How Unicorn IPOs Fared in 2025

IF 2024 reopened the initial public offering (IPO) window for India’s startup ecosystem, 2025 proved to be the year of true market testing. As many as seven high-profile new-age technology companies (NATCs) — PhysicsWallah, Groww, Pine Labs, Lenskart, Ather Energy, Urban Company, and WeWork India — marched down D-Street, armed with massive user bases, strong investor backing, and brand equity. Together, they raised more than ₹29,000 crore, pushing the combined market value of new-age mainboard listings to ₹2.9 lakh crore until November 21, 2025. With Meesho, PhonePe, and boAt (Imagine Marketing) having filed the IPO papers with the Securities and Exchange Board of India, the tally is poised to grow further. It will be the highest since 2021, another year when seven major NATCs, including Paytm, Zomato, and Nykaa, mobilised ₹42,826 crore via IPOs.