India’s $100 Billion Startup IPO Boom: Flipkart, PhonePe & Oyo Eye Listings by 2027

India’s tech startup ecosystem is gearing up for what could be a defining phase in its public markets journey. Over three dozen startups collectively valued at more than $100 billion are expected to go public by 2027. This marks a significant rebound in IPO activity, especially after a quieter period in India’s capital markets.

Flipkart, PhonePe & Oyo Lead India’s $100B IPO Pipeline

Major names in the pipeline include Walmart-backed Flipkart, digital payments platform PhonePe, and hospitality unicorn Oyo. These companies, along with others like Swiggy and Ather Energy, are laying the groundwork for listings as investor confidence recovers and financial fundamentals improve.

According to The Rainmaker Group, an investment advisory firm that has worked with firms like Oyo and Swiggy, most of the upcoming IPO candidates are in a stronger position today than those that listed in 2021–22. During that earlier wave, several companies debuted at lofty valuations only to see sharp declines post-listing with Paytm’s stock dropping over 60% and Nykaa slipping slightly.

From Growth-at-All-Costs to Profitable IPOs

What’s different this time? Many of the startups now prepping for IPOs are already profitable nearly two-thirds, in fact and show improved financial discipline and greater transparency. This reflects a shift from a growth-at-all-costs approach to a more sustainable and investor-friendly model.

Even though India saw a 34% dip in public equity fundraising in Q1 2025, dealmakers are optimistic. High-profile listings such as LG Electronics’ India unit (targeting a $1.7 billion raise) and electric-scooter startup Ather Energy ($400 million) are expected to boost momentum. For venture capital giants like SoftBank and Prosus, these IPOs offer long-awaited exit opportunities after years of investment.

Post-IPO Blues and the Importance of Realistic Valuations

That said, pricing will be crucial. Investors remain wary of overvalued offerings, especially in an environment of slowing economic growth and muted corporate earnings. Several recently listed companies have also faced post-IPO corrections as lock-in periods expired.

India remains one of the top global hubs for startups, behind only the US and China. Yet, challenges persist including corporate governance missteps and inflated valuations. The downfall of Byju’s, once seen as an edtech juggernaut, serves as a cautionary tale for both founders and investors.

Still, with a maturing ecosystem and more cautious optimism in the air, India’s startup IPO scene could be on the brink of a new era — one where profitability, discipline, and realistic valuations define success.

Read More: Vedanta Considers IPO for Zambia Konkola Copper Mines to Fund $1 Bn Investment.

Conclusion

In conclusion, India’s startup ecosystem is poised for a significant IPO resurgence, with key players like Flipkart, PhonePe, and Oyo leading the charge. The focus on profitability, transparency, and financial discipline marks a shift toward more sustainable growth compared to previous overvalued listings.

However, careful pricing and realistic valuations will be critical to avoid the pitfalls seen in past IPOs. As the market matures, these upcoming listings could set a new benchmark for Indian startups, potentially ushering in a more balanced and investor-friendly era in the country’s public markets.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.