Indian Startup IPO Tracker 2026

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After a record-breaking year for startup IPOs in 2025, the momentum for new-age tech companies going for public listings appears even stronger in 2026
Twenty nine startups have already filed their DRHPs with SEBI, while over 25 are in various stages of finalising their IPO plans
However, recalibration is likely to define 2026 as public market investors will prioritise strong fundamentals, profitability and low cash burn when backing new-age tech companies
Dalal Street emerged as a founder’s paradise in 2025, with 18 Indian startups listing on the bourses and collectively mopping up a record ₹41,248 Cr from the public markets.
The surge was driven by a combination of macroeconomic tailwinds and regulatory support. While robust GDP growth projections helped revive investor appetite, SEBI’s reforms played a key role. Measures such as simplified DRHP filings reduced red tape, while more flexible ESOP rules allowed founders to retain meaningful ownership.
Retail investors also fuelled the frenzy as demat accounts crossed the 20 Cr mark. The OFS component dominated public issues last year, providing liquidity to the early backers of the new-age tech companies. Post-listing performance also followed the usual curve, with investors rewarding companies that prioritised profits, sustainable growth and governance over hype.
“Besides the readiness that startups showed in their unit economics, there is also an increase in the founders committing to their businesses for next couple of decades and grow their businesses by adding adjacent profit pools – something that the public markets reward handsomely,” said Ashish Kumar, cofounder and general partner at Fundamentum Partnership.
Building on the momentum, seventeen new-age tech companies have already made their D-Street debut so far this year. Of these, ESDS Software Solution, Klassroom, RentoMojo, SEDEMAC, Kissht, LEAP India and Shiprocket made a bumper debut on the bourses.
Nevertheless, the IPO pipeline remains strong. Twenty five startups have already filed their DRHPs with SEBI, while over 25 are in various stages of finalising their IPO plans. Unicorns like OYO and Razorpay alone could raise nearly ₹20,000 Cr in 2026, making it one of the biggest years for startup IPOs.
However, recalibration is likely to define 2026 as investors are expected to prioritise strong fundamentals, profitability and low cash burn when backing new-age tech companies.
“IPO-bound startups in 2026 will be increasingly defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone. Public market investors will place greater emphasis on governance, capital efficiency and long-term value creation, favouring companies that balance scale with financial prudence,” Orios Venture Partners’ managing partner Rehan Yar Khan told Inc42.
There are other challenges as well. Average retail subscription levels are moderating, while foreign institutional investors (FIIs) are pulling back in droves, reflecting caution amid geopolitical tensions and muted secondary market performance. The ongoing conflict in West Asia has further complicated the situation.
Yet, the overall outlook remains bullish for new-age tech IPOs. Maturing business models, deeper domestic capital pools and an evolving regulatory framework favouring transparency position India as a leading startup IPO hub.
With much on the anvil, we have compiled a list of Indian new-age tech companies eyeing a Dalal Street debut later this year. But before we dive into the list, here are the latest developments from India’s IPO landscape:
Latest Updates:
- Markets regulator SEBI has greenlit consumer appliances maker Atomberg’s IPO, which likely comprises a fresh issue worth ₹450 Cr and an OFS of up to 7.65 Cr shares
- Edtech startup Imarticus Learning plans to file its DRHP with SEBI via the confidential pre-filing route in the next three months for a ₹1,000 Cr IPO
- Defence tech company Tonbo Imaging made a stellar debut on the bourses and listed at ₹1,162 on the BSE, a premium of 66% to its issue price of ₹700 per share
Now, let’s take a detailed look at the list:
The companies have been listed in an alphabetical order | Data has been sourced from Inc42, respective DRHPs, MCA filings and other media reports | Asterisk (*) specifies reported numbers.
Startups That Have Taken The IPO Plunge In 2026
AceVector
Founded by Kunal Bahl and Rohit Bansal, AceVector traces its roots to 2010, when the duo founded ecommerce platform Snapdeal. Over the years, this umbrella company expanded to include listed ecommerce enablement startup Unicommerce and house of brands Stellaro Brands.
The three companies unified under the AceVector banner in 2022. Now, three years on, the consolidated entity is gearing up for a public market debut.
Kicking off its IPO proceedings, AceVector filed its confidential DRHP with the Securities and Exchange Board of India (SEBI) in July 2025. The regulator greenlit the offering in November 2025.
Almost a year later in September 2026, AceVector filed its red herring prospectus with the SEBI, which outlined a fresh issue of shares worth ₹287 Cr and an OFS component of up to 4.16 Cr shares. It had also set a price band of ₹30-₹32 per share, valuing the company at up to ₹1,741.4 Cr at the upper end of the spectrum.
Subsequently, AceVector’s public issue was oversubscribed 4.93X, receiving bids for 36.61 Cr shares against 7.42 Cr shares on offer.
The company eventually made a weak debut on the exchanges on October 5. Shares of AceVector listed at ₹28.30 on the BSE, a discount of 11.6% to its issue price of ₹32 per share. On the NSE, the stock debuted at ₹28.32, an 11.5% discount to the IPO price.
On the financial front, AceVector’s operating revenue rose 29.2% to ₹510.3 Cr in FY26 from ₹395 Cr in the year ago fiscal. Meanwhile, losses also shrank nearly 64% to ₹45.5 Cr versus ₹126.3 Cr in FY25.
Amagi
Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a comprehensive cloud-based suite that enables broadcasters to create, manage, distribute, and monetise content worldwide.
The platform also provides advanced broadcast and targeted advertising tools tailored for both traditional TV and streaming services.
The company filed its DRHP with SEBI in July 2025 and secured the markets regulator’s approval in November that year. In January 2026, Amagi filed its red herring prospectus (RHP), detailing a fresh issue of ₹816 Cr and an OFS component of up to 2.69 Cr shares.
Subsequently, the public issue closed with an oversubscription of 30.2X. The company had set a price band of ₹343–361 per share for its public issue, valuing it at ₹7,966 Cr (nearly $885 Mn) at the upper end of the spectrum.
The SaaS major’s shares made a lacklustre debut on the stock exchanges. The stock listed at ₹317 apiece on the BSE, a discount of 12.2% to the issue price of ₹361. On the NSE, it listed at ₹318 per share, 11.9% below the issue price.
Financially, Amagi turned profitable in H1 FY26, reporting a net profit of ₹6.5 Cr as against a net loss of ₹66 Cr in H1 FY25. Operating revenue rose 35% YoY to ₹704.8 Cr.
Aye Finance
Founded in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance is an NBFC that leverages its AI-powered credit assessment platform to offer loans to small businesses across India. The company has raised $500 Mn to date from marquee investors such as Google, ABC Impact, and Dutch development bank FMO.
In December 2024, Aye Finance filed its DRHP with SEBI for an IPO, and received the markets regulator’s approval for its listing in April 2025.
Nearly a year later in February 2026, the NBFC filed its RHP with SEBI for an ₹1,010 Cr IPO, which comprised a fresh issue of shares worth up to ₹710 Cr and an OFS of up to ₹300 Cr.
The company’s public issue closed with an undersubscription of 97%, with investors cumulatively bidding for 4.42 Cr shares against 4.55 Cr shares on offer. Shares of the company made a flat debut on the bourses, listing at the issue price of ₹129 on the BSE and the NSE.
On the financial front, Aye Finance’s net profit declined 40% YoY to ₹64.6 Cr in H1 FY26, while operating revenue rose 21.8% YoY to ₹843.5 Cr during the year-ago period.
ESDS Software Solution
Founded in 2005 by Piyush Somani, ESDS provides cloud computing, data centre, managed services, and AI-led digital solutions to government and enterprise customers. It operates five data centres in Navi Mumbai, Nashik, Bengaluru, Mohali, and Noida.
The data centre company claims to have served 2,501 customers in the fiscal year ended March 2026, with an average revenue per customer of around ₹19 Lakh.
Backed by ace investor Ashish Kacholia, ESDS Software Solution has raised nearly $47.3 Mn in funding to date.
ESDS first attempted to go public in September 2021 but the plan failed to materialise due to aftershocks of the pandemic. The company then refiled its papers in March 2025 and received SEBI’s nod to float its IPO in December 2025.
As per its RHP, ESDS Software Solution’s public issue consisted solely of a fresh issue of shares worth ₹720 Cr.
Its public issue, which stretched between August 28 and September 1, closed with an oversubscription of 135.88X. Subsequently, shares of the company made a stellar debut on the bourses, listing at ₹757 on the NSE, a premium of 76.5% over the issue price of ₹429.
On the BSE, the stock listed at ₹746.30, marking a gain of nearly 74% over the issue price.
On the financial front, the company reported a consolidated net profit of ₹120.8 Cr in FY26, up 117% from ₹55.6 Cr in the previous fiscal year. Its operating revenue rose 30.7% to ₹472.2 Cr from ₹361.3 Cr in FY25.
Fractal
Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, Fractal is a SaaS unicorn that offers AI-powered analytics solutions to enterprises globally.
Backed by TPG Capital, Khazanah Nasional, and Apax Partners, the startup has raised $800 Mn to date. It achieved unicorn status in 2022 and was last valued at more than $2 Bn.
In August 2025, the SaaS unicorn filed its DRHP with SEBI, and received the markets regulator’s approval in November 2025. The company’s ₹2,833.9 Cr IPO comprised a fresh issue of shares worth up to ₹1,023.54 Cr and an OFS worth up to ₹1,810.4 Cr.
The public issue closed with an oversubscription of 2.66X, with investors placing bids for 4.95 Cr shares against 1.86 Cr on offer. Fractal’s shares made a lacklustre debut on the exchanges and listed at ₹876 on the NSE, a discount of 2.7% to the issue price of ₹900. On the BSE, the shares listed flat at ₹900.
On the financial front, Fractal’s profit declined about 3% YoY to ₹70.9 Cr in H1 FY26, while operating revenue grew 20% YoY to ₹1,559 Cr.
Kissht
Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a digital lending platform that offers personal and business loans up to ₹5 Lakh. It uses AI and machine learning to assess creditworthiness. It also offers health insurance products and credit against property.
The startup has secured over $140 Mn till date from investors such as Vertex Growth, Brunei Investment Agency, Endiya Partners, and Ventureast.
The lending tech startup filed its DRHP in August last year and received SEBI’s nod to proceed with its public listing in January 2026.
As per its RHP, its IPO comprised a fresh issue of shares worth up to ₹850 Cr and an OFS component of up to 44.4 Lakh shares. It had set a price band of ₹162-₹171 for the public issue, which was oversubscribed 9.5X.
Subsequently, Kissht made a stellar debut on the bourses on May 8. The lending tech startup’s shares listed at ₹191 a piece on the BSE, a premium of 11.7% to the issue price of ₹171. On the NSE, the stock listed at ₹190, up 11.1% from the issue price.
On the financial front, the company reported a net profit of ₹199.3 Cr in 9M FY26, while operating revenue stood at ₹1,569.9 Cr during the period under review.
Klassroom
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