Indian Listed New-Age Tech Company Tracker

For years, we at Inc42 have tracked the Indian tech startup ecosystem and seen it grow from a kid to an adult. Among the clearest signs of evolution and maturity of this ecosystem is the growing number of startups eyeing a public listing now.

For Indian companies, achieving a public listing has for long symbolised operational progression, transparency, and long-term viability. For startups, it’s a relatively new but increasingly critical rite of passage, one that not only signals coming of age but also creates pathways for investor exits and wealth creation.

Currently, nearly 15 startups, including Zepto, Shiprocket, boAt, OYO among others, are in various stages of their IPO journey. Meanwhile, over 50 Indian new-age tech companies have already crossed the milestone and are now listed on the bourses.

The count includes the likes of Groww, Meesho, Lenskart, and Aequs, who created their much anticipated market debuts in 2025. The list now also includes Indian companies like MakeMyTrip, Zoomcar and Freshworks, which are listed on Nasdaq in the US

India’s startup IPO wave reached its peak in 2025, surpassing the previous year’s momentum.

While 13 startups went public in 2024, the number has already been overtaken this year, with 18 companies creating their market debut in the previous year. The list of new-age tech companies that went public in 2025 included Meesho, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs and PhysicsWallah.

The list is only expected to grow further this year. Four new-age companies – Aye Finance, Fractal Analytics, Amagi and Shadowfax – have already created their public market debut in January. Fractal Analytics and Aye Finance are set to build their respective public markets debut on February 16.

As of now, the total market capitalisation of the listed companies stands at over $148 Bn.

To consolidate all the information about listed startups, Inc42 has launched the Indian Listed New-Age Tech Company Tracker. From the shiftment in the shares of the companies since their listing to the financial performance of these companies, the tracker is your one-stop resource to know everything you necessary about the listed tech companies.

Organisation Name	Sector	Listed On	Listing Year	Debut Market Cap (INR Cr/USD)	Current Market Cap (INR Cr/USD)	% Change	Listing Price (INR/USD)	Current Stock Price (INR/USD)	% Change	Sales (FY25/ 2025) (INR Cr/USD)	YoY Change %	Net Profit (FY25/2025) (INR Cr/USD)
Aequs	Enteprise Services	NSE, BSE	2025	9,168	9,478	3%	140	145	3%	925	-4%	-102
Amagi Media Labs	Enterprise Tech	NSE, BSE	2026	7,544	8,886	18%	318	411	29%	1,163	32%	-69
Arisinfra Solutions	Real Estate Tech	NSE, BSE	2025	1,661	945	-43%	205	116	-43%	697	-7%	-19
Ather Energy	Clean Tech	NSE, BSE	2025	12,217	27,100	122%	328	709	116%	1,751	-2%	-812
Awfis	Real Estate Tech	NSE, BSE	2024	3,101	2,144	-31%	435	300	-31%	1,208	42%	68
Aye Finance	Fintech	NSE, BSE	2026	3,154	3,056	-3%	129	125	-3%	980	40%	171
Blackbuck	Logistics	NSE, BSE	2024	5,032	10,917	117%	281	602	114%	427	44%	-9
Bluestone	Ecommerce	NSE, BSE	2025	7,717	6,230	-19%	510	411	-19%	1,770	40%	-222
Capillary Technologies	Enterprise Tech	NSE, BSE	2025	4,536	4,311	-5%	572	544	-5%	598	14%	13
CarTrade	Ecommerce	NSE, BSE	2021	7,598	9,464	25%	1,600	1,978	24%	641	31%	135
Delhivery	Logistics	NSE, BSE	2022	36,971	32,258	-13%	495	431	-13%	8,932	10%	162
Dev Accelerator	Real Estate Tech	NSE, BSE	2025	550	372	-32%	61	41	-32%	159	47%	2
Digit Insurance	Fintech	NSE, BSE	2024	26,376	30,737	17%	286	333	16%	9,371	15%	425
Droneacharya	Advanced Hardware & Technology	BSE (SME)	2022	279	83	-70%	117	35	-70%	35	No Change	-13
E2E Networks	Enterprise Tech	NSE	2018	111	5,750	5066%	77	2,879	3643%	164	74%	47
Easemytrip	Travel Tech	NSE, BSE	2021	2,408	3,382	40%	7	9	41%	587	-1%	107
Eternal	Foodtech	NSE, BSE	2021	177,829	260,029	46%	196	269	37%	20,243	67%	527
FINO Payment Bank	Fintech	NSE, BSE	2021	4,530	1,773	-61%	544	213	-61%	1,747	25%	93
FirstCry	Ecommerce	NSE, BSE	2024	31,393	10,642	-66%	651	219	-66%	7,660	18%	-191
Fractal	Enterprise Tech	NSE, BSE	2026	15,064	14,771	-2%	876	859	-2%	2,765	26%	221
Freshworks	Enterprise Tech	Nasdaq	2021	$12 Bn	$2.2 Bn	-83%	48	7	-84%	$810 Mn	13%	-$29.6 Mn
Groww	Fintech	NSE, BSE	2025	69,144	104,433	51%	112	169	51%	3,902	50%%	1,824
Honasa (Mamaearth)	Ecommerce	NSE, BSE	2023	10,731	9,787	-9%	330	301	-9%	2,067	8%	73
Ideaforge	Advanced Hardware & Technology	NSE, BSE	2023	5,615	1,791	-68%	1,300	414	-68%	161	-49%	-62
IndiaMart	Ecommerce	NSE, BSE	2019	3,478	13,127	277%	580	2,186	277%	1,388	16%	551
Indiqube Spaces	Real Estate Tech	NSE, BSE	2025	4,536	3,755	-17%	216	177	-18%	1,059	28%	-140
Infibeam	Fintech	NSE, BSE	2016	2,907	6,390	120%	9	18	96%	3,993	27%	225
Info Edge	Consumer Services	NSE, BSE	2006	1,412	69,593	4829%	22	1,075	4785%	2,850	12%	1,310
ixigo	Travel Tech	NSE, BSE	2024	5,390	8,183	52%	138	187	35%	914	39%	60
Justdial	Consumer Services	NSE, BSE	2013	4,999	5,129	3%	588	603	3%	1,142	9%	584
Lenskart	Ecommerce	NSE, BSE	2025	68,240	84,548	24%	395	489	24%	6,653	23%	297
MakeMyTrip	Travel Tech	Nasdaq	2010	$902 Mn	$5.3 Bn	554%	22	56	155%	$978 Mn	25%	$95 Mn
MapmyIndia	Enterprise Tech	NSE, BSE	2021	8,475	6,084	-28%	1,557	1,112	-29%	463	22%	147
Matrimony	Media & Entertainment	NSE, BSE	2017	2,058	989	-52%	955	459	-52%	456	-5%	45
Meesho	Ecommerce	NSE, BSE	2025	73,338	71,389	-3%	163	158	-3%	9,390	23%	-3,942
Menhood (Macobs Tech)	Ecommerce	NSE (SME)	2024	Not Available	207	Not Available	96	211	120%	24	15%	3
Mobikwik	Fintech	NSE, BSE	2024	3,439	1,643	-52%	440	209	-53%	1,170	34%	-122
Nazara Tech	Media & Entertainment	NSE, BSE	2021	9,215	10,028	9%	995	271	-73%	1,624	43%	76
Nykaa	Ecommerce	NSE, BSE	2021	96,167	76,037	-21%	336	266	-21%	7,950	24%	66
Ola Electric	Clean Tech	NSE, BSE	2024	31,736	11,146	-65%	76	27	-65%	4,514	-10%	-2,276
Paytm	Fintech	NSE, BSE	2021	124,467	73,800	-41%	1,950	1,153	-41%	6,900	-31%	-659
PB Fintech (Policybazaar)	Fintech	NSE, BSE	2021	52,666	70,030	33%	1,150	1,514	32%	4,977	45%	353
Physics Wallah	Edtech	NSE, BSE	2025	41,466	28,726	-31%	145	100	-31%	2,874	49%	-216
Pine Labs	Fintech	NSE, BSE	2025	27,788	23,200	-17%	242	202	-17%	2,274	28%	-145
Rategain	Enterprise Tech	NSE, BSE	2021	4,248	6,468	52%	360	548	52%	1,077	13%	209
Shadowfax	Logistics	NSE, BSE	2026	6,353	6,755	6%	113	117	4%	2,485	32%	6
Smartworks	Real Estate Tech	NSE, BSE	2025	4,965	4,999	1%	436	438	0%	1,374	32%	-63
Swiggy	Foodtech	NSE, BSE	2024	96,185	84,074	-13%	420	324	-23%	15,227	35%	-3,117
TAC Infosec	Enterprise Tech	NSE (SME)	2024	Not Available	1,064	Not Available	290	506	74%	30	150%	15
TBO Tek	Travel Tech	NSE, BSE	2024	15,171	14,472	-5%	1,426	1,358	-5%	1,737	25%	230
Tracxn	Enterprise Tech	NSE, BSE	2022	905	351	-61%	85	33	-61%	84	2%	-10
Trust Fintech	Fintech	NSE (SME)	2024	341	95	-72%	143	40	-72%	23	28%	4
Unicommerce	Enterprise Tech	NSE, BSE	2024	2,427	1,269	-48%	235	113	-52%	135	30%	18
Urban Company	Consumer Services	NSE, BSE	2025	23,298	17,220	-26%	162	118	-27%	828	38%	240
Veefin Solutions	Enterprise Tech	BSE (SME)	2023	187	686	267%	82	284	247%	79	215%	16
Wakefit	Ecommerce	NSE, BSE	2025	6,411	6,708	5%	195	205	5%	1,274	29%	-35
WeWork India	Real Estate Tech	NSE, BSE	2025	8,712	7,131	-18%	650	532	-18%	1,949	17%	128
Yatra	Travel Tech	NSE, BSE	2023	2,001	2,310	15%	128	147	15%	791	119%	37
Yudiz	Media & Entertainment	NSE (SME)	2023	191	32	-83%	185	31	-83%	21	-20%	-3
Zaggle	Fintech	NSE, BSE	2023	2,201	3,154	43%	164	235	43%	1,304	68%	88
Zappfresh	Ecommerce	BSE (SME)	2025	Not Available	249	Not Available	120	112	-7%	131	46%	9
Zelio E Mobility	Clean Tech	BSE (SME)	2025	328	554	69%	155	262	69%	172	82%	16

Source: Inc42 Analysis, Public Market Data
Notes: The numbers are rounded off \| Only India listed companies have been included \| Fredisplayrks financial number are for 2025 are (TTM
*Current Market Cap & Stock Price: Last updated on 21 February 2026
**Debut Market Cap: The market capitalisation on a stock’s first trading day closing
***Listing Price: The opening stock price on the day it first starts trading publicly

Read our methodology here.

Inside The Dalal Street Startup Ride

Indian startups had gained a reputation for being “loss creating” by prioritising growth at all costs and market share over immediate profitability. The trconclude of putting scale ahead of the bottom line was at its peak amid the funding boom of 2020-22.

While prioritising growth is not wrong for startups, especially at early stages, the start of funding winter in 2022 gave a reality check to the Indian startup ecosystem. Subsequently, startups started pushing for profitability. Giving further wings to the aggressive profitability push was the ambition to list on the exalters.

While new-age tech companies view to turn profitable before filing their draft IPO papers, those that cross the line manage to stay in the green, data displays. About 64% of the listed new-age tech companies, 41 to be precise, are currently profitable.

In terms of profits, Sanjeev Bikhchandani-led internet company Info Edge towers over the rest. It posted a net profit of INR 962 Cr in FY25. Prominent internet companies Justdial and IndiaMART trail Info Edge in terms of profitability, raking in profits of INR 584 Cr and INR 551 Cr in FY25, respectively.

It is pertinent to mention that these companies have been listed on the bourses for years now, with Info Edge creating its public market debut in 2006. While these companies trace their origin back to the 90s, a large majority of the new-age tech stocks under Inc42’s purview are about a decade old.

From a broad perspective, Inc42 data reflects that the median time taken for a startup to receive listed on the bourses is 11 years. While listing for 18-year-old ixigo and 19-year-old Fino Payments Bank came relatively much later, ArisInfra’s IPO materialised within four years of its operations.

Meanwhile, the new-age tech companies that have created their public market debuts this year generally turned profitable right before their public market debuts. For instance, eyewear major Lenskart reported a net profit of around INR 297 Cr , a significant turnaround from a INR 10 Cr loss in FY24. The company maintained profitability in the first three quarters of FY26.

Urban Company also reported its first consolidated net profit of approximately INR 240 Cr for FY25, a major turnaround from losses in FY24. While it maintained profitability in Q1 FY26, the company plunged back in to the red in Q2, reporting a multifold rise in its net loss to INR 59.3 Cr.

Sectors Driving India’s Startup IPO Boom

The startup sectors producing the most number of listed companies is proportional to the private funding trconcludes witnessed in the Indian startup ecosystem. For context, ecommerce segment, which has seen a capital infusion of about $37 Bn between 2014 and 2025, leads the charts in terms of listed startups, with a total of 11 listings till date. Fintech and enterprise tech segments, which have also seen a healthy capital infusion over the past few years, trail ecommerce in terms of startup IPOs with 10 listings apiece.

The dominance of the fintech and ecommerce sectors on the bourses is expected to continue as the likes of PhonePe, boAt and Turtlemint would soon be creating their public market debuts.

Meanwhile, the number of startups hailing from other sectors is also expected to surge. For instance, the number of listed real-estate tech startups may go up to seven from six currently, with Infra.Market having filed its IPO papers confidentially with the SEBI.

Delhi NCR Home To Highest Number Of Listed Startups

While Bengaluru continues to be the startup capital of India, Delhi and its neighbouring cities Gurugram and Noida account for the most number of listed new-age tech companies. Overall, the Delhi NCR region is home to 24 listed new-age tech companies, ahead of Bengaluru’s eleven and Mumbai’s eight.

While thirteen companies, including Eternal, Delhivery, and Lenskart, call Gurugram their home, Awfis, EaseMyTrip, MapmyIndia and E2E Networks are from Delhi. Noida on the other hand is home to four listed new-age tech companies, including Paytm and IndiQube.