The Indian startup ecosystem experienced a remarkable year in 2024, with 13 new-age companies launching their initial public offerings (IPOs) and collectively raising more than Rs 29,200 crore from the stock market. This marks a significant increase from previous years, with 10 IPOs in 2021, six in 2022, and six in 2023. Of the total amount raised, nearly Rs 14,672 crore came from fresh issues, while Rs 14,574 crore was generated through the Offer for Sale (OFS).
Among the 13 startup IPOs, 10 were mainboard IPOs, and three catered to small and medium enterprises (SMEs). Notable companies that went public include TAC Security, Unicommerce, MobiKwik, TBO Tek, Ixigo, Trust Fintech, FirstCry, Menhood, Awfis, Swiggy, Digit Insurance, Blackbuck, and Ola Electric. Swiggy, the online food delivery platform, offered the largest IPO by a startup, raising Rs 11,327.43 crore.
Ola Electric followed closely, raising Rs 6,145.56 crore, while FirstCry brought in Rs 4,193.73 crore, Digit Insurance garnered Rs 2,614.65 crore, and TBO Tek gathered Rs 1,550.81 crore. Unicommerce saw the highest subscription rate among the mainboard startup IPOs, with 168.39 times, followed by MobiKwik at 119.38 times, Awfis at 108.56 times, Ixigo at 98.34 times, and TBO Tek at 86.7 times. TAC Security recorded the highest listing gain of 173.58 percent among all the IPOs, while Unicommerce and MobiKwik saw gains of 117 percent and 57.71 percent, respectively.
Ixigo, Trust Fintech, and FirstCry also experienced a surge of 30-50 percent on their listing.
India’s thriving IPO landscape
These trends demonstrate the robustness and rapid evolution of the Indian startup ecosystem, which is attracting substantial investor interest and contributing to the economy through significant capital inflows.
In addition to the IPOs, Indian startups witnessed a boost in exits through secondary transactions and block deals, amounting to over $5 billion in 2024. This accelerating trend is expected to double the number of IPOs in 2025. Secondary deals have become crucial in providing liquidity to existing investors and creating entry points for new investors, with younger companies preparing for public listings also participating in these transactions.
The venture capital (VC) landscape in India also saw a surge in activity in 2024, with over 30 new VC firms entering the market. Many of these firms are led by experienced founders, CEOs, and investors who have exited their previous ventures. Notable entrants include MudhalVC, Playbook Partners, BlueGreen Ventures, Promaft Partners, Optimistic Capital, and Zeropearl.
India remains the world’s third-largest startup ecosystem, with 1,812 VC firms, following the US and China. The influx of domestic and international capital, along with government initiatives like Startup India and tax incentives for alternative investment funds (AIFs), has created a favourable climate for VC formation. However, experts caution that differentiation will be key to survival, with firms needing to offer a compelling edge through sector expertise, founder networks, or operational value-add to gain traction in the market.
