For many startups, the IPO is seen as the finish line. In reality, it is only the starting point. India’s new-age companies show that the first two years after listing often decide whether a stock becomes a long-term winner or struggles to hold investor confidence.
At the time of listing, valuations are driven by growth potential and future opportunity. Once listed, however, companies are judged quarter by quarter. Profitability, loss trends and execution quality start to matter more than ambitious projections. This shift explains why some startups have built wealth after listing, while others have seen their stocks stagnate or fall.
| Company | Year of IPO | Stock Price Change Since IPO (%) | Revenue Growth (%) | Status |
| Eternal | 2021 | +292% | 915% | Turned profitable |
| Policybazaar | 2021 | +96% | 461% | Turned profitable |
| Nykaa | 2021 | +34% | 226% | Profits up ~20% |
| Delhivery | 2022 | −15% | 145% | Turned profitable |
| Honasa Consumer | 2023 | −19% | 38% | Turned profitable |
| Company | Year of IPO | Stock Price Change Since IPO (%) | Revenue Growth (%) | Loss Trend |
| Ather Energy | 2025 | +101% | 29% | Losses down ~23% |
| Paytm | 2021 | −39% | 146% | Losses down ~61% |
| FirstCry | 2024 | −37% | 18% | Losses down ~17% |
| Company | Year of IPO | Stock Price Change Since IPO (%) | Revenue Growth (%) | Loss Trend |
| Swiggy | 2024 | +7% | 35% | Losses up ~33% |
| Ola Electric | 2024 | −52% | −2% | Losses up ~44% |
Read more: Savings vs BSBD Accounts: Which One Should You Use After RBI’s New Rules?
The post-IPO phase is a reality check for startups. The first two years reveal whether growth is sustainable, losses are controllable and leadership is durable. As markets grow more disciplined, this period has become the clearest divide between long-term winners and wobblers.
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.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Dec 17, 2025, 10:06 AM IST
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