Startup IPO Boom: 5 Indian Startups That Could Redefine the Public Markets

From PhonePe to boAt, India’s top startups are gearing up for IPOs in 2025. Here’s a detailed look at the most anticipated listings and what they mean for the startup ecosystem.

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Shubham Gaurwal
New Update

What happens when India’s boldest startups prepare to go public? You get a wave of IPOs that could reshape not just the market, but the entire startup ecosystem.

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After years of innovation, scaling, and funding marathons, a new chapter is opening for India’s most influential tech ventures. From fintech disruptors to D2C champions, startups are now eyeing the public markets — not just for capital, but for credibility, visibility, and long-term growth.

Here’s a look at the Top 5 Startup IPOs to watch out for — and why they matter.

PhonePe: India’s Fintech Crown Jewel Is Going Public

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If there’s one IPO that market watchers are eagerly anticipating, it’s PhonePe.

Once just a UPI-based payment app, PhonePe has grown into a full-fledged financial ecosystem. Today, it offers everything from mutual fund investments and digital gold to insurance, credit, and more. With over 500 million registered users, its dominance in the digital finance space is unmatched.

What makes PhonePe’s IPO special?

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  • Backed by Walmart, the fintech giant is now valued at over $12 billion.

  • In a strategic move, PhonePe recently shifted its domicile from Singapore to India — a clear signal of its IPO intent.

  • It has already roped in big-league investment banks including JP Morgan, Citi, Morgan Stanley, and Kotak Mahindra to manage the offering.

  • According to reports, PhonePe might file its DRHP as early as August 2025.

This could easily become the most high-profile fintech IPO India has ever seen — and possibly, a turning point for homegrown tech listings on Indian bourses.

OYO: Making a Comeback with a Profit Surge

Once the poster child of India’s startup boom, OYO faced a rough patch during the pandemic. But founder Ritesh Agarwal seems to have steered the company back on course.

OYO’s IPO plans had been delayed multiple times, but 2025 might finally be the year it hits the public markets.

Key highlights:

  • The company is expected to file its Draft Red Herring Prospectus (DRHP) between August and September.

  • In a major turnaround, OYO reported a 172% surge in profit, reaching ₹623 crore in FY25.

  • It claims to have doubled down on corporate governance, built a stronger board, and streamlined operations.

If successful, OYO’s IPO would symbolize resilience and revival — a story of bouncing back from a global crisis.

Meesho: The Silent Contender Playing the Long Game

Among the IPO candidates, Meesho stands out for its stealthy approach. The SoftBank-backed e-commerce startup has opted for a confidential filing — a less public route that keeps financial details under wraps until closer to the IPO.

But behind the silence is a company that’s transforming online commerce in India’s heartland.

Why it matters:

  • Meesho has enabled millions of small sellers, especially women entrepreneurs, across Tier 2 and Tier 3 cities.

  • Its low-cost seller-first model has helped it rapidly scale, even amid intense competition.

  • The IPO will likely be a secondary share sale, offering early investors a chance to exit.

In a market dominated by giants like Flipkart and Amazon, Meesho has carved its niche — and its IPO could reflect the growing strength of inclusive, grassroots digital commerce.

Lenskart: Eyewear Unicorn Eyes Public Debut

Once seen as a quirky D2C brand, Lenskart has evolved into a global eyewear powerhouse. Its omnichannel model, combining online and offline, has helped it scale profitably across India and overseas.

Led by Peyush Bansal — known to many from Shark Tank India — the brand is now IPO-ready.

Key developments:

  • Lenskart has officially transitioned into a public limited company, a mandatory step toward listing.

  • Its cap table is star-studded: SoftBank, Temasek, Abu Dhabi Investment Authority, KKR, Alpha Wave Global, and more.

  • The company has been expanding aggressively into Middle Eastern and Southeast Asian markets.

For investors and consumers alike, Lenskart’s IPO could be a landmark moment for D2C in India — signaling that homegrown brands can scale globally and go public on their own terms.

boAt: Tuning Up for a Second Attempt

India’s favorite audio brand, boAt, is ready to make some noise in the stock market — again.

The parent company Imagine Marketing had earlier filed for a ₹2,000 crore IPO in 2022, but pulled back due to market uncertainties. Now, it’s back in the game with a confidential IPO filing.

What’s new this time?

  • boAt has brought in heavyweights like Goldman Sachs, Nomura, and ICICI Securities as advisors.

  • The brand boasts deep Gen Z appeal, with stylish, affordable products in the audio and wearable space.

  • It remains a leader in India’s booming wearables market, competing with global giants like Apple and Samsung.

A successful IPO would not just mark a win for boAt — it would highlight the strength of consumer electronics startups that are built in India, for India, and beyond.

Why These IPOs Matter for India’s Startup Ecosystem

These aren’t just stock market events — they’re milestones in India’s innovation story. As startups enter the public markets:

  • They open up new avenues for capital beyond VC and PE funding.

  • They allow retail investors to participate in the country’s startup growth.

  • And perhaps most importantly, they showcase Indian entrepreneurship at scale.

From financial inclusion and digital commerce to global brand-building and tech-driven hospitality, these IPOs reflect the diversity and maturity of Indian startups.

As we track these five IPO-bound startups — PhonePe, OYO, Meesho, Lenskart, and boAt — we’re not just watching companies raise funds. We’re witnessing India’s startup economy come of age.

So, stay tuned — because the next big unicorn success story might just unfold on the stock exchange.

Startup Meesho IPO PhonePe Oyo Boat Lenskart