Startups of all hues are lining up to hit the IPO market like never before, even as the economy sends distress signals. Can the equity market absorb this type of supply?
The Indian startup ecosystem is pumped up, as many companies are getting ready to approach the public markets in 2025.
From electric two-wheeler maker Ather Energy and edtech startup Physics Wallah to fintech firm Pine Labs and quick-commerce startup Zepto. From the giants Flipkart, PayU and OfBusiness to the lesser-known Innoviti, Avanse and ArisInfra. From an issue size of $14.5 million of DevX to over a billion dollars for Pine Labs, OfBusiness, Zetwerk and, possibly, Flipkart.
News headlines are already calling it the startup IPO party of 2025 and, given the size of the list below, they are not wrong. …
Ujval leads our Business vertical at The Morning Context. In a corporate career spanning 14 years, he has worked across startups, consulting firms, multinational corporations and large Indian companies, including India Infoline, ICICI, KPMG, Tata Steel and Jubilant Pharma. Ujval has been a freelance writer and trainer for eight years, with bylines in Forbes India and The Economic Times.
Editor, Business
ujval@mailtmc.com
Pune
Harveen is a co-founder at The Morning Context, and leads our Internet coverage. She has previously worked as a media, consumer and tech reporter at The Ken and Mint. At The Morning Context, she writes on startups, venture capital, consumer and media businesses across India and the Middle East—from e-commerce to healthtech to streaming.
Editor, Internet
harveen@mailtmc.com
Dubai