60+ listed new-age tech firms hit $141 Bn m-cap; Lenskart, Meesho, Urban Company headline 2025-26 IPO wave

Inc42's tracker pegs 60+ listed Indian new-age tech companies at a cumulative $141 Bn m-cap, with 64% now profitable. 18 IPOs landed in 2025 and six more in 2026, with ~15 still in the pipeline. Retail-heavy names lead: Lenskart FY25 PAT ₹297 Cr, Urban Company ₹240 Cr, Meesho sales ₹9,390 Cr, Nykaa ₹7,950 Cr.

— Source publishedSat, 16 May, 2026, 17:36 IST·First seen Sat, 16 May, 2026, 18:32 IST·Source Inc42 · Buzz

What happened

Inc42 Tracker · Inc42's tracker of 60+ listed Indian new-age tech firms shows $141 Bn cumulative m-cap, with retail-relevant names like Lenskart, Meesho, Nykaa,

Key facts

  • ~15 startups in IPO pipeline
  • 60+ listed new-age cos
  • 18 IPOs in 2025
  • 6 IPOs in 2026
  • $141 Bn total m-cap
  • 64% profitable
  • Lenskart FY25 PAT ₹297 Cr
  • Urban Company FY25 PAT ₹240 Cr
  • Meesho FY25 sales ₹9,390 Cr
  • Nykaa FY25 sales ₹7,950 Cr

Why this matters

The IPO window is wide open for retail-tech with credible PAT trajectories, making this the moment to either accelerate listing prep or lock in strategic M&A with the ~36% of peers still unprofitable before valuations bifurcate further.

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