The sharks from Shark Tank India have been making waves far beyond television — this time, on Dalal Street. While Deepinder Goyal, Ghazal Alagh, Namita Thapar, and, more recently, Peyush Bansal have taken their companies public, Aman Gupta is gearing up for a splash on the bourses. But how have these entrepreneurial heavyweights fared after diving into the capital markets? Let’s take a closer look.

The IPO journey of these sharks began in 2021, when Deepinder Goyal’s Zomato (Eternal) hit the market with a record ₹9,375 crore initial public offering (IPO). The listing opened the floodgates for new-age startups to test investor appetite.

Next came Ghazal Alagh’s Honasa Consumer, the parent company of Mamaearth, which raised ₹1,701 crore through a mix of fresh issue and offer for sale (OFS) in November 2023.

The third on the list was Namita Thapar’s Emcure Pharma, which launched its IPO in July 2024, garnering ₹1,952 crore through a public listing of its shares on the domestic bourses.

This week, Peyush Bansal’s Lenskart made its debut on the domestic bourses — BSE and NSE — after raising ₹7,278 crore through the issue.

Meanwhile, Aman Gupta’s Imagine Marketing, the parent company of boAt, has filed for a ₹1,500 crore IPO and is expected to hit D-Street soon.

Winners and losers

Among the listed “shark” ventures, post-listing performance has been a mixed bag, reflecting how market sentiment toward new-age businesses continues to evolve.

Eternal (previously known as Zomato) emerged as the biggest success story on D-Street. Listed in July 2021 at an issue price of ₹76, the stock has surged to ₹297.40 apiece on the BSE (as of Nov 13), logging an impressive gain of 291%. The IPO turned out to be one of the most rewarding startup listings in recent years.

Eternal’s strong growth trajectory, improving profitability, and expanding business lines such as Blinkit have kept investors bullish and turned the company into a bellwether for India’s internet economy.

Emcure Pharma, backed by Shark Tank judge Namita Thapar, has also delivered positive returns since its debut. The stock, which listed in July 2024 at ₹1,008, now trades at ₹1,379.40 — up 37% from its issue price.

The company’s performance reflects investor confidence in India’s pharmaceutical growth story and Emcure’s steady fundamentals, driven by a robust branded formulations business and expanding export markets.

Meanwhile, Honasa Consumer, co-founded by Ghazal Alagh, has struggled to maintain post-listing momentum. After its market debut in November 2023 at ₹324 per share, the stock surged as much as 68% to hit a record high of ₹547 in September 2024. However, the counter lost momentum and currently trades around ₹288 — a decline of 11% from the IPO price.

The drop in Mamaearth shares is largely attributed to changing consumer trends and the company’s ongoing efforts to refine its business model amid growing competition in the beauty and personal care segment.

Lenskart, led by Peyush Bansal, made its market debut this week with a ₹7,278 crore IPO — one of the most anticipated issues of the year. The stock listed at ₹402 and is currently trading almost flat at ₹400.45, reflecting a marginal decline of 0.38%. The muted performance of the stock was attributed to valuation concerns, recent losses, and intense competition in the eyewear segment.

Meanwhile, Aman Gupta’s Imagine Marketing, the parent company of boAt, is gearing up for its ₹1,500 crore IPO, which is expected to hit the market soon. After shelving its IPO plans back in 2021 amid volatile markets, boAt is once again ready to test public waters. The Warburg Pincus-backed firm has reduced the IPO size to ₹1,500 crore from ₹2,000 crore estimated earlier, as per the latest document filed with Sebi.

Investors will keep a close eye on the listing of boAt, which could well determine whether India’s startup sharks continue to make a splash — or face choppier waters ahead.