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, five new-age tech companies made their debut in the first three months of 2026.

However, unlike 2025, most of the startups listings so far this year have either been flat or outright lacklustre. Nevertheless, the IPO pipeline remains strong. Twenty-four startups have already filed their draft red herring prospectuses (DRHPs) with SEBI, while over 25 are in various stages of finalising their IPO plans.

Unicorns like Flipkart, Zepto, OYO, InMobi and Zetwerk alone could raise over ₹47,000 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: Swedish gaming company MTG-owned PlaySimple Games has filed DRHP with SEBI for an IPO, which will comprise solely an OFS component of ₹3,150 Cr Insurtech major Acko is in talks with investment bankers to raise $300 Mn to $400 Mn via its IPO, slated for FY27 Fintech unicorn Razorpay is preparing to file its DRHP with SEBI via the confidential route in the next few weeks.

The company is looking to raise $600 Mn to $700 Mn 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. Name Founded In Sector Total Funding Key Investors Revenues DRHP Status IPO Size [₹Cr] Potential Valuation/ IPO Valuation [₹Cr] Book Running Lead Managers AceVector 2010 Ecommerce – SoftBank, eBay, Nexus Venture Partners ₹395 Cr (FY25) Filed ₹300 Cr Fresh Issue + OFS of 6.38 Cr shares Yet To Be Decided IIFL Capital Services, CLSA India, Axis Capital, BofA Securities India, JM Financial Acko 2016 Insurtech $458 Mn General Atlantic, Amazon, Canada Pension Plan Investment Board ₹2,836.8 Cr (FY25) Yet To File $300 Mn – $400 Mn (₹2,827 Cr – ₹3,770 Cr) Yet To Be Decided Yet To Be Decided Amagi 2008 SaaS $320 Mn General Atlantic, Accel, Norwest Venture Partners, Avataar Ventures, Premji Invest ₹1,162.6 Cr (FY25) Listed ₹1788.6 Cr ₹7,966 Cr Kotak Mahindra Capital, Citigroup, IIFL Capital, Goldman Sachs Atomberg 2012 D2C $126 Mn Steadview Capital, Jungle Ventures, A91 Partners ₹848.6 Cr (FY24) Yet To File ₹1,790 Cr Yet To Be Decided NA AVPL International 2016 Deeptech NA The Crayons Network ₹87.5 Cr (FY25) Filed Yet To Be Decided Yet To Be Decided NA Aye Finance 2014 Fintech $485 Mn Google, ABC Impact, FM