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India’s 2025 IPO wave unlocked over $32 billion in public-market value
India’s 2025 IPO wave created $32 billion in value with major startup listings, though the country still lacks a $100 billion tech giant.
India’s 2025 IPO cycle generated more than $32 billion in market value, driven by listings from major startups such as Groww, Lenskart and PhysicsWallah. Despite the strong volume, analysts noted that India has yet to build a $100 billion tech giant. Year-end activity was led by consumer-tech, fintech and edtech offerings, reflecting sustained investor appetite for digital-first business models.