India has emerged as a standout performer in the global landscape of tech initial public offerings (IPOs) in 2024, defying the broader trend of subdued listing activity worldwide. As the world’s most populous nation, India is now gearing up for a significant surge in startup IPOs in 2025, with over 20 companies readying to go public.
According to TechCrunch, 12 startups, including seven tech-focused firms, debuted on Indian stock exchanges in 2024. This robust performance starkly contrasts with major markets like the United States, China, Europe, and the United Kingdom, where tech IPO activity has remained stagnant or declined.
India’s distinct position in the global IPO landscape can be attributed to several factors: robust economic growth, a rise in domestic capital, and political stability. The country’s capital markets have experienced remarkable progress, with market capitalization doubling and daily trading volumes tripling between 2019 and 2024.
A diverse lineup of companies is preparing for public listings in 2025, including business-to-business platforms like Infra.Market and Zetwerk, quick-commerce startup Zepto, e-commerce giant Meesho, and investment app Groww. Swiggy, the food delivery platform, has already made headlines with its $1.35 billion IPO in 2025, marking the largest global tech listing of the year.
This flurry of IPO activity comes against the backdrop of a slowdown in private market dealmaking, prompting startups to focus on financial discipline and accelerate their IPO readiness. This shift represents a turning point for the Indian market, which has traditionally grappled with limited exit options and skepticism toward loss-making firms entering public markets.
Currently, tech and healthcare firms make up less than 20% of India’s Nifty 50 index, compared to over 50% in the S&P 500. This underscores the untapped potential for growth in India’s tech sector. With a wave of IPOs on the horizon, India is poised to cement its status as a leading destination for tech listings, propelled by a dynamic capital market and a flourishing innovation ecosystem.