Startup coalition builds IPO runway for 40 firms eyeing $90 bn market

Startup Policy Forum launches Centre for New-Age Public Companies to guide tech firms through IPOs as India's markets attract listings worth over $90 billion

A coalition of India’s leading startups has unveiled a new platform to guide the country’s fast-growing firms through initial public offerings (IPOs), as nearly 40 companies valued at over $90 billion collectively prepare to go public.

 

The Startup Policy Forum (SPF), representing more than 50 companies, launched the Centre for New-Age Public Companies (CNPC) at a Mumbai meeting attended by Securities and Exchange Board of India (Sebi) Chairman Tuhin Kanta Pandey and 20 startup founders.

 

The initiative comes as India’s capital markets continue to outpace global indices, creating favourable conditions for domestic listings. The platform aims to offer structured support to startups navigating the complex shift from private to public entities — a stage that has historically tripped up many technology (tech) firms.

 

The Centre will address the unique regulatory, governance, and market-readiness challenges these companies face. It also seeks to foster collaboration between new-age firms, regulators, institutional investors, stock exchanges, bankers, policymakers, and other stakeholders.

 

 

“India’s capital markets are witnessing a structural shift, with new-age and tech-driven companies increasingly dominating IPO pipelines and investor interest,” said Shweta Rajpal Kohli, president and chief executive officer (CEO), SPF. “The Centre will enhance the readiness and resilience of new-age companies as they enter and thrive in public markets.”

 

The timing reflects India’s maturing startup ecosystem, where firms that once looked to US exchanges for public debuts are now leaning towards domestic listings, drawn by strong investor appetite and regulatory reforms aimed at attracting high-growth companies.

 

“The emergence of new-age companies in public markets is a significant evolution,” said Ashishkumar Chauhan, managing director (MD) and CEO, National Stock Exchange. “Initiatives like CNPC will promote better governance, transparency, and capital market preparedness, while fostering trust among both retail and institutional investors.”

 

The council will focus on four key initiatives: advocating regulatory changes with Sebi and other authorities, offering compliance training through workshops and webinars, creating networking fora for public company executives, and developing policy research tailored to tech firms. 

 

The 25-member SPF delegation that met the Sebi chairman included Ritesh Agarwal, founder and CEO, Oyo; Shashank Kumar, co-founder and MD, Razorpay; Rohit Kapoor, CEO, Swiggy Food Marketplace; Ankit Fatehpuria, co-founder and CFO, Zetwerk; and Shashank N D, co-founder, Practo. Others included Sanket Shah, co-founder and CEO, InVideo; Cred’s Miten Sampat; Nischay A G, co-founder, Jar; Ajay Lakhotia, founder, StockGro; and senior executives from ixigo, BlueStone, Acko, and Eazydiner.

 

SPF’s membership already includes several listed startups such as Swiggy, ixigo, Ather Energy, MobiKwik, and BlackBuck. Many others are on the path to listing, including Pine Labs, Meesho, Groww, IndiQube, Curefoods, BlueStone, and Physics Wallah.

 

Experts noted that more Indian startups initially incorporated abroad are now re-domiciling to India — a process known as ‘reverse flipping’ — as they prepare for IPOs on local exchanges. The trend is being driven by India’s deepening capital markets, improved regulatory frameworks, and rising investor demand for tech-first, profitability-focused companies.