Indian Startup IPO Tracker 2025

At the start of 2025, markets were brimming with confidence and optimism about the IPOs of new-age tech companies, as and cumulatively raised INR 29,070 Cr via their public listing.

From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X.

Tailwinds favouring the startup IPO frenzy at the outset of the year were aplenty – India’s strong position in the equities market over the last few years, the investor interest in new-age tech companies, more rationalised valuations sought by startups, and renewed focus on profitability and sustainable growth.

So, it was only natural that industry watchers expected the momentum to percolate well into 2025 as well. However, the picture perfect story of startup IPO mania seems to have gone south barely months into the year.

While 23 startups were in various stages of undertaking their IPO preparations at the start of the year, most seem to have decided to go slow on their public listing plans. Despite 11 new-age tech companies filing their draft red herring prospectuses (DRHPs) with SEBI, including ArisInfra, Avanse Financial Services, BlueStone, and many receiving regulatory nod, only one listing has materialised so far.

Ather Energy got listed on the exchanges in May, but it turned out to be a muted debut.

So, what happened to India’s startup IPO frenzy in 2025? Largely, it was unseen forces that played a spoilsport. The Indian equities markets saw a correction in the first few months of 2025 due to geopolitical tensions, high valuations, tariff war, macroeconomic factors like fears of recession and inflation, and more.

Then, there were also fundamental challenges faced by new-age tech companies. The public market investors want potential listees to be profitable and differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.

“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” said Lightbox Ventures founder and managing director (MD) Sandeep Murthy.

While analysts expect new-age tech IPOs to pick up pace in the second half of 2025, it would be interesting to see what lies in store for the startup ecosystem as the year progresses. To keep an eye on this, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape:

Latest Updates:

• Aequs turned into a public entity as it ramps up plans for a $200 Mn public listing in late-2025

• NBFC Avanse Financial Services appointed former Bajaj Finserv COO Rakesh Bhatt as an independent director on the company’s board ahead of its INR 3,500 Cr IPO

• Logistics unicorn Shiprocket filed its DRHP with SEBI via the confidential route

The companies have been listed in an alphabetical order | Data has been sourced from Inc42, respective DRHPs, MCA filings and other media reports | Asterisk (*) specifies reported numbers.

Name	Founded In	Sector	Total Funding	Key Investors	Revenues	DRHP Status	IPO Size [₹Cr]	Potential Valuation [₹Cr]	Book Running Lead Managers
ArisInfra	2021	Ecommerce	$25 Mn	Siddharth Shah, Think Partners, Logx Venture Partners, Karbonite Ventures	₹696.84 Cr (FY24)	Filed	₹600 Cr	NA	JM Financial, IIFL Securities, Nuvama
Ather Energy	2013	Electric Vehicles	$431 Mn	Hero MotoCorp, GIC, Tiger Global	₹1,753.8 Cr (FY24)	Filed	₹3,100 Cr	₹20,663 Cr	Axis Capital, Nomura, HSBC Securities and Capital, JM Financial Markets
Aye Finance	2014	Fintech	$485 Mn	Google, ABC Impact, FMO	₹1,040.22 Cr (FY24)	Filed	₹1,450 Cr	NA	Axis Capital, IIFL Capital Services, Nuvama, JM Financial
Avanse Financial Services	2013	Fintech	$212 Mn	Warburg Pincus, Kedaara Capital, International Finance Corporation, Mubadala	₹1,726.9 Cr (FY24)	Refiled	₹3,500 Cr	NA	Kotak Mahindra Capital, Avendus Capital, JP Morgan, Nomura, Nuvama Wealth Management, SBI Capital Markets
Bira91	2015	D2C	$449 Mn	Peak XV Partners, Sofina, DS Group	₹824.3 Cr (FY23)	Yet To File	Yet To Be Decided	Yet To Be Decided	NA
BlueStone	2011	D2C	$200 Mn	Accel, Kalaari Capital, Deepinder Goyal, and Nikhil Kamath	₹1,265.8 Cr (FY24)	Filed	₹1,000 Cr	₹12,000 Cr – ₹13,000 Cr	Axis Capital, IIFL Capital, Kotak Mahindra Capital
boAt	2016	D2C	$177 Mn	Qualcomm Ventures, Warburg Pincus	₹3,118 Cr (FY24)	Yet To File	₹2,000 Cr*	NA	ICICI Securities, Goldman Sachs, Nomura
Capillary Technologies	2008	SaaS	$239 Mn	Avataar Ventures, Filter Capital, Peak XV Partners	₹150.1 Cr (FY24)	Yet To File	₹1,721 Cr*	NA	NA
Captain Fresh	2019	D2C	$166 Mn	Prosus, Tiger Global, Nekkanti Sea Foods, Shakti Finvest	₹1,395 Cr (FY24)	Yet To File	₹3,013 Cr- ₹3,443 Cr	₹11,192 Cr- ₹12,914 Cr	NA
CarDekho	2008	Auto tech	$692 Mn	Google Capital, Hillhouse Capital, Peak XV Partners, HDFC Bank	₹2,250.43 Cr (FY24)	Yet To File	₹4,100 Cr	₹17,219 Cr- ₹21,524 Cr	NA
Cult.fit	2016	Ecommerce	$650 Mn	Zomato, Accel, Tata Digital, Temasek, Kalaari Capital	₹926.6 Cr (FY24)	Yet To File	₹2,500 Cr	₹17,200 Cr	NA
Curefoods	2020	Foodtech	$175 Mn	Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance	₹585.1 Cr (FY24)	Yet To File	₹2,582 Cr- ₹3,443 Cr	NA	NA
DevX	2017	Coworking	$13.3 Mn	Kalpesh Harakhchand Gala, Unmaj Corporation, Bidiwala Family Office	₹108.08 Cr (FY24)	Filed	2.47 Cr Shares (Fresh Issue)	NA	Pantomath Capital Advisors
Droom	Auto Tech	$300 Mn	Lightbox, 57 Stars, Seven Train Ventures	₹85.4 Cr (FY24)	Yet To File	₹1,000 Cr	₹10,331 Cr- ₹12,914 Cr	NA
Flipkart	2007	Ecommerce	NA	Walmart, Google	₹17,907.3 Cr (B2C) (FY24)	Yet To File	Yet To Be Decided	NA	NA
Fractal	2000	SaaS	$685 Mn	TPG Capital, Khazanah Nasional, Apax Partners	₹2,196.3 Cr (FY24)	Yet To File	NA	₹25,828 Cr	NA
Groww	2017	Fintech	$393 Mn	Y Combinator, Tiger Global Management, Ribbit Capital, Alkeon, Steadfast	₹3,145 Cr (FY24)	Yet To File	$1 Bn	₹60,260 Cr- ₹68,877 Cr	Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi, Motilal Oswal*
InCred	2016	Fintech	$318 Mn	FMO, KKR, Paragon Partners, Varanium Capital	₹1,270 Cr (FY24)	Yet To File	₹4,000 Cr- ₹5,000 Cr	₹15,000 Cr- ₹22,500 Cr	NA
IndiQube	2015	Coworking	$45 Mn	WestBridge Capital, MMPL Trust, Konark Trust	₹840 Cr (FY24)	Filed	₹850 Cr	NA	ICICI Securities, JM Financial
Infra.Market	2016	Ecommerce	$415 Mn	Tiger Global, Accel, Nexus Ventures	₹14,530 Cr (FY24)	Yet To File	₹4,304 Cr- ₹6,000 Cr	Yet To Be Decided	Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies
InMobi	2007	SaaS	$320 Mn	Sherpalo Ventures, SoftBank, Kleiner Perkins	₹587 Cr (FY23)	Yet To File	₹8,609 Cr	₹68,877 Cr- ₹ 86,096 Cr	NA
Innoviti	2002	Fintech	$87 Mn	Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India	₹105.6 Cr (FY24)	Yet To File	Yet To Be Decided	Yet To Be Decided	NA
Kissht	2015	Fintech	$140 Mn	Vertex Growth, Zodius, Brunei Investment Agency, Endiya Partners	₹412 Cr (FY24)	Yet To File	₹1,937 Cr	₹7,748 Cr- ₹9,470 Cr	ICICI Securities, UBS Securities, Motilal Oswal*
Lenskart	2010	Ecommerce	$1.78 Bn	SoftBank, ADIA, Temasek, Fidelity Investments, ChrysCapital	₹5,427 Cr (FY24)	Yet To File	₹6,400 Cr-₹8,600 Cr	₹60,200 Cr-₹68.800 Cr
Licious	2015	Ecommerce	$555 Mn	Temasek, 3one4 Capital, Innoven Capital, Amansa Capital	₹685.05 Cr (FY24)	Yet To File	NA	₹17,200 Cr	NA
Meesho	2015	Ecommerce	$1.36 Bn	Tiger Global Management, Peak XV Partners, Meta, Locus Ventures, Y Combinator	₹7,615 Cr (FY24)	Yet To File	NA	₹17,200 Cr	Morgan Stanley, Kotak Mahindra Capital, Citi*
Navi	2018	Fintech	$677 Mn	Gaja Capital	₹1,906 Cr (FY24)	Yet To File	NA	NA	NA
NoPaperForms	2017	SaaS	$4.5 Mn	Info Edge	₹70 Cr (FY24)	Yet To File	₹500 Cr- ₹600 Cr	₹2,000 Cr	IIFL Capital, SBI Capital
OfBusiness	2015	Ecommerce	$879.61 Mn	Tiger Global, Norwest, Softbank, Matrix Partners, Falcon Edge	₹19,296.3 Cr (FY24)	Yet To File	₹6,360 Cr- ₹8,480 Cr	₹51,650 Cr- ₹77,400 Cr	Axis Capital, Morgan Stanley, JPMorgan, Citigroup, Bank of America*
Ola Consumer	2011	Mobility	$3.84 Bn	SoftBank, Vanguard, Accel, Bessemer Venture Partners	₹2,011.9 Cr (FY24)	Yet To File	₹4,300 Cr	₹43,000 Cr	NA
OYO	2013	Travel Tech	$3.47 Bn	Microsoft, Red Lions Capital, JP Morgan Chase, Qatar Insurance Company	₹5,388.7 Cr (FY24)	To Be Refiled	₹6.680 Cr*	NA	NA
PayU India	2002	Fintech	NA	Prosus	$444 Mn (FY24)	Yet To File	Yet To Be Decided	Yet To Be Decided	Goldman Sachs, Morgan Stanley, Bank of America*
PhonePe	2015	Fintech	$2.29 Bn	Walmart, General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds	₹5,725 Cr (FY24)	Yet To File	Yet To Be Decided	NA	JP Morgan, Citi India, Morgan Stanley, Kotak Mahindra Capital*
Physics Wallah	2020	Edtech	$312 Mn	Hornbill Capital, Lightspeed, GSV Ventures, WestBridge Capital	₹1,940.4 Cr (FY24)	Yet To File	₹3,400 Cr – ₹4,300 Cr	₹24,107 Cr	Kotak Mahindra Capital, JP Morgan, Axis Bank, Goldman Sachs*
Pine Labs	1998	Fintech	$1.59 Bn	Peak XV Partners, Temasek, Vitruvian Partners, Nordmann, Alpha Wave Global, SBI	₹1,309.6 Cr (FY24)	Yet To File	₹8,600 Cr	₹51,657 Cr	Axis Capital, Morgan Stanley, Citigroup, JP Morgan, Jefferies India*
Pure EV	2015	Electric Vehicles	$14 Mn	Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises	₹131,28 Cr (FY23)	Yet To File	Yet To Be Decided	NA	NA
Rebel Foods	2011	Foodtech	$563 Mn	Coatue Management, Lightbox, Peak XV Partners	₹1,420.2 Cr (FY24)	Yet To File	Yet To Be Decided	NA	NA
Servify	2015	Consumer Services	$130 Mn	BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars	₹754 Cr (FY24)	Yet To File	₹3,400 Cr – ₹4,300 Cr	₹12,914 Cr	NA
Shadowfax	2015	Logistics	$212 Mn	Flipkart, Mirae India, IFC, Nokia Growth Partners, Qualcomm	₹1,884.8 Cr (FY24)	Yet To File	₹2,500 Cr – ₹3,000 Cr	₹5,000 Cr – ₹8,000 Cr	ICICI Securities, JM Financial, Morgan Stanley*
Shiprocket	2017	Logistics	$323 Mn	Temasek, Bertelsmann, Tribe Capital, Lightrock	₹1,316 Cr (FY24)	Yet To File	NA	NA	NA
Smartworks	2016	Coworking	$41 Mn	Ananta Capital, Keppel Land, Plutus Capital	₹1,039.3 Cr (FY24)	Filed	₹550 Cr	NA	JM Financial, BOB Capital Markets, IIFL Securities, Kotak Mahindra Capital
Turtlemint	2015	Fintech	$197 Mn	Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners, Nexus Venture Partners	₹507 Cr (FY24)	Yet To File	₹1,700 Cr- ₹2,150 Cr	NA	NA
Ullu	2018	OTT	NA	NA	₹99.67 Cr (FY24)	Filed	₹135Cr – ₹150 Cr	NA	Narnolia Financial Services
Urban Company	2014	Consumer Services	$646 Mn	Tiger Global, Prosus, Steadview Capital	₹827 Cr (FY24)	Yet To File	₹3,000 Cr	NA	NA
Wakefit	2016	D2C	$100 Mn	Peak XV Partners, Investcorp, Verlinvest, SIG	₹986.35 Cr (FY24)	Yet To File	₹1,500 Cr-₹2,000 Cr	NA	Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley*
WeWork India	2017	Coworking	NA	Ariel Way Tenant	₹1,665.14 Cr (FY24)	Filed	OFS Comprising 4.3 Cr shares	NA	JM Financial, ICICI Securities, Kotak Mahindra Capital, Jefferies India, 360 ONE WAM
Zappfresh	2015	D2C	$14.5 Mn	SIDBI Venture Capital, Gyan Dairy, ah! Ventures	₹90 Cr (FY24)	Filed	Fresh Issue Of 59.06 Lakh shares	NA	Narnolia Financial Services
Zepto	2021	Quick Commerce	$1.60 Bn	Y Combinator, Goodwater Capital, Glade Brook Capital, General Catalyst, Dragon Fund	₹4,454.52 Cr (FY24)	Yet To File	$450 Mn	Yet To Be Decided	NA
Zetwerk	2018	Ecommerce	$793 Mn	Greenoaks Capital, Lightspeed, Mars Growth Capital, Peak XV Partners	₹11,448.6 Cr (FY24)	Yet To File	NA	NA	Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase, Kotak Mahindra Bank

 

Now, let’s take a detailed look at the list:

Startups That Have Taken The IPO Plunge In 2025 Ather Energy

Ather became the first listed Indian new-age tech company of 2025 to go public after it listed on the exchanges on May 6. The EV maker’s public issue saw a muted response as the shares opened at INR 328 on the NSE, .

On the BSE, the stock opened at INR 326.05, a 1.57% premium over the IPO price. With this, it became the second EV startup in the country to go public, after Ola Electric.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather is one of the biggest players in the Indian electric two-wheeler segment. It manufactures and services escooters and operates its own charging infrastructure.

The EV major raised more than $431 Mn in funding prior to its stock market debut from the likes of Hero MotoCorp, GIC, Tiger Global, among others.

Ahead of the IPO, the Bengaluru-based company’s public issue closed with an oversubscription of 1.43X in late-April 2025. The IPO received bids for 7.65 Cr shares as against 5.34 Cr shares on offer.

This marked the year-long culmination of Ather’s efforts to get listed on the exchanges. The Bengaluru-based company commenced its IPO proceedings in June 2024 as its board passed a resolution to convert into a public company. A couple of months later in September, it filed its DRHP.

As per its draft IPO papers, Ather’s public issue was to comprise a fresh issue of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares.

In December 2024, the . Four months later in April 2025, the and trimmed the size of its IPO.

It cut the size of its fresh issue to INR 2,626 Cr and OFS component to up to 1.1 Cr shares. It set a price band of INR 304 to INR 321 per share for its IPO.

Ahead of the opening of the IPO, the , including SBI, ADIA, Invesco, Franklin Templeton, among others, at INR 321 apiece.

in the nine-month period ended December 2024 from INR 776.4 Cr in the year-ago period. Revenue from operations zoomed 28.32% to INR 1,578.9 Cr in the first three quarters of FY25 from INR 1,230.4 Cr in the same period last year.

Startups That Have Filed DRHP Amagi

Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming TV platforms.

It claims to support over 800 content brands, 800 playout chains and 5,000 channel deliveries via its platforms in over 150 countries, and has presence in cities such as New York, Los Angeles, Toronto, London, among others.

In January, a report claimed that the SaaS company was planning to file its DRHP in the “coming months” to raise INR 3,200 Cr via its IPO. Amagi was said to have roped in Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment bankers to helm its public issue.

In the run-up to the IPO, the SaaS unicorn appointed Ira Gupta and Giridhar Sanjeevi as independent directors to its board for a period of three years.

On the financial front, Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in FY24 from INR 321.2 Cr in the previous fiscal year. Meanwhile, revenue from operations jumped 29.18% to INR 879.1 Cr from INR 680.5 Cr in FY23.

ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.

Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and chief executive officer (CEO) Siddharth Shah, and Karbonite Ventures, the startup has bagged more than $25 Mn in funding to date.

In August 2024, the startup kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue will comprise solely a fresh issue of shares, and there will be no offer for sale (OFS) component.

Later on, the company, in an addendum to its DRHP, informed the markets regulator that it has trimmed the size of the fresh issue in the IPO to INR 579.6 Cr from INR 600 Cr earlier. It received approval from the market regulator for its public listing in November 2024.

In January 2025, the B2B ecommerce platform undertook a pre-IPO placement to raise INR 80 Cr by issuing 36.03 Lakh equity shares for INR 222 per share.

The startup plans to use the IPO proceeds to repay outstanding credit, support working capital requirements, potential acquisitions and investments in its subsidiary.

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in the financial year 2023-24 (FY24), while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review.

Avanse Financial Services

Founded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India.

The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.

In July 2024, SEBI returned the non-bank lender’s DRHP on “technical grounds”. A month later, the company refiled its draft IPO papers with the market regulator. Subsequently, SEBI gave its nod to the NBFC for the IPO in October 2024.

In May 2025, Inc42 exclusively reported that the NBFC on its board.

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC), Mubadala Investment Company and Kedaara Capital, the startup has reportedly raised more than $299 Mn in funding to date.

As per the DRHP, Avanse clocked a net profit of INR 342.4 Cr in FY24, more than doubling from INR 157.71 Cr in the previous fiscal year. Operating revenue also grew sharply to INR 1,726.9 Cr in the fiscal under review from INR 989.5 Cr in FY23.

Aye Finance

A brainchild of Sanjay Sharma and Vikram Jetley, Aye Finance was founded in 2014. The NBFC’s unique selling proposition (USP) lies in its AI-powered credit assessment algorithms that it leverages to offer loans to small businesses across the country.

The NBFC has secured $500 Mn in funding to date and counts the likes of Google, ABC Impact, Dutch entrepreneurial development bank FMO, among others, as investors. In the run up to its IPO in January 2025, from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

Prior to that in early December 2024, the NBFC’s board approved a proposal to raise up to INR 1,450 Cr through an IPO. Consequently in mid-December, the company filed its draft red herring prospectus with the SEBI for a public listing.

As per the DRHP, Aye Finance’s IPO will comprise a fresh issue of shares worth INR 885 Cr and an OFS component of INR 565 Cr. The OFS will see the likes of investors such as LGT Capital, CapitalG, A91 Fund, MAJ Invest and Alpha Wave offload their stake in the company.

The NBFC plans to use the fresh proceeds to meet future capital requirements and for undertaking existing business activities.

Aye Finance’s net profit declined marginally to 107.8 Cr in the first half (H1) of FY25 as against INR 113.89 Cr in the year-ago period. Alongside, operating revenue soared to INR 692.24 Cr during the period from INR 472 Cr in H1 FY24.

boAt

Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C brand that sells products such as headphones, smart watches and speakers.

The startup has raised more than $171 Mn across multiple rounds from marquee names such as Warburg Pincus,Qualcomm Ventures, Malabar Investments, Innoven Capital, Fireside Ventures, among others.

boAt has been planning its IPO for some years now. In 2022, it filed its DRHP with SEBI in 2022 for an INR 2,000 Cr public issue but later shelved the plan amid adverse macroeconomic conditions.

Subsequently, in June 2024, cofounder and CEO Sameer Mehta hinted at an impending IPO and said that boAt would be looking to raise INR 2,000 Cr via the IPO in the next 12-18 months. He also said that the company was looking to turn net profitable yet again in FY25 before moving ahead with IPO plans.

A few months later in September, cofounder and chief marketing officer Aman Gupta echoed the sentiment and said that the startup was eyeing a listing on the Indian stock exchanges in 2025.

Kicking off its IPO plans in November 2024, boAt reportedly finalised ICICI Securities, Goldman Sachs and Nomura as the bankers to helm its IPO in 2025 at a valuation north of $1.5 Bn. In February 2025, reports claimed that the company was planning to file its by FY26.

The D2C brand’s board, in late-February 2025, greenlit plans to amend the company’s articles of association (AoA) and of shares during the IPO. Subsequently, the company’s parent .

Meanwhile, on the financial footing, boAt continued to be in the red for the second consecutive fiscal year in FY24. It posted a net loss of INR 79.7 Cr in FY24, down 38% from INR 129.4 Cr in the previous year. Operating revenue also fell 7% to INR 3,117.7 Cr during the year under review from INR 3,376.8 Cr in FY23.

BlueStone

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery brand that sells rings, pendants, earrings and other products. Backed by Prosus, Steadview Capital and Think Investments, the startup has raised more than $184 Mn in funding till date.

Kicking off its IPO proceedings in August 2024, the jewellery startup raised INR 900 Cr as part of a pre-IPO funding round that catapulted its valuation to $970 Mn. Just four months later in December, the omnichannel jewellery brand filed its DRHP for an INR 1,000+ Cr IPO.

SEBI issued its observation letter to BlueStone to go ahead with the IPO on April 1, 2025.

The IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer-for-sale component of up to 2.40 Cr equity shares. Existing investors Accel, Kalaari Capital, Saama Capital and IvyCap Ventures will offload their stake in the company via OFS.

It plans to use the IPO proceeds to fund its working capital requirements and for general corporate purposes.

In May, the company bagged INR 40 Cr in debt from BlackSoil and Caspian Impact Investments as the company’s board allotted 800 non-convertible debentures (NCDs) to the two investors at a face value of INR 5,00,000 each to raise the capital.

On the financial front, BlueStone reported a net loss of INR 59.2 Cr against an operating revenue of INR 348 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25).

DevX

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others.

The startup, backed by Kalpesh Gala, Unmaj Corporation, and Bidiwala Family Office, last raised $7 Mn in a mix of debt and equity in February 2024. DevX currently operates over 25 coworking spaces in more than 10 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Surat, among others.

The coworking startup initially filed its DRHP with SEBI in September 2024 for a listing on the NSE