India Startup IPOs 2026 have entered a more mature phase. After a strong wave of new-age listings in 2025, Indian startups are carrying an even larger IPO pipeline into 2026, with companies from fintech, quick commerce, travel, manufacturing, consumer tech and fitness preparing for the public markets.
As of September 2026, Inc42 reports that 24 startups have filed DRHPs with SEBI, while more than 25 others are in different stages of preparing their IPO plans.
However, there is an important catch: an IPO plan is not the same as an upcoming IPO date. Some companies have filed documents, some have received regulatory approval, and others remain at the planning stage.
India’s startup ecosystem is moving from private-market growth stories toward greater public-market scrutiny. For readers who want to understand the broader ecosystem, our guide on how to invest in startups in India explains how startup investing works and what investors should consider.
India Startup IPOs 2026: Key Companies to Watch
The most notable startup IPO candidates include Zepto, Razorpay, OYO, Zetwerk, PhonePe, boAt, Moneyview and Cult.fit.
| Startup | Sector | 2026 IPO Status | Reported IPO Size |
|---|---|---|---|
| Zepto | Quick commerce | Approved; later postponed | ₹8,010 Cr fresh issue + OFS |
| Razorpay | Fintech | Confidential filing | ₹4,760–₹6,664 Cr* |
| OYO / PRISM | Travel tech | Filed / approved | ₹6,650 Cr |
| Zetwerk | B2B manufacturing | IPO preparations / filing | ₹4,284 Cr* |
| PhonePe | Fintech | Filed; targeting 2027 | ₹10,700–₹13,400 Cr* |
| boAt | Consumer electronics | Filed | ₹1,500 Cr |
| Moneyview | Fintech | Filed / approved | Revised issue size reported |
| Cult.fit | Fitness / consumer | Preparing for IPO | ~₹2,500 Cr |
*Reported or estimated figures can change before the final offer document.
1. Zepto IPO: The Quick-Commerce Giant Presses Pause
Zepto is still one of the biggest names on the India startup IPOs 2026 list — but a 2026 listing is officially off the table.
- SEBI gave the green light on Zepto’s IPO plans earlier in 2026
- The updated offer documents proposed a ₹8,010 crore fresh issue, plus an OFS component
- Then Zepto pushed the whole thing back
- According to Inc42, the company is now eyeing a listing window sometime between February and May 2027
Here’s the tension at the heart of it all: Zepto’s FY26 operating revenue more than doubled to about ₹22,624 crore, but the net loss grew right along with it, widening to roughly ₹5,905 crore. That gap is exactly why profitability and cash burn keep dominating the conversation around the company.
If there’s one lesson from Zepto’s story, it’s this — fast revenue growth alone doesn’t make a company IPO-ready.
2. Razorpay IPO: India’s Fintech Giant Enters the IPO Queue
Razorpay has quietly filed confidential IPO papers and is aiming for a public debut around late 2026.
- Founded in 2014 by Harshil Mathur and Shashank Kumar
- Spans payments, banking, payroll, lending, and broader financial services
- Filed confidential IPO documents with SEBI back in June 2026
- Reportedly looking to raise somewhere between $500 million and $700 million
Reuters reported the company is targeting an IPO in the ballpark of $600 million — though its valuation target may actually land below the $7.5 billion it commanded privately.
On the financial side, Razorpay’s operating revenue reportedly jumped 65% to ₹3,783 crore in FY25. The company has also pointed out that ESOP expenses and tax costs have weighed on its reported bottom line.
For investors, this IPO is going to put India’s private fintech economics under a very public microscope.
3. OYO IPO: The Long-Awaited Travel-Tech Listing
OYO — now going by the name PRISM — has finally cleared a major hurdle, getting regulatory approval for a ₹6,650 crore IPO.
- Founder: Ritesh Agarwal
- Sector: Travel and hospitality
- IPO structure: Entirely a fresh issue
- Proposed size: ₹6,650 crore
- Status: Updated DRHP filed after SEBI approval
This one’s been a long time coming. OYO has pushed back its public-market plans more than once over the years, which makes the 2026 attempt feel like something of a milestone.
According to Inc42, PRISM got SEBI’s approval in June 2026 and followed up with an updated DRHP laying out the ₹6,650 crore fresh issue.
But getting to the stock market isn’t really the hard part anymore. The bigger question is whether OYO can finally show investors sustainable profitability after years of rapid expansion and restructuring that hasn’t always gone smoothly.
4. Zetwerk IPO: From Startup Unicorn to Public Manufacturing Platform
Zetwerk is gearing up for what could be one of the bigger B2B listings in the 2026 IPO pipeline.
- Founded: 2018
- Sector: B2B manufacturing
- Founders: Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary
- Reported IPO structure: ₹2,600 crore fresh issue plus an OFS component
- MoneyControl reports roadshows are already underway, with a launch expected around late September or possibly October
The numbers behind this one are worth pausing on. Zetwerk’s FY26 operating revenue reportedly jumped more than 40%, landing around ₹15,913 crore — but its net loss grew significantly too, right alongside the revenue.
That combination makes Zetwerk a pretty good snapshot of where the startup IPO market stands right now: scale still turns heads, but public investors increasingly want to see the margins and cash flow behind it too.
5. Moneyview IPO: Fintech Joins the 2026 Pipeline
Moneyview has moved much further than a typical IPO candidate and has already received SEBI approval.
The fintech company filed its DRHP in March 2026 and originally proposed a ₹1,500 crore fresh issue plus an OFS component. In September, the company reduced the fresh issue to ₹750 crore and also reduced the planned OFS, according to Inc42.
Reuters reported that Moneyview is scheduled to open its IPO on September 24, 2026, with a revised valuation target of up to approximately ₹5,985 crore.
This is one of the clearest examples of how market conditions can influence IPO size and valuation before launch.
6. boAt IPO: Consumer Electronics Comes to Dalal Street
boAt is another consumer-focused startup preparing to enter the public markets.
- Founded: 2016
- Sector: Consumer electronics
- Reported IPO size: ₹1,500 crore
- Status: DRHP filed
According to Inc42’s September 2026 tracker, boAt’s proposed IPO includes a ₹1,500 crore issue, while the final valuation had not yet been determined.
The company reported FY25 revenue of approximately ₹3,073 crore, according to the same tracker.
For boAt, the IPO provides a public-market test for India’s rapidly expanding D2C and consumer-electronics ecosystem.
7. Cult.fit IPO: Can Fitness Become a Public-Market Story?
Cult.fit is gearing up for an IPO, with the reported issue size sitting around ₹2,500 crore.
Founded by Mukesh Bansal and Ankit Nagori, the company has grown well beyond just gyms — it’s now into food, wellness, and a handful of other consumer services too.
The numbers look encouraging so far: FY25 operating revenue came in around ₹1,215 crore, up 31% year-over-year, and the consolidated loss narrowed substantially over the same period.
Cult.fit has also been quietly building out its board ahead of a possible listing, bringing in independent directors through 2026.
So the real story here isn’t just about gym memberships. Investors will be watching to see whether the broader wellness ecosystem Cult.fit has built can actually turn into sustainable, repeatable economics.
8. PhonePe IPO: A Major Fintech Listing, But Not a 2026 Event
PhonePe has filed its IPO documents, but don’t expect a 2026 listing — the latest timeline now points to 2027.
Inc42 reported in September 2026 that PhonePe is reviving its IPO plans, this time targeting a window between February and March 2027.
The scale here is hard to ignore: the proposed issue has been reported anywhere from ₹10,700 crore to ₹13,400 crore, which would make it one of the largest startup-linked public offerings India has seen.
PhonePe’s shifting timeline is a good reminder of why any IPO tracker needs regular updates. A company can quietly slide from “2026 candidate” to “2027 candidate” without ever actually abandoning its plans to go public.
PhonePe’s potential public listing shows how India’s largest technology startups can evolve from venture-backed businesses into companies preparing for public markets. Readers can also explore 50 startup terms every founder should know to better understand concepts such as valuation, equity, funding rounds and IPOs.
What Makes India Startup IPOs 2026 Different?
The 2026 market is shifting from growth-at-all-costs toward measurable business fundamentals.
Three factors stand out:
- Profitability: Investors are paying closer attention to losses and operating margins.
- Cash burn: High-growth companies must show a clearer path toward efficient capital use.
- Governance: Public companies face greater disclosure and governance expectations than private startups.
Inc42 reports that public-market investors are increasingly focusing on predictable cash flows, sustainable unit economics, operational discipline and governance.
The numbers also show how much the ecosystem has matured. In 2025, 18 Indian startups reportedly listed and collectively raised ₹41,248 crore from public markets. By September 2026, 13 new-age tech companies had already made their market debut during the year.
India Startup IPOs 2026: What Should Readers Track?
IPO status is more important than headlines.
Before treating a startup as an “upcoming IPO,” check:
- Whether the company has filed a DRHP.
- Whether SEBI has approved the offer.
- Whether an RHP has been filed.
- The final price band.
- Fresh issue versus OFS.
- Revenue growth and profitability.
- Cash burn and debt.
- The actual IPO opening and listing dates.
SEBI maintains its official public-issue filings database, making it a useful primary source for checking whether an IPO document has actually been filed.
That distinction matters because companies such as Zepto and PhonePe may appear on broad “upcoming IPO” lists while their latest reported timelines point beyond 2026.
The growing IPO pipeline is part of a much larger Indian startup ecosystem spanning AI, space technology, fintech and consumer businesses. For another view of India’s high-growth technology landscape, explore our Top 10 Indian AI Companies in 2026.
India Startup IPOs 2026: Final Takeaway
India’s startup IPO pipeline is still big, no question. But 2026 feels different — it’s turning into a year of real financial scrutiny rather than just another round of startup hype.
Look at the mix on offer: Zepto carries the quick-commerce growth story, Razorpay and Moneyview represent fintech, OYO brings travel tech into the public markets, Zetwerk stands in for B2B manufacturing, and boAt and Cult.fit pull consumer businesses into the conversation too.
But the trend underneath all of it is pretty simple. Indian startups are increasingly getting judged as actual businesses now — not just as fast-growing tech stories anymore.
For FounderPin readers, that’s exactly what makes this IPO cycle worth watching closely. As these companies hit the market, they’ll offer a real-world test of whether India’s private startup valuations can actually hold up once they’re exposed to public markets.
A quick note on the data: IPO sizes, timelines, and valuations tend to shift before the final prospectus lands. This article reflects what was publicly available as of September 22, 2026, and it’ll need updates as companies file revised documents or lock in listing dates.
Frequently Asked Questions
1. What are the top India Startup IPOs 2026?
Some of the major startup IPOs and IPO candidates associated with the 2026 pipeline include Razorpay, OYO (PRISM), Zetwerk, Moneyview, boAt and Cult.fit. Zepto and PhonePe are also important names, although their latest reported timelines point toward 2027 rather than a 2026 listing.
2. Which Indian startups are going public in 2026?
Indian startups including Moneyview, Zetwerk, Razorpay, OYO/PRISM and boAt have been part of the 2026 IPO pipeline at different stages. However, filing documents or receiving regulatory approval does not always mean an IPO will launch immediately. Investors should check the latest company and SEBI filings for confirmed dates.
3. Is Zepto IPO coming in 2026?
Zepto postponed its planned 2026 IPO. The company had received SEBI approval for its proposed public offering, but its latest reported plan points toward a potential listing between February and May 2027. Therefore, Zepto should not currently be treated as a confirmed 2026 IPO.
4. Is Razorpay planning an IPO in 2026?
Yes, Razorpay has been preparing for a potential IPO. The fintech company confidentially filed IPO papers with SEBI in 2026 and has been reported to be targeting a public listing around the end of 2026. The final issue size, valuation and listing date can change before the company publishes its final offer documents.
5. Which startup IPOs should investors watch in India?
Investors following the India Startup IPOs 2026 market can track companies such as Razorpay, OYO/PRISM, Zetwerk, Moneyview, boAt and Cult.fit. Instead of looking only at the headline IPO size, readers should examine revenue growth, profitability, cash burn, valuation, fresh issue versus OFS and the company’s latest SEBI filings.
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