state contracts.
• Increasing importance in electric vehicles and connected cars.

MapMyIndia demonstrates that deep-tech companies can provide returns by addressing long-term infrastructure challenges.

10. Awfis Space Solutions

Awfis, a provider of coworking spaces, was listed in 2024, capitalizing on the hybrid work trend.

Price during IPO: ₹383 for each share

Recent Range: approximately +60–70%

Reasons for its success:

• India’s coworking sector’s first listed player.
• Post-pandemic, the demand for flexible workspaces is on the rise.
• Robust positioning within the realm of startups and SMEs.

Awfis exemplifies the way in which asset-light, real-estate-lite business models are gaining traction in the new economy.

When considering these high achievers, a number of themes emerge prominently:

• Profitability is crucial: Unlike their cash-burning counterparts, companies such as Zaggle and CarTrade gained investor trust by demonstrating early profits.
• Sector focus wins: Successful sector-specific enterprises such as Nykaa in beauty, ixigo in travel, and PolicyBazaar in insurance demonstrate the scalability of vertical specialization.
• Public markets reward resilience: Stocks such as Zomato and Delhivery demonstrate that a sustained performance can change sentiment, even after a rough start.
• Consumer demand is the foundation: Startups catering to India’s growing middle class — such as food delivery, beauty services, travel, and coworking — are flourishing.

It’s been an inspiration to witness the transformation of Indian startups from ideas conceived in dorm rooms to multi-billion-dollar publicly listed companies.  The top 10 startups that have seen the greatest gains since their IPOs demonstrate the maturation of India’s entrepreneurial ecosystem.  The road to profitability and gaining investor confidence may be difficult, but the success of so many individuals underscores the robustness of India’s consumption narrative and its capacity to generate businesses on a global scale.

These stories serve as a reminder for founders, investors, and market-watchers that public markets are not the culmination of the journey but merely a new beginning.  Startups that maintain innovation, discipline, and a customer-first approach will continue to generate value long after their IPOs.