Indian Startups like Meesho, Zepto, and Smartworks gear up for IPOs in 2025
India’s startup ecosystem is entering a new phase as more companies prepare to go public. In 2025, several high-growth startups are lining up for initial public offerings (IPOs), aiming to raise fresh capital, expand operations, and reward early investors. These companies operate in sectors like e-commerce, fintech, logistics, B2B supply chains, and coworking spaces. Each one represents a strong example of innovation and rapid growth in the Indian market.
Here’s a detailed look at five Indian startups expected to make a major impact with their upcoming IPOs.
Meesho: Social Commerce Pioneer Eyes $1 Billion IPO
Meesho is a social commerce platform based in Bengaluru. It helps small sellers, especially in Tier II and Tier III cities, reach customers online. The platform follows a zero-commission model and allows sellers to operate without paying platform fees. This approach has made Meesho very popular among small businesses and home entrepreneurs.
In 2024, Meesho launched its own logistics arm called Valmo, which helped improve delivery speed and reduce costs. The company also made structural changes, such as offering bonus shares and shifting its legal base to India, to make the IPO process smoother.
For the financial year 2023–24, Meesho reported a 33% increase in revenue, reaching $8.8 billion. The company also managed to reduce its losses sharply, from $1.9 billion to just $35 million. These numbers show that Meesho is growing fast while moving toward profitability. It now plans to raise to $1 billion through an IPO, targeting a valuation between $7 billion and $10 billion. The public listing is expected in late 2025.
Zepto: Fast Delivery Startup Races Ahead
Zepto is a quick-commerce startup that delivers groceries and daily essentials in minutes. It competes directly with large players like Swiggy, Instamart, and Blinkit (run by Zomato). Zepto’s rapid delivery model depends on dark stores—small warehouses set up in neighborhoods to ensure fast fulfillment.
The company recently moved its headquarters from Singapore to India and is preparing for a new funding round of $450 to $500 million. The fresh funding is expected to push its valuation to nearly $7 billion, up from $5 billion in 2024.
Although Zepto has not officially confirmed its IPO date, its fast expansion, strong funding, and growing brand recognition make it a top candidate for public listing in 2025. The upcoming IPO is expected to attract strong interest from both domestic and international investors.
Smartworks: Flexible Workspaces Go Public
Smartworks is a provider of shared office spaces, serving large businesses and growing enterprises. With the rise of hybrid work and the need for flexible office solutions, Smartworks has found its niche in India’s fast-changing commercial real estate market.
The company launched its IPO on July 10, 2025. The price range for its shares is ₹387 to ₹407. Through the IPO, Smartworks aims to raise ₹445 crore by issuing new shares, along with ₹138 crore from an offer-for-sale by existing shareholders. After listing, the company is expected to be valued at around ₹4,645 crore.
In terms of business growth, Smartworks doubled its revenue in just two years—from ₹711 crore in FY23 to ₹1,374 crore in FY25. Its profit before interest, taxes, and other costs (EBITDA) also grew sharply, from ₹36 crore to ₹172 crore. The money raised from the IPO will be used to pay down debt and open more coworking centers across major cities in India.
Groww: Fintech Startup Targets Retail Investors
Groww is a fintech company that provides a simple app for investing in mutual funds, stocks, and other financial products. It has gained popularity among new investors, especially young people and those from smaller cities. The platform’s user-friendly design and focus on financial literacy have made it one of the leading investment apps in India.
In May 2025, Groww filed its draft red herring prospectus (DRHP), a key step in the IPO process. The company plans to raise between $700 million and $1 billion. The funds will help expand its services, improve technology, and offer partial exits to existing investors.
Groww’s IPO will be a significant event in India’s fintech space. It shows that investment-focused platforms are no longer just startups but have become major players in the financial industry.
OfBusiness: B2B Marketplace with Strong Profitability
OfBusiness is a B2B platform that helps small and medium enterprises (SMEs) purchase raw materials such as steel, cement, and chemicals. It also provides working capital loans through its financing arm. The company’s focus on the industrial sector and digital tools has made it one of the top performers in India’s startup world.
In FY24, OfBusiness reported $2.3 billion in revenue and a net profit of $72.6 million. These strong financials make it a rare example of a startup that is already profitable at scale. It has attracted investment from global firms like SoftBank, Tiger Global, and Alpha Wave.
The company plans to raise between $750 million and $1 billion through an IPO expected in late 2025. The proceeds will be used to repay loans and fund future growth. OfBusiness has appointed top banks like Axis Capital, JPMorgan, and Citi to manage the IPO.
Why Startups Are Rushing to Go Public
The Indian IPO market in 2025 is very active. Over $5.8 billion has already been raised through public offerings this year. Many startups are choosing to go public to access capital, improve trust among customers, and give early investors a chance to exit.
Some startups are using the confidential filing route allowed by SEBI. This method allows them to submit documents privately and focus on business until the IPO is finalized. Companies like PhonePe, Lenskart, and Pine Labs are also expected to follow this approach.
Market Risks and Investor Sentiment
While investor interest remains high, there are risks involved. Some IPOs have disappointed recently. For example, Ather Energy, an electric vehicle startup, had a weak listing with shares falling more than 4% on debut. This shows that investors are becoming more careful, especially with companies that are not yet profitable.
Compared to last year, IPO fundraising has slowed. In early 2024, Indian companies raised around $15.9 billion. In the same period of 2025, the number dropped to about $6 billion. As a result, upcoming IPOs will need strong financial performance and clear business models to succeed in a cautious market.
The Road Ahead
The five companies—Meesho, Zepto, Smartworks, Groww, and OfBusiness—are all set to shape the future of India’s public markets. Each one represents a different sector: e-commerce, quick-commerce, flexible workspaces, fintech, and B2B supply chains. Their IPOs could attract international capital, improve transparency, and strengthen investor confidence in Indian startups.
If these listings perform well, more startups will likely follow in their footsteps. It will also help deepen India’s capital markets and increase retail investor participation.
Final Thoughts
India’s startup ecosystem is maturing quickly, with a new generation of companies ready to enter the stock market. The upcoming IPOs of Meesho, Zepto, Smartworks, Groww, and OfBusiness highlight the strength and diversity of Indian entrepreneurship. These companies have shown strong growth, improved financial performance, and gained investor trust. Their success in the public market will set the tone for the future of startup funding and innovation in the country.
