India's 2026 IPO Pipeline Stacks Up: Zepto, PhonePe, OYO, boAt Lead Retail-Heavy Listing Wave
After ₹41,248 Cr raised across 18 startup listings in 2025, 24 DRHPs are queued for 2026-27. Retail-relevant names dominate: Zepto (₹11,682 Cr), PhonePe (up to ₹13,400 Cr), OYO (₹6,650 Cr), OfBusiness, Infra.Market, Cult.fit, boAt, Curefoods and Rebel Foods. Flipkart pushed to 2028.
What happened
Indian Startup IPO Tracker · Comprehensive 2026 IPO tracker for Indian new-age tech startups, covering retail-relevant listings across D2C, quick commerce,
Key facts
- ₹41,248 Cr raised in 2025
- 18 startups listed 2025
- 24 DRHPs filed
- Flipkart IPO deferred to 2028
- Zepto ₹11,682 Cr IPO
- OYO ₹6,650 Cr IPO
- PhonePe ₹10,700-13,400 Cr IPO
- Infra.Market ₹5,000 Cr
- OfBusiness ₹6,360-8,480 Cr
Why this matters
The crowded 2026-27 DRHP queue creates a buyer's market for pre-IPO secondaries and strategic stakes, while Flipkart's 2028 delay opens an 18-month window to lock in partnerships before the next liquidity cycle.
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- Inc42 — Same time