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 15 startups, including Zepto, Shiprocket, OYO, among others, are in various stages of their IPO journey. Meanwhile, over 60 Indian new-age tech companies have already crossed the milestone and are now listed on the bourses.
The list now also includes Indian companies like MakeMyTrip, Zoomcar and Freshworks, which are listed on Nasdaq in the US.
India’s startup IPO wave reached its peak in 2025, surpassing the previous year’s momentum.
While 13 startups went public in 2024, the number has already been overtaken this year, with 18 companies making their market debut in the previous year. The list of new-age tech companies that went public in 2025 included Meesho, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs and PhysicsWallah.
The list is only expected to grow further this year. Six new-age companies – Kissht, Aye Finance, Fractal Analytics, Amagi, Shadowfax and SEDEMAC – have already made their public market debut in 2026.
As of now, the total market capitalisation of the listed companies stands at over $141 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.
Organisation Name
Sector
Listed On
Listing Year
Debut Market Cap (₹ Cr/USD)
Current Market Cap (₹ Cr/USD)
% Change
Listing Price (₹/USD)
Current Stock Price (₹/USD)
% Change
Sales (FY25/ 2025) (₹ Cr/USD)
YoY Change %
Net Profit (FY25/2025) (₹ Cr/USD)
Aequs
Enteprise Services
NSE, BSE
2025
9,168
13,262
45%
140
203
45%
925
-4%
-102
Amagi Media Labs
Enterprise Tech
NSE, BSE
2026
7,544
8,751
16%
318
405
27%
1,163
32%
-69
Arisinfra Solutions
Real Estate Tech
NSE, BSE
2025
1,661
1,128
-32%
205
138
-33%
697
-7%
-19
Ather Energy
Clean Tech
NSE, BSE
2025
12,217
35,901
194%
328
937
186%
1,751
-2%
-812
Avenues AI
Fintech
NSE, BSE
2016
2,907
4,751
63%
9
14
46%
3,993
27%
225
Awfis
Real Estate Tech
NSE, BSE
2024
3,101
2,274
-27%
435
318
-27%
1,208
42%
68
Aye Finance
Fintech
NSE, BSE
2026
3,154
3,063
-3%
129
125
-3%
980
40%
171
Blackbuck
Logistics
NSE, BSE
2024
5,032
9,653
92%
281
531
89%
427
44%
-9
Bluestone
Ecommerce
NSE, BSE
2025
7,717
7,242
-6%
510
475
-7%
1,770
40%
-222
Capillary Technologies
Enterprise Tech
NSE, BSE
2025
4,536
4,184
-8%
572
526
-8%
598
14%
13
CarTrade
Ecommerce
NSE, BSE
2021
7,598
8,746
15%
1,600
1,825
14%
641
31%
135
Delhivery
Logistics
NSE, BSE
2022
36,971
35,620
-4%
495
476
-4%
8,932
10%
162
Dev Accelerator
Real Estate Tech
NSE, BSE
2025
550
364
-34%
61
40
-34%
159
47%
2
Digit Insurance
Fintech
NSE, BSE
2024
26,376
28,718
9%
286
311
9%
9,371
15%
425
Droneacharya
Advanced Hardware & Technology
BSE (SME)
2022
279
95
-66%
117
40
-66%
35
No Change
-13
E2E Networks
Enterprise Tech
NSE
2018
111
6,226
5493%
77
3,117
3953%
164
74%
47
Easemytrip
Travel Tech
NSE, BSE
2021
2,408
2,877
19%
7
8
20%
587
-1%
107
Eternal
Foodtech
NSE, BSE
2021
177,829
221,738
25%
196
241
23%
20,243
67%
527
FINO Payment Bank
Fintech
NSE, BSE
2021
4,530
993
-78%
544
119
-78%
1,747
25%
93
FirstCry
Ecommerce
NSE, BSE
2024
31,393
10,879
-65%
651
224
-66%
7,660
18%
-191
Fractal
Enterprise Tech
NSE, BSE
2026
15,064
16,165
7%
876
940
7%
2,765
26%
221
Freshworks
Enterprise Tech
Nasdaq
2021
$12 Bn
$2.5 Bn
-79%
48
9
-81%
$838 Mn
16%
$183 Mn
Groww
Fintech
NSE, BSE
2025
69,144
116,197
68%
112
188
68%
3,902
50%%
1,824
Honasa (Mamaearth)
Ecommerce
NSE, BSE
2023
10,731
11,518
7%
330
354
7%
2,067
8%
73
Ideaforge
Advanced Hardware & Technology
NSE, BSE
2023
5,615
3,552
-37%
1,300
819
-37%
161
-49%
-62
IndiaMart
Ecommerce
NSE, BSE
2019
3,478
11,761
238%
580
1,957
237%
1,388
16%
551
Indiqube Spaces
Real Estate Tech
NSE, BSE
2025
4,536
3,554
-22%
216
168
-22%
1,059
28%
-140
Info Edge
Consumer Services
NSE, BSE
2006
1,412
60,117
4158%
22
928
4119%
2,850
12%
1,310
ixigo
Travel Tech
NSE, BSE
2024
5,390
7,257
35%
138
166
20%
914
39%
60
Justdial
Consumer Services
NSE, BSE
2013
4,999
4,434
-11%
588
521
-11%
1,142
9%
584
Kissht (Onemi Tech)
Fintech
NSE, BSE
2026
3,201
3,303
3%
190
196
3%
131
46%
9
Lenskart
Ecommerce
NSE, BSE
2025
68,240
81,140
19%
395
469
19%
6,653
23%
297
MakeMyTrip
Travel Tech
Nasdaq
2010
$902 Mn
$4.1 Bn
355%
22
43
95%
$978 Mn
25%
$95 Mn
MapmyIndia
Enterprise Tech
NSE, BSE
2021
8,475
5,553
-34%
1,557
1,014
-35%
463
22%
147
Matrimony
Media & Entertainment
NSE, BSE
2017
2,058
885
-57%
955
428
-55%
456
-5%
45
Meesho
Ecommerce
NSE, BSE
2025
73,338
87,460
19%
163
191
17%
9,390
23%
-3,942
Menhood (Macobs Tech)
Ecommerce
NSE (SME)
2024
Not Available
230
Not Available
96
235
145%
24
15%
3
Mobavenue AI Tech
Enterprise Tech
BSE
2016
899
1,724
92%
582
1,115
92%
5
N/A
1
Mobikwik
Fintech
NSE, BSE
2024
3,439
1,487
-57%
440
189
-57%
1,170
34%
-122
Nazara Tech
Media & Entertainment
NSE, BSE
2021
9,215
11,112
21%
995
300
-70%
1,624
43%
76
Nykaa
Ecommerce
NSE, BSE
2021
96,167
78,002
-19%
336
272
-19%
7,950
24%
66
Ola Electric
Clean Tech
NSE, BSE
2024
31,736
14,978
-53%
76
36
-53%
4,514
-10%
-2,276
Paytm
Fintech
NSE, BSE
2021
124,467
72,417
-42%
1,950
1,131
-42%
6,900
-31%
-659
PB Fintech (Policybazaar)
Fintech
NSE, BSE
2021
52,666
78,003
48%
1,150
1,688
47%
4,977
45%
353
Physics Wallah
Edtech
NSE, BSE
2025
41,466
32,558
-21%
145
114
-21%
2,874
49%
-216
Pine Labs
Fintech
NSE, BSE
2025
27,788
17,509
-37%
242
152
-37%
2,274
28%
-145
Rategain
Enterprise Tech
NSE, BSE
2021
4,248
7,385
74%
360
625
74%
1,077
13%
209
Sedemac Mechatronics
Advanced Hardware & Technology
NSE, BSE
2026
6,779
8,753
29%
1,535
1,982
29%
658
24%
47
Shadowfax
Logistics
NSE, BSE
2026
6,353
11,005
73%
113
189
67%
2,485
32%
6
Smartworks
Real Estate Tech
NSE, BSE
2025
4,965
4,998
1%
436
437
0%
1,374
32%
-63
Swiggy
Foodtech
NSE, BSE
2024
96,185
66,559
-31%
420
255
-39%
15,227
35%
-3,117
TAC Infosec
Enterprise Tech
NSE (SME)
2024
Not Available
965
Not Available
290
459
58%
30
150%
15
TBO Tek
Travel Tech
NSE, BSE
2024
15,171
12,568
-17%
1,426
1,177
-17%
1,737
25%
230
Tracxn
Enterprise Tech
NSE, BSE
2022
905
349
-61%
85
33
-62%
84
2%
-10
Trust Fintech
Fintech
NSE (SME)
2024
341
90
-74%
143
38
-74%
23
28%
4
Unicommerce
Enterprise Tech
NSE, BSE
2024
2,427
963
-60%
235
86
-64%
135
30%
18
Urban Company
Consumer Services
NSE, BSE
2025
23,298
18,651
-20%
162
121
-25%
828
38%
240
Veefin Solutions
Enterprise Tech
BSE (SME)
2023
187
904
384%
82
355
333%
79
215%
16
Wakefit
Ecommerce
NSE, BSE
2025
6,411
4,727
-26%
195
143
-27%
1,274
29%
-35
WeWork India
Real Estate Tech
NSE, BSE
2025
8,712
6,808
-22%
650
496
-24%
1,949
17%
128
Yatra
Travel Tech
NSE, BSE
2023
2,001
1,482
-26%
128
94
-26%
791
119%
37
Yudiz
Media & Entertainment
NSE (SME)
2023
191
26
-86%
185
25
-86%
21
-20%
-3
Zaggle
Fintech
NSE, BSE
2023
2,201
2,832
29%
164
211
28%
1,304
68%
88
Zappfresh
Ecommerce
BSE (SME)
2025
Not Available
241
Not Available
120
108
-10%
131
46%
9
Zelio E Mobility
Clean Tech
BSE (SME)
2025
328
970
196%
155
459
196%
172
82%
16
Source: Inc42 Analysis, Public Market Data
Notes: The numbers are rounded off | Only India listed companies have been included
*Current Market Cap & Stock Price: Last updated on 15 May 2026
**Debut Market Cap: The market capitalisation on a stock’s first trading day closing
***Listing Price: The opening stock price on the day it first starts trading publicly
Read our methodology here.
Inside The Dalal Street Startup Ride
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. About 64% of the listed new-age tech companies, 41 to be precise, are currently profitable.
In terms of profits, Sanjeev Bikhchandani-led internet company Info Edge towers over the rest. It posted a net profit of ₹962 Cr in FY25. Prominent internet companies Justdial and IndiaMART trail Info Edge in terms of profitability, raking in profits of ₹584 Cr and ₹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 11 years. While listing for 18-year-old ixigo and 19-year-old Fino Payments Bank came relatively much later, ArisInfra’s IPO materialised within four years of its operations.
Meanwhile, the new-age tech companies that have made their public market debuts this year generally turned profitable right before their public market debuts. For instance, eyewear major Lenskart reported a net profit of around ₹297 Cr , a significant turnaround from a ₹10 Cr loss in FY24. The company maintained profitability in the first three quarters of FY26.
Urban Company also reported its first consolidated net profit of approximately ₹240 Cr for FY25, a major turnaround from losses in FY24. While it maintained profitability in Q1 FY26, the company plunged back in to the red in Q2, reporting a multifold rise in its net loss to ₹59.3 Cr.
Sectors Driving India’s Startup IPO Boom
The startup sectors producing the most number of listed companies is proportional to the private funding trends witnessed in the Indian startup ecosystem. The three most funded sectors, fintech, ecommerce and enterprise tech, also house the highest number of 11 listed startups each.
The dominance of the fintech and ecommerce sectors on the bourses is expected to continue as the likes of PhonePe, boAt and Turtlemint would soon be making their public market debuts.
Meanwhile, the number of startups hailing from other sectors is also expected to surge. For instance, the number of listed real-estate tech startups may go up to seven from six currently, with Infra.Market having filed its IPO papers confidentially with the SEBI.
Delhi NCR Home To Highest Number Of Listed Startups
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 25 listed new-age tech companies, ahead of Bengaluru’s eleven and Mumbai’s eight.
While thirteen companies, including Eternal, Delhivery, and Lenskart, 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 IndiQube.
Delhi NCR contributes $76.7 Bn in the cumulative $141 Bn market cap of new-age tech companies.
Last updated: May 16
The Indian Listed New-Age Tech Company Tracker will be updated periodically with fresh data.
[Edited by: Vinaykumar Rai]
The post Indian Listed New-Age Tech Company Tracker: Market Cap, Revenue & More appeared first on Inc42 Media.
