India's 2025 startup IPO pipeline: 6 companies, Rs 33,000 crore

Key Takeaways

• Zepto and Zetwerk have SEBI approval; Zepto's Rs 8,000-9,000 crore raise could be India's largest quick-commerce listing
• CarDekho plans to file draft papers for Rs 3,000-3,500 crore IPO in Q3 2025; InsuranceDekho targets March 2027
• PhonePe delayed its timeline due to valuation concerns; OYO filed for a Rs 6,650 crore fresh issue with no OFS component

Six Indian startups are moving toward public listings that could collectively raise over Rs 33,000 crore. Zepto and Zetwerk already have SEBI approval. CarDekho and InsuranceDekho are preparing filings. PhonePe and OYO remain in the pipeline but face different challenges. Here's the status of each.

Which startups have SEBI approval?

Two companies have cleared the regulatory hurdle. Zepto, the quick-commerce platform, received SEBI approval in April 2025. The company expects to raise Rs 8,000-9,000 crore, according to Economic Times reporting from June. That would make it one of the largest tech offerings in India's history and the first standalone quick-commerce company to list on Indian exchanges.

Zetwerk, a B2B manufacturing marketplace, secured its SEBI approval in early July. The company plans to raise approximately Rs 5,000 crore through a combination of fresh shares and an offer for sale by existing shareholders.

CarDekho and InsuranceDekho: What are their timelines?

CarDekho, the online auto marketplace, is preparing to file draft papers during the July-September quarter for a Rs 3,000-3,500 crore public issue. The offering will likely include both fresh equity and secondary sales from existing investors.

InsuranceDekho has a longer runway. The Gurgaon-based insurtech platform is targeting a listing by March 2027, aiming for a valuation around Rs 9,500 crore. The two-year gap gives the company time to strengthen its financials before facing public market scrutiny.

Why did PhonePe delay its IPO?

PhonePe was among India's most watched IPO candidates. The Walmart-backed fintech giant completed its domicile shift to India, a prerequisite for a domestic listing. But the company pushed back its timeline due to valuation concerns.

The delay suggests PhonePe's leadership believes current market conditions wouldn't reflect the company's true worth. With over 500 million registered users and dominance in UPI payments, PhonePe wants to time its debut when investors will pay a premium for India's largest fintech platform.

OYO's Rs 6,650 crore fresh issue

OYO's parent company, Prism (formerly Oravel Stays), filed its Updated Draft Red Herring Prospectus with SEBI in June. The hospitality company's IPO structure stands out: it's entirely a fresh issue worth up to Rs 6,650 crore with no offer for sale component.

That means existing investors won't be cashing out at IPO. All proceeds will go to the company for growth and debt reduction. Founder Ritesh Agarwal has been working to turn around OYO's finances after the company faced significant losses during the pandemic.

What sectors do these IPOs represent?

The six companies span distinct verticals. Zepto represents quick commerce, a category that barely existed five years ago but now commands billions in GMV. PhonePe anchors fintech. OYO covers hospitality. Zetwerk occupies B2B manufacturing. CarDekho and InsuranceDekho represent auto and insurance distribution respectively.

This diversity matters. Unlike the 2021 IPO wave, which was dominated by consumer internet plays, this pipeline includes companies with different business models, unit economics, and paths to profitability. Public market investors will get exposure to multiple segments of India's digital economy.

What's the order of likely listings?

Based on current progress, Zepto and Zetwerk are closest to listing, likely in late 2025 or early 2026. CarDekho should file this quarter, which puts a potential listing in Q1 or Q2 2026 assuming smooth SEBI review. InsuranceDekho's March 2027 target places it last among this group.

PhonePe and OYO are harder to predict. PhonePe's timeline depends on when management feels the valuation environment improves. OYO has filed but hasn't disclosed a target listing date. Both could surprise in either direction.

Frequently Asked Questions

When will Zepto IPO launch?

Zepto received SEBI approval in April 2025 and is expected to raise Rs 8,000-9,000 crore. The listing could happen in late 2025 or early 2026, making it potentially the first standalone quick-commerce IPO in India.

Why is PhonePe delaying its IPO?

PhonePe pushed back its IPO timeline due to valuation concerns. Despite completing its domicile shift to India, the Walmart-backed fintech believes current market conditions don't reflect its true value.

How much is CarDekho planning to raise?

CarDekho plans to file draft papers for a Rs 3,000-3,500 crore IPO during the July-September 2025 quarter. The offering will include both fresh equity and offers for sale from existing shareholders.

Does OYO's IPO include an offer for sale?

No. OYO's proposed IPO is entirely a fresh issue worth up to Rs 6,650 crore with no OFS component. All proceeds will go to the company rather than existing investors selling shares.

What is InsuranceDekho's target valuation?

InsuranceDekho is targeting a valuation of approximately Rs 9,500 crore with a planned listing by March 2027.

Source: Tech-Economic Times / ET