OYO, Zepto and PhonePe join Rs 30,000 crore-plus startup IPO pipeline

India’s startup listing pipeline is widening as consumer-facing companies including OYO, Zepto, PhonePe, Zetwerk and Cult.fit pursue IPOs worth more than Rs 30,000 crore. The rush follows a record fundraising year, though weak post-listing returns are sharpening investor scrutiny.

— Source publishedWed, 29 Jul, 2026, 07:45 IST·First seen Wed, 29 Jul, 2026, 07:49 IST·Source YourStory · Capital

What happened

Oyo · India's startup IPO market has expanded sharply, bringing consumer-facing brands such as Swiggy, FirstCry, OYO, Zepto and Flipkart into public-market

Key facts

  • India raised over Rs 1.75 lakh crore through IPOs in calendar 2025
  • India's market capitalisation is $4.9 trillion
  • New-age tech IPOs rose from 5 in 2023 to 18 in 2025
  • New-age tech IPOs raised cumulative Rs 70,000 crore during 2023-2025
  • About 55% of 2025 startup IPOs traded below issue price by March 2026
  • OYO lost over Rs 1,200 crore in FY23
  • OYO reported core operational profitability for the first time in nine months of FY2026
  • Anchor investor pool expanded to 40%
  • NSE EMERGE has listed 730 companies and graduated 160 to the mainboard
  • OYO, Zepto, Zetwerk, PhonePe and Cult.fit have pending IPO filings worth over Rs 30,000 crore

Why this matters

As OYO, Zepto, PhonePe and peers prepare for listings, corporates should expect more IPO-funded competitors while pursuing partnerships or acquisitions before public-market expectations raise deal costs.

What to watch

  • Anchor investor participation and valuation bands disclosed in OYO, Zepto and PhonePe draft prospectuses.
  • Subscription levels, institutional-versus-retail demand and first-week trading performance of upcoming Indian startup IPOs.
  • Quarterly evidence of improving EBITDA, contribution margins, cash flow and customer retention at quick-commerce and fintech platforms.
  • SEBI comments on profitability disclosures, related-party transactions, promoter holdings and use-of-proceeds.
  • Changes in secondary-market share prices for late-stage startups and fresh funding terms for consumer-tech peers.
  • Competitive spending on delivery fees, discounts, merchant incentives and marketing by quick-commerce, travel and payments platforms.
  • Consumer-tech issuers will prioritize pre-IPO profitability narratives, reducing discretionary spend and highlighting contribution-margin improvements.
  • Retail and quick-commerce companies may defer aggressive geographic expansion or dark-store additions until IPO pricing and anchor-book demand are clearer.
  • Private investors will push portfolio companies toward governance upgrades, cleaner cap tables and more conservative valuation marks.
  • Public-market funds will compare issuers against listed retail, food delivery, fintech and e-commerce peers, increasing pressure for cohort, customer-acquisition-cost and cash-burn disclosures.
  • Well-funded listed or listing-bound platforms may pursue tuck-in acquisitions of smaller brands, logistics operators and merchant-enablement businesses at lower private-market valuations.

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