Indian Startup IPO Tracker 2025

At the start of 2025, markets were brimming with confidence and optimism about the IPOs of new-age tech companies, as 13 such companies got listed on the bourses last year and cumulatively raised INR 29,070 Cr via their public listing.

From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X.

Tailwinds favouring the startup IPO frenzy at the outset of the year were aplenty – India’s strong position in the equities market over the last few years, the investor interest in new-age tech companies, more rationalised valuations sought by startups, and renewed focus on profitability and sustainable growth.

So, it was only natural that industry watchers expected the momentum to percolate well into 2025 as well. However, the picture perfect story of startup IPO mania seems to have gone south barely months into the year.

While 23 startups were in various stages of undertaking their IPO preparations at the start of the year, most seem to have decided to go slow on their public listing plans. Despite 16+ new-age tech companies filing their draft red herring prospectuses (DRHPs) with SEBI, including Urban Company, BlueStone, and many receiving regulatory nod, only two listings have materialised so far.

Ather Energy got listed on the exchanges in May, but it turned out to be a muted debut. B2B ecommerce platform ArisInfra, too, had a lacklustre debut in June and listed at a discount to its issue price.

So, what happened to India’s startup IPO frenzy in 2025? Largely, it was unseen forces that played a spoilsport. The Indian equities markets saw a correction in the first few months of 2025 due to geopolitical tensions, high valuations, tariff war, macroeconomic factors like fears of recession and inflation, and more.

Then, there were also fundamental challenges faced by new-age tech companies. The public market investors want potential listees to be profitable and differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.

“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” said Lightbox Ventures founder and MD Sandeep Murthy.

While analysts expect new-age tech IPOs to pick up pace in the second half of 2025, it would be interesting to see what lies in store for the startup ecosystem as the year progresses. To keep an eye on this, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape:

Latest Updates:

• Ecommerce giant Meesho’s board approved raising up to INR 4,250 Cr via a fresh issue as part of its IPO

• D2C furniture and mattress startup Wakefit filed its DRHP with SEBI for its IPO, which will comprise a fresh issue worth INR 468 Cr and OFS of up to 5.8 Cr shares

• Logistics major Shadowfax plans to file its DRHP via SEBI’s confidential route within a month for an INR 4,250 Cr IPO

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 [₹Cr]	Book Running Lead Managers
Aequs	2016	Deeptech	$81 Mn	Avansa Capital, Amicus Capital, Steadview Capital, Catamaran, Sparta Group	₹879.1 Cr (FY24)	Filed	₹1,728 Cr*	NA	NA
Amagi	2008	SaaS	$320 Mn	General Atlantic, Accel, Norwest Venture Partners, Avataar Ventures, Premji Invest	₹879.1 Cr (FY24)	Yet To File	₹3,200 Cr*	NA	Kotak Mahindra Capital, Citigroup, IIFL Capital, Goldman Sachs
ArisInfra	2021	Ecommerce	$25 Mn	Siddharth Shah, Think Partners, Logx Venture Partners, Karbonite Ventures	₹696.84 Cr (FY24)	Listed	₹600 Cr	NA	JM Financial, IIFL Securities, Nuvama
Ather Energy	2013	Electric Vehicles	$431 Mn	Hero MotoCorp, GIC, Tiger Global	₹1,753.8 Cr (FY24)	Listed	₹3,100 Cr	₹20,663 Cr	Axis Capital, Nomura, HSBC Securities and Capital, JM Financial Markets
Avanse Financial Services	2013	Fintech	$212 Mn	Warburg Pincus, Kedaara Capital, International Finance Corporation, Mubadala	₹1,726.9 Cr (FY24)	Refiled	₹3,500 Cr	NA	Kotak Mahindra Capital, Avendus Capital, JP Morgan, Nomura, Nuvama Wealth Management, SBI Capital Markets
Aye Finance	2014	Fintech	$485 Mn	Google, ABC Impact, FMO	₹1,040.22 Cr (FY24)	Filed	₹1,450 Cr	NA	Axis Capital, IIFL Capital Services, Nuvama, JM Financial
BlueStone	2011	D2C	$200 Mn	Accel, Kalaari Capital, Deepinder Goyal, and Nikhil Kamath	₹1,265.8 Cr (FY24)	Filed	₹1,000 Cr	₹12,000 Cr – ₹13,000 Cr	Axis Capital, IIFL Capital, Kotak Mahindra Capital
boAt	2016	D2C	$177 Mn	Qualcomm Ventures, Warburg Pincus	₹3,118 Cr (FY24)	Filed	₹2,000 Cr*	NA	ICICI Securities, Goldman Sachs, Nomura
Capillary Technologies	2008	SaaS	$239 Mn	Avataar Ventures, Filter Capital, Peak XV Partners	₹150.1 Cr (FY24)	Yet To File	₹1,721 Cr*	₹4,321 Cr – ₹8,600 Cr	NA
Captain Fresh	2019	D2C	$172 Mn	Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest	₹1,395 Cr (FY24)	Yet To File	₹3,013 Cr- ₹3,443 Cr	₹11,192 Cr- ₹12,914 Cr	NA
CarDekho	2008	Auto tech	$692 Mn	Google Capital, Hillhouse Capital, Peak XV Partners, HDFC Bank	₹2,250.43 Cr (FY24)	Yet To File	₹4,100 Cr	₹17,219 Cr- ₹21,524 Cr	NA
Cult.fit	2016	Ecommerce	$650 Mn	Zomato, Accel, Tata Digital, Temasek, Kalaari Capital	₹926.6 Cr (FY24)	Yet To File	₹2,500 Cr	₹17,200 Cr	NA
Curefoods	2020	Foodtech	$175 Mn	Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance	₹585.1 Cr (FY24)	Yet To File	₹2,582 Cr- ₹3,443 Cr	NA	NA
DevX	2017	Coworking	$13.3 Mn	Kalpesh Harakhchand Gala, Unmaj Corporation, Bidiwala Family Office	₹108.08 Cr (FY24)	Filed	2.47 Cr Shares (Fresh Issue)	NA	Pantomath Capital Advisors
Droom	Auto Tech	$300 Mn	Lightbox, 57 Stars, Seven Train Ventures	₹85.4 Cr (FY24)	Yet To File	₹1,000 Cr	₹10,331 Cr- ₹12,914 Cr	NA
Flipkart	2007	Ecommerce	NA	Walmart, Google	₹17,907.3 Cr (B2C) (FY24)	Yet To File	Yet To Be Decided	NA	NA
Fractal	2000	SaaS	$685 Mn	TPG Capital, Khazanah Nasional, Apax Partners	₹2,196.3 Cr (FY24)	Yet To File	₹4,321 Cr – ₹5,185 Cr	₹25,828 Cr	NA
Groww	2017	Fintech	$393 Mn	Y Combinator, Tiger Global Management, Ribbit Capital, Alkeon, Steadfast	₹3,145 Cr (FY24)	Filed	₹8,600 Cr	₹60,260 Cr- ₹68,877 Cr	Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi, Motilal Oswal*
Imarticus Learning	2012	Edtech	$11.7 Mn	Global Ivy Ventures, Capian, BLinC Invest	₹159 Cr (FY24)	Yet To File	₹750 Cr	₹5,000 Cr- ₹6,000 Cr	NA
InCred	2016	Fintech	$318 Mn	FMO, KKR, Paragon Partners, Varanium Capital	₹1,270 Cr (FY24)	Yet To File	₹4,000 Cr- ₹5,000 Cr	₹15,000 Cr- ₹22,500 Cr	NA
IndiQube	2015	Coworking	$45 Mn	WestBridge Capital, MMPL Trust, Konark Trust	₹840 Cr (FY24)	Filed	₹850 Cr	NA	ICICI Securities, JM Financial
Infra.Market	2016	Ecommerce	$415 Mn	Tiger Global, Accel, Nexus Ventures	₹14,530 Cr (FY24)	Yet To File	₹4,304 Cr- ₹6,000 Cr	Yet To Be Decided	Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies
InMobi	2007	SaaS	$320 Mn	Sherpalo Ventures, SoftBank, Kleiner Perkins	₹587 Cr (FY23)	Yet To File	₹8,609 Cr	₹68,877 Cr- ₹ 86,096 Cr	NA
Innoviti	2002	Fintech	$87 Mn	Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India	₹105.6 Cr (FY24)	Yet To File	Yet To Be Decided	Yet To Be Decided	NA
Kissht	2015	Fintech	$140 Mn	Vertex Growth, Zodius, Brunei Investment Agency, Endiya Partners	₹412 Cr (FY24)	Yet To File	₹1,937 Cr	₹7,748 Cr- ₹9,470 Cr	ICICI Securities, UBS Securities, Motilal Oswal*
Lenskart	2010	Ecommerce	$1.78 Bn	SoftBank, ADIA, Temasek, Fidelity Investments, ChrysCapital	₹5,427 Cr (FY24)	Yet To File	₹6,400 Cr-₹8,600 Cr	₹60,200 Cr-₹68.800 Cr	Kotak Mahindra Bank, Morgan Stanley
Licious	2015	Ecommerce	$555 Mn	Temasek, 3one4 Capital, Innoven Capital, Amansa Capital	₹685.05 Cr (FY24)	Yet To File	NA	₹17,200 Cr	NA
Meesho	2015	Ecommerce	$1.36 Bn	Tiger Global Management, Peak XV Partners, Meta, Locus Ventures, Y Combinator	₹7,615 Cr (FY24)	Yet To File	₹6,049 Cr-₹6,914 Cr	₹17,200 Cr	Morgan Stanley, Kotak Mahindra Capital, Citi*
Moneyview	2016	Fintech	$190 Mn	Accel India, Nexus Ventures.	₹1,012 Cr (FY24)	Yet To File	₹3,457 Cr	NA	Axis Capital, Kotak Mahindra Capital Company
Navi	2018	Fintech	$677 Mn	Gaja Capital	₹1,906 Cr (FY24)	Yet To File	NA	NA	NA
NoPaperForms	2017	SaaS	$4.5 Mn	Info Edge	₹70 Cr (FY24)	Yet To File	₹500 Cr- ₹600 Cr	₹2,000 Cr	IIFL Capital, SBI Capital
OfBusiness	2015	Ecommerce	$879.61 Mn	Tiger Global, Norwest, Softbank, Matrix Partners, Falcon Edge	₹19,296.3 Cr (FY24)	Yet To File	₹6,360 Cr- ₹8,480 Cr	₹51,650 Cr- ₹77,400 Cr	Axis Capital, Morgan Stanley, JPMorgan, Citigroup, Bank of America*
Ola Consumer	2011	Mobility	$3.84 Bn	SoftBank, Vanguard, Accel, Bessemer Venture Partners	₹2,011.9 Cr (FY24)	Yet To File	₹4,300 Cr	₹43,000 Cr	NA
OYO	2013	Travel Tech	$3.47 Bn	Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company	₹5,388.7 Cr (FY24)	To Be Refiled	₹6.680 Cr*	NA	NA
PayU India	2002	Fintech	NA	Prosus	$444 Mn (FY24)	Yet To File	₹4,321 Cr*	Yet To Be Decided	Goldman Sachs, Morgan Stanley, Bank of America*
PhonePe	2015	Fintech	$2.29 Bn	Walmart, General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds	₹5,725 Cr (FY24)	Yet To File	Yet To Be Decided	NA	JP Morgan, Citi India, Morgan Stanley, Kotak Mahindra Capital*
Physics Wallah	2020	Edtech	$312 Mn	Hornbill Capital, Lightspeed, GSV Ventures, WestBridge Capital	₹1,940.4 Cr (FY24)	Filed	₹4,600 Cr	₹24,107 Cr	Kotak Mahindra Capital, JP Morgan, Axis Bank, Goldman Sachs*
Pine Labs	1998	Fintech	$1.59 Bn	Peak XV Partners, Temasek, Vitruvian Partners, Nordmann, Alpha Wave Global, SBI	₹1,309.6 Cr (FY24)	Filed	₹2,600 Cr (excluding OFS of up to 14.78 Cr shares)	₹51,657 Cr	Axis Capital, Morgan Stanley, Citigroup, JP Morgan, Jefferies India*
Pure EV	2015	Electric Vehicles	$14 Mn	Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises	₹131,28 Cr (FY23)	Yet To File	Yet To Be Decided	NA	NA
Razorpay	2014	Fintech	$816 Mn	Peak XV Partners, Z47, Lone Pine Capital, Alkeon Capital Management, TCV	₹2,475 Cr (FY24)	Yet To File	NA	NA	NA
Rebel Foods	2011	Foodtech	$563 Mn	Coatue Management, Lightbox, Peak XV Partners	₹1,420.2 Cr (FY24)	Yet To File	Yet To Be Decided	NA	NA
Servify	2015	Consumer Services	$130 Mn	BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars	₹754 Cr (FY24)	Yet To File	₹3,400 Cr – ₹4,300 Cr	₹12,914 Cr	NA
Shadowfax	2015	Logistics	$212 Mn	Flipkart, Mirae India, IFC, Nokia Growth Partners, Qualcomm	₹1,884.8 Cr (FY24)	Yet To File	₹2,500 Cr – ₹3,000 Cr	₹5,000 Cr – ₹8,000 Cr	ICICI Securities, JM Financial, Morgan Stanley*
Shiprocket	2017	Logistics	$323 Mn	Temasek, Bertelsmann, Tribe Capital, Lightrock	₹1,316 Cr (FY24)	Filed	₹2,000 Cr – ₹2,500 Cr	NA	NA
Smartworks	2016	Coworking	$41 Mn	Ananta Capital, Keppel Land, Plutus Capital	₹1,039.3 Cr (FY24)	Filed	₹550 Cr	NA	JM Financial, BOB Capital Markets, IIFL Securities, Kotak Mahindra Capital
Tonbo Imaging	2012	Deeptech	$59 Mn	Artiman Ventures, Celesta Capital, Qualcomm Ventures	₹460 Cr (FY25)	Yet To File	₹800 Cr – ₹1,000 Cr	NA	IIFL Securities, JM Financial
Turtlemint	2015	Fintech	$197 Mn	Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, Nexus Venture Partners	₹507 Cr (FY24)	Yet To File	₹1,700 Cr- ₹2,150 Cr	NA	NA
Urban Company	2014	Consumer Services	$646 Mn	Tiger Global, Prosus, Steadview Capital	₹827 Cr (FY24)	Filed	₹1,900 Cr	NA	Kotak Mahindra Capital, Goldman Sachs, Morgan Stanley
Wakefit	2016	D2C	$100 Mn	Peak XV Partners, Investcorp, Verlinvest, SIG	₹986.35 Cr (FY24)	Filed	₹468 Cr (excluding OFS of up to 5.8 Cr shares)	NA	Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley*
WeWork India	2017	Coworking	NA	Ariel Way Tenant	₹1,665.14 Cr (FY24)	Filed	OFS Comprising 4.3 Cr shares	NA	JM Financial, ICICI Securities, Kotak Mahindra Capital, Jefferies India, 360 ONE WAM
WonderChef	2009	D2C	$30 Mn	Sixth Sense Ventures, Amicus Capital, Godrej Family Office, Malpani Group	₹377 Cr (FY24)	Yet To File	NA	₹1,800 Cr	NA
Zappfresh	2015	D2C	$14.5 Mn	SIDBI Venture Capital, Gyan Dairy, ah! Ventures	₹90 Cr (FY24)	Filed	Fresh Issue Of 59.06 Lakh shares	NA	Narnolia Financial Services
Zepto	2021	Quick Commerce	$1.60 Bn	Y Combinator, Goodwater Capital, Glade Brook Capital, General Catalyst, Dragon Fund	₹4,454.52 Cr (FY24)	Yet To File	₹6,914 Cr-₹8,600 Cr	Yet To Be Decided	Morgan Stanley, Goldman Sachs
Zetwerk	2018	Ecommerce	$793 Mn	Greenoaks Capital, Lightspeed, Mars Growth Capital, Peak XV Partners	₹11,448.6 Cr (FY24)	Yet To File	₹3,456 Cr-₹4,320 Cr	₹43,209 Cr	Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase, Kotak Mahindra Bank

 

Now, let’s take a detailed look at the list:

Startups That Have Taken The IPO Plunge In 2025 ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.

Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and CEO Siddharth Shah, and Karbonite Ventures, the company has bagged more than $25 Mn in funding to date.

In August 2024, the company kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue was to comprise solely a fresh issue of shares, with no OFS.

Later, the company, in an addendum to its DRHP, informed the markets regulator that it trimmed the size of the fresh issue in the IPO to INR 579.6 Cr from INR 600 Cr earlier. It received approval from the market regulator for its public listing in November 2024.

In January 2025, the B2B ecommerce platform undertook a pre-IPO placement to raise INR 80 Cr by issuing 36.03 Lakh equity shares for INR 222 per share.

After much ado, the company finally filed its RHP with SEBI in June 2025 to raise INR 499.6 Cr via the fresh issue.

The company had set a price band of INR 210 to INR 222 per share for its IPO. ArisInfra raised INR 224.8 Cr from anchor investors, including the likes of Astorne Capital VCC, Niveshaay Hedgehogs Fund, and Nexus Global Opportunities Fund.

Its public issue closed with an oversubscription of 2.65X, with investors bidding for 3.47 Cr shares as against 1.31 Cr shares on offer.

The company made a lacklustre stock market debut on June 25. ArisInfra shares listed at INR 205 on the NSE, a 7.65% discount over its IPO price of INR 222. On the BSE, the stock debuted at INR 209, a 5.81% discount over its issue price.

It ended its maiden trading session at INR 174.10 on the BSE, down 21.6% from the issue price. The company’s market capitalisation stood at $164 Mn at the end of the first day as against IPO valuation of $209 Mn.

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in FY24, while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review.

As per its RHP, the company reported a net profit of INR 6.5 Cr in the first nine months of FY25 on an operating revenue of INR 546.5 Cr.

Ather Energy

Ather became the first listed Indian new-age tech company of 2025 to go public after it listed on the exchanges on May 6. The EV maker’s public issue saw a muted response as the shares opened at INR 328 on the NSE, a mere 2.18% premium over its IPO price of INR 321.

On the BSE, the stock opened at INR 326.05, a 1.57% premium over the IPO price. With this, it became the second EV startup in the country to go public, after Ola Electric.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather is one of the biggest players in the Indian electric two-wheeler segment. It manufactures and services escooters and operates its own charging infrastructure.

The EV major raised more than $431 Mn in funding prior to its stock market debut from the likes of Hero MotoCorp, GIC, Tiger Global, among others.

Ahead of the IPO, the Bengaluru-based company’s public issue closed with an oversubscription of 1.43X in late-April 2025. The IPO received bids for 7.65 Cr shares as against 5.34 Cr shares on offer.

This marked the year-long culmination of Ather’s efforts to get listed on the exchanges. The Bengaluru-based company commenced its IPO proceedings in June 2024 as its board passed a resolution to convert into a public company. A couple of months later in September, it filed its DRHP.

As per its draft IPO papers, Ather’s public issue was to comprise a fresh issue of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares.

In December 2024, the company received SEBI’s approval to go ahead with its IPO plans. Four months later in April 2025, the EV major filed its RHP with SEBI and trimmed the size of its IPO.

It cut the size of its fresh issue to INR 2,626 Cr and OFS component to up to 1.1 Cr shares. It set a price band of INR 304 to INR 321 per share for its IPO.

Ahead of the opening of the IPO, the company raised INR 1,340 Cr from 36 anchor investors, including SBI, ADIA, Invesco, Franklin Templeton, among others, at INR 321 apiece.

Ather managed to trim its net loss by more than 25% to INR 577.9 Cr in the nine-month period ended December 2024 from INR 776.4 Cr in the year-ago period. Revenue from operations zoomed 28.32% to INR 1,578.9 Cr in the first three quarters of FY25 from INR 1,230.4 Cr in the same period last year.

Startups That Have Filed DRHP Aequs

A brainchild of Aravind Melligeri, Aequs is a contract manufacturing company that offers a range of integrated high-precision engineering services including forging, precision machining, surface treatment and aerostructure assembly and testing for the aerospace industry as well as consumer electronics companies.

Founded in 2016, it operates a diversified and vertically-integrated manufacturing platform, which is focussed on exports. It caters to giants like Apple, Airbus, Boeing, Safran, Dassault, Collings Aerospace, among others. Alongside, it also claims to have built India’s first global-scale toys manufacturing ecosystem, the Koppal Toy Manufacturing Cluster, in Karnataka.

Till date, Aequs has raised more than $81 Mn in funding and is backed by the likes of Avansa Capital, Amicus Capital, Steadview Capital, Catamaran (the family office of Infosys founder Narayana Murthy), Sparta Group, among others.

Kicking off its IPO proceedings, Aequs’ board, in April 2025, gave its nod to change the name of the company to ‘Aequs Limited’ from ‘Aequs Private Limited’.

Turning into a public entity marks the first step towards an IPO. In the run up to the public listing, Aequs’ board also approved the appointment of Melligeri as the executive chairman and CEO of the company for five years till May 2030.

In June 2025, the Karnataka-based contract manufacturing company filed its DRHP with SEBI via the confidential pre-filing route for a $200 Mn IPO.

On the financial front, the aerospace parts maker narrowed its consolidated net loss by 89% to INR 12.1 Cr in FY24 from INR 108.7 Cr in the previous fiscal. Meanwhile, total revenue grew more than 18% to INR 988.3 Cr during the fiscal year under review from INR 836.2 Cr in FY23.

Avanse Financial Services

Founded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India.

The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.

In July 2024, SEBI returned the non-bank lender’s DRHP on “technical grounds”. A month later, the company refiled its draft IPO papers with the market regulator. Subsequently, SEBI gave its nod to the NBFC for the IPO in October 2024.

In May 2025, Inc42 exclusively reported that the NBFC appointed former Bajaj Finserv chief operating officer (COO) Rakesh Bhatt as an independent director on its board.

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC), Mubadala Investment Company and Kedaara Capital, the startup has reportedly raised more than $299 Mn in funding to date.

As per the DRHP, Avanse clocked a net profit of INR 342.4 Cr in FY24, more than doubling from INR 157.71 Cr in the previous fiscal year. Operating revenue also grew sharply to INR 1,726.9 Cr in the fiscal under review from INR 989.5 Cr in FY23.

Aye Finance

A brainchild of Sanjay Sharma and Vikram Jetley, Aye Finance was founded in 2014. The NBFC’s unique selling proposition (USP) lies in its AI-powered credit assessment algorithms that it leverages to offer loans to small businesses across the country.

The NBFC has secured $500 Mn in funding to date and counts the likes of Google, ABC Impact, Dutch entrepreneurial development bank FMO, among others, as investors. In the run up to its IPO in January 2025, it secured INR 110 Cr in debt from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

Prior to that in early December 2024, the NBFC’s board approved a proposal to raise up to INR 1,450 Cr through an IPO. Consequently in mid-December, the company filed its draft red herring prospectus with the SEBI for a public listing.

The markets regulator greenlit the NBFC’s IPO plans on April 3, 2025.

As per the DRHP, Aye Finance’s IPO will comprise a fresh issue of shares worth INR 885 Cr and an OFS component of INR 565 Cr. The OFS will see the likes of investors such as LGT Capital, CapitalG, A91 Fund, MAJ Invest and Alpha Wave offload their stake in the company.

The NBFC plans to use the fresh proceeds to meet future capital requirements and for undertaking existing business activities.

Aye Finance’s n