India’s startup ecosystem has been experiencing remarkable growth in recent years. India ranks as the 3rd largest startup hub globally. As of June 30, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 entities as startups. Since the inception of the Startup India initiative in 2016, DPIIT-recognised startups have generated over 1.55 million direct jobs as of June 30, 2024.
In 2024, there was a notable surge in startups going public through Initial Public Offerings (IPOs), marking a significant milestone in the sector’s evolution. These startups are not only expanding their presence within India but are also positioning themselves as key players on the global stage. Here’s a look at some of the popular startups that made their market debut in 2024.
Founded in 2015, Awfis operates in the coworking space sector, offering flexible office solutions to businesses of all sizes. In May 2024, Awfis went public with an IPO size of ₹598.9 crore, marking a significant milestone for the company. As of December 10, 2024, the market cap of the company is ₹5,073.41 crore. Awfis share price was listed on the exchanges on May 30, 2024, at ₹435.00 and on December 10, 2024, the share price opened at ₹724.40 on the NSE.
In Q2 FY25, the company reported operating revenue of ₹292 crore, reflecting a 40% year-on-year growth. The reported PAT (excluding exceptional items) stood at ₹15 crore, an increase from the loss of ₹4 crore in Q2 FY24.
FirstCry, one of India’s leading e-commerce platforms for baby products, went public in August 2024. The company raised ₹4,194 crore through its IPO. As of December 10, 2024, the market cap of the company is ₹30,208.73 crore. FirstCry share price was listed on the exchanges on August 13, 2024, at ₹651.00 and on December 10, 2024, the share price opened at ₹595.95 on the NSE.
In Q2 FY25, the company reported revenue from operations of ₹19,049 million, reflecting a 26% year-on-year growth. The cash PAT stood at ₹279 million, with 209% YoY growth.
GoDigit Insurance, a prominent insurtech company, made its public debut in May 2024. The IPO size was ₹2,614.6 crore. As of December 10, 2024, the market cap of the company is ₹32,047.49 crore. GoDigit share price was listed on the exchanges on May 23, 2024, at ₹286.00 and on December 10, 2024, the share price opened at ₹352.75 on the NSE.
In Q2 FY25, the company reported Assets Under Management of ₹18,502 crore, compared to ₹14,140 crore in Q2 FY24. The PAT stood at ₹89 crore, compared to ₹28 crore in Q2 FY24.
In June 2024, ixigo, a leading travel tech platform, went public with an IPO size of ₹740.1 crore. Founded in 2006, ixigo has been providing travel solutions through its app, which helps users with train and flight bookings, among other services. As of December 10, 2024, the market cap of the company is ₹5,464.45 crore. ixigo share price was listed on the exchanges on June 18, 2024, at ₹138.10 and on December 10, 2024, the share price opened at ₹142.00 on the NSE.
The company’s revenue from operations grew by 26% year-on-year in Q2 FY25, reaching ₹206.5 crore compared to ₹163.9 crore in Q2 FY24. However, profit after tax declined to ₹13.1 crore in Q2 FY25, down from ₹26.7 crore in Q2 FY24.
Ola Electric, a prominent name in India’s electric vehicle (EV) industry, made a major impact with its IPO in August 2024. Raising ₹6,145 crore, the company was able to fund its expansion in the electric vehicle market. As of December 10, 2024, the market cap of the company is ₹41,505.91 crore. Ola Electric share price was listed on the exchanges on August 9, 2024, at ₹76.00 and on December 10, 2024, the share price opened at ₹92.25 on the NSE.
The company reported quarterly revenue of ₹1,240 crore in Q2 FY25, marking a 38.5% increase from ₹896 crore in the same quarter of the previous year. It also achieved a 73.6% year-on-year growth in deliveries, with 98,619 units sold during the quarter.
Swiggy, one of India’s top food delivery platforms, went public in November 2024. Raising ₹113.27 billion through its IPO, Swiggy has a market cap of ₹1,23,092.22 crore, as of December 10, 2024. Swiggy share price was listed on the exchanges on November 13, 2024, at ₹420.00 and on December 10, 2024, the share price opened at ₹560.00 on the NSE.
The company’s overall Gross Order Value (GOV) increased by 30% year-on-year, reaching ₹11,306 crore in Q2 FY25. The consolidated adjusted EBITDA loss stood at ₹341 crore, reflecting a 30% reduction in losses compared to the previous year. Additionally, the platform’s Average Monthly Transacting Users (MTU) grew by 19.2% year-on-year to 17.1 million.
Apart from these, there are several other prominent companies such as Hyundai Motor India, Zinka Logistics Solution Limited (BlackBuck), TBO Tek, etc., which made their stock market debut. Looking at the IPOs of these startups in 2024 reflects the maturing of India’s startup ecosystem, with companies across various sectors capitalising on the growing demand for innovative solutions. As these startups expand, they continue to shape the future of India’s economy.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 10, 2024, 1:09 PM IST
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