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Startup IPO Momentum Slows in India as Global Uncertainties Bite
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Fewer startup IPOs in India in 2025 so far, despite strong DRHP pipeline; delays due to macro risks and valuations.
India’s startup IPO momentum, after a strong 2024, has seen a slowdown in 2025. Despite a healthy pipeline of around 25 startups that have filed Draft Red Herring Prospectuses (DRHPs) with SEBI — including Meesho, Lenskart, Fractal, PhysicsWallah, Shadowfax, and Turtlemint — only a handful have listed so far. Analysts attribute the delay to global macroeconomic concerns, valuation correction, and regulatory caution. Many startups may defer listing into 2026, awaiting clearer windows and market conditions.