India’s startup IPO surge has delivered mixed results, with many listings struggling post-debut, while traditional companies quietly generate steadier investor returns.
Among the wave of tech companies preparing to get listed in 2026, two standouts are InMobi, the country’s first unicorn, and Fractal Analytics, a deep-tech AI and analytics firm.
Fractal Analytics allotted 1.38 crore shares at INR 900 each to 52 anchor investors, including mutual funds, insurers and global institutions, with domestic mutual funds receiving about 38% of the allocation.
According to the RHP, the IPO size has been cut by about 42% to INR 2,834 crore from the INR 4,900 crore issue proposed in the draft red herring prospectus (DRHP) filed last year.
In 2025, 20 venture-backed startups went public, nine new unicorns emerged, taking India's ecosystem to USD 419 billion, with over 1,540 unicorns overall, including 28 profitable companies.
Proceeds from the fresh issue are expected to be used mainly to strengthen the capital base of Kissht's non-banking financial company (NBFC) arm, Si Creva Capital Services.
Premji Invest and Accel are set to post strong gains from Amagi's IPO, with Premji Invest eyeing nearly 14x returns and Accel expected to benefit by about 41%.
Considering the developments, Zepto might be aiming for a stock market listing in 2026, with its rivals Swiggy and Eternal both listed on the BSE and the NSE.
Global and domestic institutions increasingly treat consumer-tech IPOs as part of their long-duration growth bucket, comparable to specialty retail or branded consumer platforms rather than traditional loss-making tech ventures. Retail investors, however, are engaging with offerings such as this in a structurally different risk environment.
The offering will include a fresh issue of equity shares worth INR 1,100 crore, while existing shareholders and co-founders will sell shares worth INR 1,242.35 crore through an offer for sale.
LEAP India and Eldorado Agritech, along with Molbio Diagnostics, Foodlink F&B Holdings India, and Technocraft Ventures, have all received the approval.
The Initial Public Offering (IPO) of the Bengaluru-based Wakefit Innovations Limited's share sale experienced 0.36 times subscription end of day 2. The Ahmedabad-based Corona Remedies has launched its own IPO, with the issue booked 9.2 times so far, and GMP signals 24 per cent listing gains with strong interest from retail investors and NIIs.
Key anchor investors included major domestic and global institutions such as Ashoka Whiteoak, HDFC Life, Bajaj Life, Prudential Hong Kong, 360 One, Steadview Capital, Amundi and several leading mutual funds.
The bid/offer will open on Monday, December 8, 2025 and close on Wednesday, December 10, 2025, with an anchor investor bidding window scheduled for Friday, December 5, 2025.