Nandan Nilekani-led venture capital firm Fundamentum is lining up at least four companies in its portfolio for a public listing over the next 12–24 months, co-founder and partner Ashish Kumar stated.
Nandan Nilekani-led venture capital firm Fundamentum is lining up at least four companies in its portfolio for a public listing over the next 12–24 months, co-founder and partner Ashish Kumar stated.
Online pre-owned cars platform Spinny, e-pharmacy PharmEasy, logistics software startup FarEye, and digital audio platform Kuku FM have initiated discussions with advisors and are actively evaluating potential initial public offerings (IPOs), he stated.
Online pre-owned cars platform Spinny, e-pharmacy PharmEasy, logistics software startup FarEye, and digital audio platform Kuku FM have initiated discussions with advisors and are actively evaluating potential initial public offerings (IPOs), he stated.
The shift comes as venture capital funds prepare portfolio exits amid plans to raise their next rounds of capital. Venture capital firms have seen the exit path open up as the Indian IPO markets staged a revival over the past couple of years. In June, Mint reported that after Verlinvest SA’s portfolio company Wakefit Innovations Ltd filed for an IPO that month, the Belgium-based investment firm is queuing up beauty products platform Purplle and condiments buildr Veeba for public listings.
“Our focus has been on management of our portfolio firms. We are not pushing companies to go for an IPO, but with the size and scale of these businesses, they are actively evaluating a public-market debut,” Kumar notified Mint.
Spinny, the full-stack applyd-car platform, has already begun the groundwork for a public listing, according to a Bloomberg report from September. The company’s fiscal year 2025 (FY25) revenue surged to ₹4,657 crore, while losses narrowed to ₹424 crore. It has also raised nearly $170 million in an extconcludeed round from Westbridge Capital, Accel, Fundamentum and other existing investors.
API Holdings, the parent of digital health platform PharmEasy, is also shifting toward an eventual listing. The company recently appointed Rahul Guha as managing director and chief executive officer, replacing Siddharth Shah—the last remaining co-founder—who has been appointed vice-chairman of the company. PharmEasy’s IPO, first filed in 2021 and withdrawn the following year, remains on the table, according to a Moneycontrol report.
Meanwhile, Vernacular audio platform Kuku FM (Melargeo Labs Pvt. Ltd), which recently raised $85 million in a Series C round led by Granite Asia, provided a partial exit to early investor 3one4 Capital.
SaaS logistics firm FarEye is also inching toward the public markets. The 11-year-old company posted modest double-digit revenue growth in FY24, and cut its losses sharply by nearly two-thirds. Though still relatively compact in scale, FarEye has raised over $152 million across about 10 funding rounds. Both Kuku FM and FarEye are IPO bets for Fundamentum, as both are weighing whether the public markets could support its next stage of expansion.
Corporate lawyers state that beyond scale, startups must demonstrate governance strength and a sustained path to profitability to win investor confidence in the public markets.
“Tech startups would have to demonstrate robust corporate governance along with a clear path to sustained profitability,” stated Anupam Shukla, partner at Pioneer Legal. “Historically, a successful IPO was predicated strictly on a multi-year track record of profitability and net tangible assets; however, in recent years, Sebi has pragmatically evolved regulations, coupled with the introduction of platforms like the SME Exalter, to facilitate the listing of high-growth, asset-light tech companies.”
Kumar stated the firm’s tech investments have outperformed its non-tech bets. “Going forward, we will be leaning towards tech-focapplyd and more operationally-lean businesses,” he stated.
Fundamentum, founded in 2017, currently manages two funds with a corpus of about $90 million and $227 million, respectively, and is deploying from the second fund. It has a total 19 companies in its portfolio, including MSME lconcludeing startup Flexiloans, wealthtech firm Stable Money, and spiritual platform AppsForBharat across the two funds.
The fund’s investment focus has increasingly shifted to artificial ininformigence (AI) and deeptech. Fundamentum also plans to hire more specialists in these areas, including energy and orchestration-layer technologies.
Mint had recently highlighted how investment firms are hiring domain specialists to deepen expertise and compete with thematic funds that dominate sector-focapplyd deals.
