As India’s startup ecosystem approaches the year-end, several major players have released key updates — from Meesho preparing for its public market debut to Lenskart posting steady quarterly growth, Jar tightening its FY25 losses, and new-age tech stocks witnessing a mixed week on the bourses. Together, these developments offer a clear view into how Indian tech companies are evolving in a more disciplined, market-aware environment.

Here’s a detailed look at everything shaping the action.

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The Meesho Story...

For a platform that started as Fashnear, an ultra-fast hyperlocal delivery experiment, Meesho’s journey has been anything but predictable. What began as a quick-delivery idea soon morphed into a social commerce network, and eventually into a full-stack horizontal marketplace. Every pivot has been bold, and every gamble has left a mark.

Now, after years of relentless iterations, the Bengaluru-based company is set for its biggest leap — becoming India’s first horizontal ecommerce company to list publicly.

The IPO Everyone Is Talking About

Opening on December 3, Meesho’s IPO comes with a price band of INR 105–111, eyeing a fundraising of over INR 5,400 Cr. The markets are watching closely — not just for the numbers, but for what the listing symbolises: a challenger brand taking on incumbents like Amazon and Flipkart, armed with an entirely different operating thesis.

The “Uber” Of Ecommerce Logistics

In a conversation with Inc42, CEO Vidit Aatrey revealed the growth engine powering Meesho’s improving economics: Valmo, its in-house logistics platform.

Aatrey draws a striking analogy — just as Uber doesn’t own cars, Meesho doesn’t own delivery trucks or warehouses. Instead, 57% of Meesho’s team is focused on tech, building algorithms and systems that optimise existing third-party logistics infrastructure.
This asset-light philosophy has slashed inefficiencies and contributed to a 72% YoY reduction in losses in H1 FY26.

Why Meesho Is Ignoring the Quick Commerce Frenzy

While Indian startups chase speed with 10-minute deliveries, Meesho is staying away from the quick commerce hype. Aatrey is direct:

“For India’s masses, price beats speed—every single time.”

Meesho’s focus is affordability, not adrenaline. That’s why its zero-commission model — a lifeline for small sellers — remains non-negotiable. The company believes this is essential to “democratising commerce,” especially for sellers from smaller towns and price-sensitive markets.

A Company Growing Up Financially

Beyond all the pivots and experiments, what investors care most about is discipline. And on that front, Meesho wants to send a clear message. The company has:

• Two years of positive free cash flow

• A simplified, AI-led ad monetisation engine

• Tighter control over burn

• A focus on sustainable revenue lines

In essence, Meesho wants to step into the public markets not as a flashy, cash-burning unicorn—but as a grounded, tech-first enabler with a clear path forward.

But the question remains:
Can an asset-light ecommerce model withstand the scrutiny of public markets?
The coming weeks will answer that.

Lenskart’s Q2 FY26: Profit Climbs, Momentum Returns

It has been a remarkable quarter for Lenskart. After a muted listing and scepticism around its valuation-heavy IPO, the eyewear giant has finally found its footing.

Profit Up Nearly 20%

In Q2 FY26, Lenskart posted:

• Net profit: INR 103.4 Cr (up 19.8% YoY)

• Revenue: INR 2,096.1 Cr (up 20.8% YoY)

This growth comes from better margins and a fast-expanding retail network.

A Glimpse Into the Future: AI Smart Glasses

In its first post-listing financial disclosure, the company also revealed plans to launch AI-powered smart glasses by Q4 FY26. These are expected to combine:

• Prescription lenses

• UPI payments

• Health tracking

The product signals Lenskart’s ambition to move from eyewear retail into wearable tech — a bold shift at a time when consumer electronics and health-focused devices are converging.

A Mixed Week For Publicly Listed Startups

The stock performance across India’s new-age tech universe was uneven last week. Among the 47 tracked companies:

• 29 stocks closed in the red

• 17 ended with gains

The biggest gainers were Zelio E-Mobility and Fino Payments Bank, while Smartworks and PW took the steepest hits.

A depreciating rupee and consistent FII outflows played spoilsport, though the impact was cushioned by strong domestic institutional participation, softening US treasury yields, and stable crude oil prices.

The total market cap of these 47 startups stood at $131.27 Bn, just below the previous week’s $131.52 Bn — signalling consolidation after recent IPO buzz.

Jar Cuts FY25 Losses Amid Revenue Surge

Fintech platform Jar had a noteworthy financial year. Its FY25 results show:

• Net loss cut by half to INR 50.5 Cr

• Operating revenue surged 50X YoY to INR 2,447.8 Cr, partly due to accounting changes

• Strong traction in its ecommerce jewellery foray

Going forward, Jar plans to expand monetisation by cross-selling lending, insurance, and other wealth products to its user base of 35 Mn+ consumers.

Weekly Funding: Momentum Maintains Its Pace

Indian startups raised $195.2 Mn across 24 deals, a solid 14% jump from the previous week’s $171 Mn.

Major deals included:

• Ripplr: $45 Mn

• Square Yards: $35 Mn

Fintech continued to dominate investor interest with $48 Mn raised, while cleantech attracted four deals totalling $20.5 Mn.

IPO activity remained robust as Meesho and Aequs finalised their issue details, and Zetwerk shortlisted six bankers for its upcoming $750 Mn IPO.

How Indian Startups Performed in FY25

Among the 110 tech startups tracked, the combined revenue hit INR 2.83 Lakh Cr, up 20.3% from FY24.

The profitability split shows:

• 50 startups posted cumulative losses of INR 24,541.8 Cr

• 60 startups posted cumulative profits totalling INR 13,487.2 Cr

A clear shift has taken place post-2022 — Indian startups are finally prioritising profit over unchecked growth. Cost cuts, rationalised hiring, reduced promotions, and sharp focus on unit economics are now industry-wide themes.

Startup Spotlight: Sychedelic’s Attempt To Reimagine Mental Wellbeing

India’s mental health burden is enormous, yet technology-led solutions remain limited. Sychedelic, formerly known as Neuphony, wants to change that by blending hardware, neuroscience, and everyday consumer behaviour.

From Headbands To Smart Headphones

Founded in 2020, the startup initially built a brain-tracking headband. But scaling challenges pushed its founders to pivot. Today, Sychedelic offers smart headphones embedded with:

• PPG sensors for heart rate

• TDCS stimulation for stress, anxiety & sleep

• A design suited for both Indian and global customers

The brand claims 92% efficacy, has raised INR 10 Cr, and earned INR 70 Lakh since launch.

But Tough Questions Remain

TDCS has shown early promise in treating anxiety and OCD, but long-term data is still sparse. With a price tag of INR 25,000, limited clinical validation, and a highly cost-sensitive Indian market, Sychedelic will have to overcome both scientific and pricing scepticism to scale meaningfully.

From Meesho’s high-stakes IPO to Lenskart’s quiet comeback, from Jar’s recalibrated playbook to the choppy week for listed startups, one thing is clear:
India’s startup ecosystem is maturing — fast.

Companies are no longer chasing growth at any cost. They’re experimenting smarter, spending cautiously, and preparing for a market where profitability is the new currency of trust.

And as the next wave of IPOs lines up, the world will be watching closely.