India’s Startup IPO Comeback: Built on Discipline, Not Just Disruption

India’s startup landscape is preparing for its next big moment, one that promises growth not just in valuation, but in maturity.

More than three dozen tech startups, with a combined valuation of over $100 billion, are gearing up to go public by 2027. Names like Flipkart, PhonePe, Oyo, and Ather Energy are leading this charge. But unlike the IPO frenzy of 2021 and 2022, which was marked by hype and sky-high valuations, the upcoming wave appears to be more grounded and investor-focused.

According to The Rainmaker Group, a leading domestic investment bank advising India’s internet companies, startups today are in significantly better financial shape than they were just a couple of years ago. “Two-thirds of the companies preparing to list are already profitable,” says Kashyap Chanchani, the firm’s Managing Partner. “There’s also a marked improvement in transparency and governance practices.”

This shift is more than cosmetic, it’s a response to hard lessons. Earlier IPOs, like Paytm and Nykaa, were met with enthusiasm but struggled post-listing. Paytm's shares, for example, have dropped more than 60% below their listing price on the back of disappointing earnings performance and investor disillusionment. The market increasingly looks for sustainable growth, not explosive, short-term metrics.

Investor sentiment is still guarded. In the first quarter of this year, India's IPO market registered a 34% decline in deal volume. Proceeds decreased to $7.1 billion, leaving India behind markets such as Hong Kong and Japan. At the same time, the NSE Nifty 50 Index, having experienced almost a decade of sustained growth, has come under pressure from economic headwinds and subdued corporate earnings.

India's startup IPO tale is not yet done, it's unfolding. The second act is more about making sense than headlines. Firms are growing up, valuations are becoming sane, and entrepreneurs are thinking twice about how to construct businesses that are thrilling as well as sustainable.

Interested in Investing in the Future of Indian Innovation?

At BestVantage Investments, we provide select exposure to some of India's best pre-IPO and IPO opportunities. Our carefully managed portfolio consists of:

• boAt – consumer electronics pioneer

• Oyo – revolutionising hospitality with technology

• NSE (National Stock Exchange) – the pillar of India's capital markets

• Apollo Green – disruptive clean energy solutions

• Vinculum – Fuelling international e-commerce supply chains

Whether you are an experienced investor or just beginning, BestVantage offers the tools, expertise, and access you require to invest with confidence in tomorrow's market leaders.

Join us today and take your place in India's next wave of investment.