Indian Startup IPO Tracker 2025

Startup initial public offerings (IPOs) were a rage in India in 2024. As many as and cumulatively raised INR 29,070 Cr via their public listing.

From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X.

While 2024 was a blockbuster year for Indian startup listings, will the momentum seep into 2025 too? It definitely seems so. As per Inc42 data, 23 startups were in various stages of undertaking their IPO preparations at the start of 2025. While some of them have already received SEBI’s nod to go ahead with their public issue, others are lining up bankers to helm their respective IPOs.

As many as 11 startups have already filed their draft red herring prospectuses (DRHPs) with SEBI, including Ather Energy, ArisInfra, Avanse Financial Services, BlueStone, among others. Of these, six have received the regulatory nod to go ahead with their listings.

Then, there are sectoral giants such as CarDekho, InCred, OfBusiness and Ola Consumer that too are pushing the pedal on listing on the bourses later this year.

So, what is powering this startup IPO frenzy? One of the key factors that is likely to contribute to the public listing mania in 2025 is India’s strong position in the equities market. While the last few months have seen a major correction, there is bullishness in the medium to long-term. Besides, more rationalised valuations sought by startups in 2024 is expected to further create healthy momentum for new-age tech IPOs this year too.

“The successful public listings of a sizable number of PE/VC-backed companies and, importantly, the improved performance of many of these companies post their listing is an incentive for investors to further explore the IPO route for liquidity. Also, post-downturn, valuations are more realistic and attractive for long-term investors,” said Lightbox Ventures founder and managing director (MD) Sandeep Murthy.

While the overall outlook for startup IPOs is positive in 2025, challenges remain. The focus of investors continues to remain on profitable and sustainable ventures. Additionally, investors also want potential listees to differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.

“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” added Murthy.

Nevertheless, for now, the Indian startup ecosystem continues to revel in IPO spring. Forging ahead with innovation and grit at its heart, the homegrown new-age tech landscape appears to be headed for a “record-breaking” year on the IPO front.

With much remains to be said and done, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape:

Latest Updates:

• Imarticus Learning cofounder and CEO Nikhil Barshikar said that the edtech startup plans to file its DRHP with SEBI in the next 4-5 months for INR 750 Cr IPO
• Ahead of its planned IPO, fintech major PhonePe’s board approved a proposal to convert into a public entity
• Fintech unicorn Razorpay also received the nod of its board to convert into a public company as it eyes an IPO in the next two years

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.

ArisInfra	2021	Ecommerce	$25 Mn	Siddharth Shah, Think Partners, Logx Venture Partners, Karbonite Ventures	₹696.84 Cr (FY24)	Filed	₹600 Cr	NA	JM Financial, IIFL Securities, Nuvama
Ather Energy	2013	Electric Vehicles	$431 Mn	Hero MotoCorp, GIC, Tiger Global	₹1,753.8 Cr (FY24)	Filed	₹3,100 Cr	₹20,663 Cr	Axis Capital, Nomura, HSBC Securities and Capital, JM Financial Markets
Aye Finance	2014	Fintech	$485 Mn	Google, ABC Impact, FMO	₹1,040.22 Cr (FY24)	Filed	₹1,450 Cr	NA	Axis Capital, IIFL Capital Services, Nuvama, JM Financial
Avanse Financial Services	2013	Fintech	$212 Mn	Warburg Pincus, Kedaara Capital, International Finance Corporation, Mubadala	₹1,726.9 Cr (FY24)	Refiled	₹3,500 Cr	NA	Kotak Mahindra Capital, Avendus Capital, JP Morgan, Nomura, Nuvama Wealth Management, SBI Capital Markets
Bira91	2015	D2C	$449 Mn	Peak XV Partners, Sofina, DS Group	₹824.3 Cr (FY23)	Yet To File	Yet To Be Decided	Yet To Be Decided	NA
BlueStone	2011	D2C	$200 Mn	Accel, Kalaari Capital, Deepinder Goyal, and Nikhil Kamath	₹1,265.8 Cr (FY24)	Filed	₹1,000 Cr	₹12,000 Cr – ₹13,000 Cr	Axis Capital, IIFL Capital, Kotak Mahindra Capital
boAt	2016	D2C	$177 Mn	Qualcomm Ventures, Warburg Pincus	₹3,118 Cr (FY24)	Yet To File	₹2,000 Cr*	NA	ICICI Securities, Goldman Sachs, Nomura
Capillary Technologies	2008	SaaS	$239 Mn	Avataar Ventures, Filter Capital, Peak XV Partners	₹150.1 Cr (FY24)	Yet To File	₹1,721 Cr*	NA	NA
Captain Fresh	2019	D2C	$166 Mn	Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest	₹1,395 Cr (FY24)	Yet To File	₹3,013 Cr- ₹3,443 Cr	₹11,192 Cr- ₹12,914 Cr	NA
CarDekho	2008	Auto tech	$692 Mn	Google Capital, Hillhouse Capital, Peak XV Partners, HDFC Bank	₹2,250.43 Cr (FY24)	Yet To File	₹4,100 Cr	₹17,219 Cr- ₹21,524 Cr	NA
Cult.fit	2016	Ecommerce	$650 Mn	Zomato, Accel, Tata Digital, Temasek, Kalaari Capital	₹926.6 Cr (FY24)	Yet To File	₹2,500 Cr	₹17,200 Cr	NA
Curefoods	2020	Foodtech	$175 Mn	Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance	₹585.1 Cr (FY24)	Yet To File	₹2,582 Cr- ₹3,443 Cr	NA	NA
DevX	2017	Coworking	$13.3 Mn	Kalpesh Harakhchand Gala, Unmaj Corporation, Bidiwala Family Office	₹108.08 Cr (FY24)	Filed	2.47 Cr Shares (Fresh Issue)	NA	Pantomath Capital Advisors
Droom	Auto Tech	$300 Mn	Lightbox, 57 Stars, Seven Train Ventures	₹85.4 Cr (FY24)	Yet To File	₹1,000 Cr	₹10,331 Cr- ₹12,914 Cr	NA
Flipkart	2007	Ecommerce	NA	Walmart, Google	₹17,907.3 Cr (B2C) (FY24)	Yet To File	Yet To Be Decided	NA	NA
Fractal	2000	SaaS	$685 Mn	TPG Capital, Khazanah Nasional, Apax Partners	₹2,196.3 Cr (FY24)	Yet To File	NA	₹25,828 Cr	NA
Groww	2017	Fintech	$393 Mn	Y Combinator, Tiger Global Management, Ribbit Capital, Alkeon, Steadfast	₹3,145 Cr (FY24)	Yet To File	$1 Bn	₹60,260 Cr- ₹68,877 Cr	Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi, Motilal Oswal*
InCred	2016	Fintech	$318 Mn	FMO, KKR, Paragon Partners, Varanium Capital	₹1,270 Cr (FY24)	Yet To File	₹4,000 Cr- ₹5,000 Cr	₹15,000 Cr- ₹22,500 Cr	NA
IndiQube	2015	Coworking	$45 Mn	WestBridge Capital, MMPL Trust, Konark Trust	₹840 Cr (FY24)	Filed	₹850 Cr	NA	ICICI Securities, JM Financial
Infra.Market	2016	Ecommerce	$415 Mn	Tiger Global, Accel, Nexus Ventures	₹14,530 Cr (FY24)	Yet To File	₹4,304 Cr- ₹6,000 Cr	Yet To Be Decided	Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies
InMobi	2007	SaaS	$320 Mn	Sherpalo Ventures, SoftBank, Kleiner Perkins	₹587 Cr (FY23)	Yet To File	₹8,609 Cr	₹68,877 Cr- ₹ 86,096 Cr	NA
Innoviti	2002	Fintech	$87 Mn	Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India	₹105.6 Cr (FY24)	Yet To File	Yet To Be Decided	Yet To Be Decided	NA
Kissht	2015	Fintech	$140 Mn	Vertex Growth, Zodius, Brunei Investment Agency, Endiya Partners	₹412 Cr (FY24)	Yet To File	₹1,937 Cr	₹7,748 Cr- ₹9,470 Cr	ICICI Securities, UBS Securities, Motilal Oswal*
Lenskart	2010	Ecommerce	$1.78 Bn	SoftBank, ADIA, Temasek, Fidelity Investments, ChrysCapital	₹5,427 Cr (FY24)	Yet To File	₹6,400 Cr-₹8,600 Cr	₹60,200 Cr-₹68.800 Cr
Licious	2015	Ecommerce	$555 Mn	Temasek, 3one4 Capital, Innoven Capital, Amansa Capital	₹685.05 Cr (FY24)	Yet To File	NA	₹17,200 Cr	NA
Meesho	2015	Ecommerce	$1.36 Bn	Tiger Global Management, Peak XV Partners, Meta, Locus Ventures, Y Combinator	₹7,615 Cr (FY24)	Yet To File	NA	₹17,200 Cr	Morgan Stanley, Kotak Mahindra Capital, Citi*
Navi	2018	Fintech	$677 Mn	Gaja Capital	₹1,906 Cr (FY24)	Yet To File	NA	NA	NA
NoPaperForms	2017	SaaS	$4.5 Mn	Info Edge	₹70 Cr (FY24)	Yet To File	₹500 Cr- ₹600 Cr	₹2,000 Cr	IIFL Capital, SBI Capital
OfBusiness	2015	Ecommerce	$879.61 Mn	Tiger Global, Norwest, Softbank, Matrix Partners, Falcon Edge	₹19,296.3 Cr (FY24)	Yet To File	₹6,360 Cr- ₹8,480 Cr	₹51,650 Cr- ₹77,400 Cr	Axis Capital, Morgan Stanley, JPMorgan, Citigroup, Bank of America*
Ola Consumer	2011	Mobility	$3.84 Bn	SoftBank, Vanguard, Accel, Bessemer Venture Partners	₹2,011.9 Cr (FY24)	Yet To File	₹4,300 Cr	₹43,000 Cr	NA
OYO	2013	Travel Tech	$3.47 Bn	Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company	₹5,388.7 Cr (FY24)	To Be Refiled	₹6.680 Cr*	NA	NA
PayU India	2002	Fintech	NA	Prosus	$444 Mn (FY24)	Yet To File	Yet To Be Decided	Yet To Be Decided	Goldman Sachs, Morgan Stanley, Bank of America*
PhonePe	2015	Fintech	$2.29 Bn	Walmart, General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds	₹5,725 Cr (FY24)	Yet To File	Yet To Be Decided	NA	JP Morgan, Citi India, Morgan Stanley, Kotak Mahindra Capital*
Physics Wallah	2020	Edtech	$312 Mn	Hornbill Capital, Lightspeed, GSV Ventures, WestBridge Capital	₹1,940.4 Cr (FY24)	Yet To File	₹3,400 Cr – ₹4,300 Cr	₹24,107 Cr	Kotak Mahindra Capital, JP Morgan, Axis Bank, Goldman Sachs*
Pine Labs	1998	Fintech	$1.59 Bn	Peak XV Partners, Temasek, Vitruvian Partners, Nordmann, Alpha Wave Global, SBI	₹1,309.6 Cr (FY24)	Yet To File	₹8,600 Cr	₹51,657 Cr	Axis Capital, Morgan Stanley, Citigroup, JP Morgan, Jefferies India*
Pure EV	2015	Electric Vehicles	$14 Mn	Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises	₹131,28 Cr (FY23)	Yet To File	Yet To Be Decided	NA	NA
Rebel Foods	2011	Foodtech	$563 Mn	Coatue Management, Lightbox, Peak XV Partners	₹1,420.2 Cr (FY24)	Yet To File	Yet To Be Decided	NA	NA
Servify	2015	Consumer Services	$130 Mn	BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars	₹754 Cr (FY24)	Yet To File	₹3,400 Cr – ₹4,300 Cr	₹12,914 Cr	NA
Shadowfax	2015	Logistics	$212 Mn	Flipkart, Mirae India, IFC, Nokia Growth Partners, Qualcomm	₹1,884.8 Cr (FY24)	Yet To File	₹2,500 Cr – ₹3,000 Cr	₹5,000 Cr – ₹8,000 Cr	ICICI Securities, JM Financial, Morgan Stanley*
Shiprocket	2017	Logistics	$323 Mn	Temasek, Bertelsmann, Tribe Capital, Lightrock	₹1,316 Cr (FY24)	Yet To File	NA	NA	NA
Smartworks	2016	Coworking	$41 Mn	Ananta Capital, Keppel Land, Plutus Capital	₹1,039.3 Cr (FY24)	Filed	₹550 Cr	NA	JM Financial, BOB Capital Markets, IIFL Securities, Kotak Mahindra Capital
Turtlemint	2015	Fintech	$197 Mn	Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, Nexus Venture Partners	₹507 Cr (FY24)	Yet To File	₹1,700 Cr- ₹2,150 Cr	NA	NA
Ullu	2018	OTT	NA	NA	₹99.67 Cr (FY24)	Filed	₹135Cr – ₹150 Cr	NA	Narnolia Financial Services
Urban Company	2014	Consumer Services	$646 Mn	Tiger Global, Prosus, Steadview Capital	₹827 Cr (FY24)	Yet To File	₹3,000 Cr	NA	NA
Wakefit	2016	D2C	$100 Mn	Peak XV Partners, Investcorp, Verlinvest, SIG	₹986.35 Cr (FY24)	Yet To File	₹1,500 Cr-₹2,000 Cr	NA	Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley*
WeWork India	2017	Coworking	NA	Ariel Way Tenant	₹1,665.14 Cr (FY24)	Filed	OFS Comprising 4.3 Cr shares	NA	JM Financial, ICICI Securities, Kotak Mahindra Capital, Jefferies India, 360 ONE WAM
Zappfresh	2015	D2C	$14.5 Mn	SIDBI Venture Capital, Gyan Dairy, ah! Ventures	₹90 Cr (FY24)	Filed	Fresh Issue Of 59.06 Lakh shares	NA	Narnolia Financial Services
Zepto	2021	Quick Commerce	$1.60 Bn	Y Combinator, Goodwater Capital, Glade Brook Capital, General Catalyst, Dragon Fund	₹4,454.52 Cr (FY24)	Yet To File	$450 Mn	Yet To Be Decided	NA
Zetwerk	2018	Ecommerce	$793 Mn	Greenoaks Capital, Lightspeed, Mars Growth Capital, Peak XV Partners	₹11,448.6 Cr (FY24)	Yet To File	NA	NA	Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase, Kotak Mahindra Bank

 

Now, let’s take a detailed look at the list:

Startups That Have Filed DRHP ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.

Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and chief executive officer (CEO) Siddharth Shah, and Karbonite Ventures, the startup has bagged more than $25 Mn in funding to date.

In August 2024, the startup kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue will comprise solely a fresh issue of shares, and there will be no offer for sale (OFS) component.

Later on, the company, in an addendum to its DRHP, informed the markets regulator that it has trimmed the size of the fresh issue in the IPO to INR 579.6 Cr from INR 600 Cr earlier. It received approval from the market regulator for its public listing in November 2024.

In January 2025, the B2B ecommerce platform undertook a pre-IPO placement to raise INR 80 Cr by issuing 36.03 Lakh equity shares for INR 222 per share.

The startup plans to use the IPO proceeds to repay outstanding credit, support working capital requirements, potential acquisitions and investments in its subsidiary.

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in the financial year 2023-24 (FY24), while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review.

Ather Energy

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is one of the biggest players in the Indian electric two-wheeler segment. The startup manufactures and services electric scooters and operates its own charging infrastructure.

The EV major has raised more than $431 Mn in funding to date from the likes of Hero MotoCorp, GIC, Tiger Global, among others.

The Bengaluru-based startup commenced its IPO proceedings in June 2024 as its board passed a resolution to convert the startup into a public company. A couple of months later in September, the startup filed its DRHP with SEBI for its IPO.

As per the draft IPO papers, Ather’s public issue was to comprise a fresh issue of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares.

In December 2024, the . Five months later in April 2025, the and trimmed the size of its IPO.

In the RHP, the company cut its fresh issue to INR 2,626 Cr and OFS component to up to 1.1 Cr shares. The startup’s public issue will open for public bidding on April 28 and close on April 30. The shares will be listed on both BSE and NSE.

It has for its IPO. At the upper end of the spectrum, Ather Energy would be valued at about INR 11,955 Cr (around $1.4 Bn).

The proceeds from the IPO will be utilised for kickstarting the construction of its upcoming manufacturing facility in Maharashtra, R&D, marketing initiatives, and other general corporate purposes.

Ahead of the opening of the IPO, the , including SBI, ADIA, Invesco, Franklin Templeton, among others, at INR 321 apiece.

in the nine-month period ended December 2024 from INR 776.4 Cr in the year-ago period. Revenue from operations zoomed 28.32% to INR 1,578.9 Cr in the first three quarters of FY25 from INR 1,230.4 Cr in the same period last year.

Avanse Financial Services

Founded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India.

The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.

In July 2024, SEBI returned the non-bank lender’s DRHP on “technical grounds”. A month later, the company refiled its draft IPO papers with the market regulator. Subsequently, SEBI gave its nod to the NBFC for the IPO in October 2024.

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC), Mubadala Investment Company and Kedaara Capital, the startup has reportedly raised more than $299 Mn in funding to date.

As per the DRHP, Avanse clocked a net profit of INR 342.4 Cr in FY24, more than doubling from INR 157.71 Cr in the previous fiscal year. Operating revenue also grew sharply to INR 1,726.9 Cr in the fiscal under review from INR 989.5 Cr in FY23.

Aye Finance

A brainchild of Sanjay Sharma and Vikram Jetley, Aye Finance was founded in 2014. The NBFC’s unique selling proposition (USP) lies in its AI-powered credit assessment algorithms that it leverages to offer loans to small businesses across the country.

The NBFC has secured $500 Mn in funding to date and counts the likes of Google, ABC Impact, Dutch entrepreneurial development bank FMO, among others, as investors. In the run up to its IPO in January 2025, from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

Prior to that in early December 2024, the NBFC’s board approved a proposal to raise up to INR 1,450 Cr through an IPO. Consequently in mid-December, the company filed its draft red herring prospectus with the SEBI for a public listing.

As per the DRHP, Aye Finance’s IPO will comprise a fresh issue of shares worth INR 885 Cr and an OFS component of INR 565 Cr. The OFS will see the likes of investors such as LGT Capital, CapitalG, A91 Fund, MAJ Invest and Alpha Wave offload their stake in the company.

The NBFC plans to use the fresh proceeds to meet future capital requirements and for undertaking existing business activities.

Aye Finance’s net profit declined marginally to 107.8 Cr in the first half (H1) of FY25 as against INR 113.89 Cr in the year-ago period. Alongside, operating revenue soared to INR 692.24 Cr during the period from INR 472 Cr in H1 FY24.

BlueStone

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery brand that sells rings, pendants, earrings and other products. Backed by Prosus, Steadview Capital and Think Investments, the startup has raised more than $184 Mn in funding till date.

Kicking off its IPO proceedings in August 2024, the jewellery startup raised INR 900 Cr as part of a pre-IPO funding round that catapulted its valuation to $970 Mn. Just four months later in December, the omnichannel jewellery brand filed its DRHP for an INR 1,000+ Cr IPO.

SEBI issued its observation letter to BlueStone to go ahead with the IPO on April 1, 2025.

The IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer-for-sale component of up to 2.40 Cr equity shares. Existing investors Accel, Kalaari Capital, Saama Capital and IvyCap Ventures will offload their stake in the company via OFS.

It plans to use the IPO proceeds to fund its working capital requirements and for general corporate purposes.

On the financial front, BlueStone reported a net loss of INR 59.2 Cr against an operating revenue of INR 348 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25).

DevX

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others.

The startup, backed by Kalpesh Gala, Unmaj Corporation, and Bidiwala Family Office, last raised $7 Mn in a mix of debt and equity in February 2024. DevX currently operates over 25 coworking spaces in more than 10 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Surat, among others.

The coworking startup initially filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. At the time, DevX’s IPO consisted solely of a fresh issue of 2.47 Cr shares and no OFS component.

However, in February 2025, SEBI returned the DRHP of the managed office space provider for unspecified reasons. Subsequently, the company refiled its DRHP with the markets regulator in April 2025.

As per the updated DRHP, the company has increased the size of its fresh issue to up to 2.75 Cr shares from 2.47 Cr shares earlier.

It plans to deploy the fresh proceeds for the repayment of debt, expanding its footprint and for general corporate purposes.

As per the DRHP, DevX reported a net profit of INR 43.7 Lakh in FY24 compared to a loss of INR 12.8 Cr in the previous fiscal. Operating revenue also jumped more than 54% to INR 108.08 Cr in the financial year under review compared to INR 69.91 Cr in FY23.

It clocked a net profit of INR 38.4 Lakh in the first half (H1) of the fiscal year 2024-25 (FY25) on an operating revenue of INR 59.4 Cr.

IndiQube

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a coworking space provider that offers workspace design, interior build out and other B2B and B2C-focussed services.

Backed by WestBridge Capital, Aravali Investment Holdings, and Konark Trust, IndiQube has raised more than $45 Mn in funding to date across multiple rounds.

Kicking off its IPO proceedings, the Bengaluru-based company turned into a public limited company in December 2024. In the same month, the managed office space provider filed its DRHP with markets regulator SEBI for an INR 850 Cr IPO. In March 2025, .

The company’s IPO will comprise a fresh issue of shares worth up to INR 750 Cr and an offer for sale (OFS) component of up to INR 100 Cr. Promoters and cofounders, Das and Agarwal, plan to offload a part of their stake via OFS.

The company’s shares will be listed on the BSE and the NSE. IndiQube plans to utilise the fresh proceeds to establish new centres, repay certain borrowings, and for general corporate purposes.

IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.10 Cr in the previous fiscal. However, revenue from operations surged 44% to INR 867.66 Cr during the year under review from INR 601.28 Cr in FY23.

Smartworks

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider that offers customisable coworking solutions for enterprises.

The startup has raised $41 Mn in funding till date and is backed by the likes of Ananta Capital, Keppel Land and Plutus Capital.

Taking the first step towards its IPO, the startup turned into a public company in July 2024 and changed its name to Smartworks Coworking Spaces Ltd from Smartworks Coworking Spaces Private Ltd previously.

In August 2024, it filed its DRHP with SEBI for an INR 550 Cr initial public offering and received approval from the markets regulator for its listing in December 2024.

As per its DRHP, the company’s IPO comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) component of up to 67.49 Lakh equity. In December 2024, the company received approval from the SEBI to go-ahead with its IPO.

Smartworks trimmed its net loss to INR 49.9 Cr in FY24 from INR 101.4 Cr in FY23. Operating revenue jumped 46% YoY to INR 1,039.3 Cr during the year under review.

Ullu

Founded by the husband-wife duo of Vibhu Agarwal and Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform that deals with the distribution, promotion