India’s Startup IPO Boom: Which Startups Could Go Public Next?

By Saumya Sharma, Content Creator, BizGossips.com

India’s startup ecosystem is entering an interesting phase in 2026. After years of chasing funding rounds and billion-dollar valuations, many startups are now looking toward the public markets.

The startup IPO pipeline is looking stronger than it did a few years ago. According to the latest industry tracking, 29 Indian startups have filed draft IPO papers with SEBI, while more than 25 others are at different stages of preparing for a public listing. 

This raises an obvious question: which Indian startups could be the next big names to reach the stock market?

While an IPO is never guaranteed until the final approvals and listing process are completed, several companies are clearly moving closer to that goal.

Why Are So Many Indian Startups Looking at IPOs?

The biggest reason is maturity.

Many Indian startups that raised huge amounts of venture capital several years ago have now built large customer bases and substantial revenues. Going public gives them an opportunity to raise capital, provide an exit to existing investors and establish themselves as more mature businesses.

The IPO market has also become more welcoming to new-age technology companies. In 2025, 18 Indian startups reportedly listed and collectively raised about ₹41,248 crore from public markets. The momentum has continued into 2026, although investors are becoming more selective about profitability, cash burn and corporate governance. 

So, the next wave may not simply be about which startup is the biggest. It may be about which startup is financially ready.

OYO Could Be One of the Major Names

OYO, whose parent entity was rebranded as PRISM, is one of the most closely watched companies in India’s startup IPO pipeline.

The hospitality company received shareholder approval to raise up to ₹6,650 crore through a fresh issue and subsequently received SEBI approval for its IPO. It is reportedly targeting a valuation of around $7 billion to $8 billion. 

After postponing its public-market plans several times, PRISM’s latest progress makes it one of the startups to watch closely.

Zepto Is Preparing for Another Attempt

Quick-commerce startup Zepto is another major name that has attracted attention.

The company received SEBI approval for its proposed IPO and filed updated draft papers in July 2026. However, in August, Zepto put its immediate listing plans on hold again and reportedly shifted its target window to between February and May 2027.

The company is focusing on improving its financial position and reducing cash burn before entering the public market. 

That makes Zepto an interesting example of how difficult it can be for fast-growing startups to balance expansion with profitability.

Zetwerk Could Bring Manufacturing Tech to the Market

B2B manufacturing platform Zetwerk is also moving toward an IPO.

The company filed updated IPO papers in August 2026. Its proposed issue includes a fresh issue of ₹2,600 crore along with an offer for sale.

Zetwerk’s revenue grew strongly in FY26, although its net loss also increased substantially. This could make its IPO particularly interesting because investors will likely examine whether its impressive revenue growth can eventually translate into stronger profitability. 

Acko Is Another Startup to Watch

Insurtech company Acko is also preparing for a possible public listing.

The company has appointed investment banks for its IPO and is reportedly looking to raise between $300 million and $400 million. Its potential valuation is estimated at around $2 billion to $2.5 billion.

Acko has not yet filed its DRHP, but it is reportedly targeting a listing in the first half of 2027. 

Its progress will be worth watching because India’s digital insurance market has expanded considerably over the past few years.

Flipkart Could Be the Biggest Startup IPO Story

Then there is Flipkart.

The Walmart-backed e-commerce giant is arguably one of India’s biggest startup success stories. The company received approval for its restructuring to move its corporate structure back to India, a step connected to its longer-term public-market ambitions. 

Flipkart’s size means its eventual IPO could become one of the biggest startup listings in India’s history.

However, the exact timing and structure of its IPO remain uncertain.

What Will Investors Look For?

The 2026 IPO environment is different from the funding boom of previous years.

Investors are expected to pay closer attention to profitability, predictable cash flows, unit economics, governance and cash burn rather than simply rewarding rapid growth. 

This means startups preparing for an IPO will have to prove that they can build businesses that work at scale—not just businesses that can raise money at scale.

India’s Startup IPO Story Is Just Beginning

The growing IPO pipeline shows how much India’s startup ecosystem has matured.

Companies such as OYO/PRISM, Zepto, Zetwerk, Acko and Flipkart represent different parts of the new-age economy, from hospitality and quick commerce to manufacturing, insurance and e-commerce.

Not every company will necessarily list on its current schedule, and market conditions can change quickly. But one thing is becoming clear: Indian startups are increasingly moving from the private funding world to the public markets.

For founders, this marks a new chapter. For investors, it creates new opportunities—and new questions.

The next big Indian startup success story may not be announced in a funding round. It may begin with an IPO bell ringing on Dalal Street.