Tech IPOs 2026 — The Next Wave of Indian Startups Headed to the Stock Market

Byline: Priyanshu Mishra, Bengaluru

Excerpt:

The IPO Window Is Open Again

Between 2021 and 2022, India saw a frenzy of tech IPOs—Zomato, Nykaa, Paytm, Delhivery, and others. Then the window slammed shut. Rising interest rates, global market volatility, and poor post-listing performance (Paytm’s stock crashed 80%) made investors cautious.

By 2025, the mood had shifted. The Indian economy was growing at 7%, retail participation in stock markets was at an all‑time high, and several profitable startups were ready to go public. Ola Electric listed in August 2023 at a $4 billion valuation. Mobikwik followed in December 2024. Now, a new wave is preparing.

Here are five startups expected to file for IPOs in 2026.

1. Pine Labs — The Merchant Payment Giant

Founded: 1998 (as a consumer electronics company), pivoted to fintech in 2009

HQ: Noida & Singapore

Last Valuation: $5 billion (2022)

Expected IPO Size: $1–1.5 billion

Pine Labs provides point‑of‑sale (POS) devices and merchant payment solutions to over 150,000 retailers across India and Southeast Asia. It also offers buy‑now-pay‑later (BNPL) and working capital loans. The company is profitable, with over ₹2,000 crore in annual revenue.

Pine Labs has been delaying its IPO for years, waiting for favorable market conditions. In 2025, it converted from a Singapore holding company to an Indian one, clearing the way for a domestic listing. The IPO is expected in Q3 2026.

Risk Factor: Competition from PhonePe, Paytm, and Google Pay. BNPL regulations remain uncertain.

2. Ola Electric — India’s EV Poster Child

Founded: 2017 (spun out of Ola Cabs)

HQ: Bengaluru & Tamil Nadu

Last Valuation: $4 billion (IPO price)

Expected IPO Size: Already listed (August 2023), but analysts are watching secondary offering in 2026

Ola Electric went public in 2023, but its stock has been volatile. The company faces challenges: quality complaints, service delays, and rising competition from Bajaj, TVS, and Ather. However, its battery cell manufacturing plant and EV ecosystem give it a long-term edge.

In 2026, Ola Electric may raise additional capital through a follow‑on public offer (FPO) to fund its new electric motorcycle and commercial EV segments.

Risk Factor: Profitability remains elusive. The company lost ₹1,500 crore in FY2025.

3. OfBusiness — The B2B Lending and Procurement Unicorn

Founded: 2015

HQ: Gurugram

Last Valuation: $5 billion (2022)

Expected IPO Size: $800 million – $1 billion

OfBusiness operates a B2B platform for raw materials (steel, cement, chemicals) and provides financing to small manufacturers. It has over 300,000 registered SMEs and is profitable, with ₹3,500 crore in annual revenue and ₹500 crore in net profit.

The company has filed draft papers with SEBI and is awaiting approval. If market conditions hold, the IPO could launch by mid-2026.

Risk Factor: Commodity price volatility and credit risk from SME lending.

4. Unacademy — The Edtech Survivor

Founded: 2015

HQ: Bengaluru

Last Valuation: $3.4 billion (2021, down from peak)

Expected IPO Size: $500–700 million

Unacademy was a pandemic darling, raising money at a $3.4 billion valuation. But the post‑pandemic slowdown hit edtech hard. The company laid off over 1,500 employees, shut down several verticals, and refocused on test preparation and upskilling.

By 2025, Unacademy had turned profitable (at the operating level) and reduced its burn. It is now preparing for an IPO, though at a lower valuation (estimated $1.5–2 billion). The listing will test investor appetite for edtech post‑Byju’s collapse.

Risk Factor: Brand damage from Byju’s crisis. Slowing user growth.

5. FirstCry — The Baby Products E‑commerce Leader

Founded: 2010

HQ: Pune

Last Valuation: $3.5 billion (2024 private round)

Expected IPO Size: $600 million

FirstCry is India’s largest online retailer of baby and kids products, with over 500 physical stores as well. It is profitable, with over ₹4,000 crore in annual revenue. The company has been profitable for three consecutive years.

FirstCry filed its draft IPO papers in 2024 but delayed due to market volatility. It is expected to launch in 2026. Investors include SoftBank, Premji Invest, and Ratan Tata.

Risk Factor: Competition from Amazon, Flipkart, and D2C brands. Falling birth rates in urban India.

The IPO Pipeline: What to Expect Beyond 2026

Beyond these five, several other startups are preparing for IPOs:

The common thread: all are focusing on profitability before listing. The era of loss‑making IPOs is over. Investors now demand unit economics and a clear path to profit.

Market Conditions for IPOs in 2026

Several factors are working in favor of new listings:

• Retail participation: Over 10 million new demat accounts opened in 2025.

• Mutual fund inflows: SIP contributions crossed ₹20,000 crore per month.

• Regulatory clarity: SEBI has streamlined the IPO approval process.

• Global cues: US Federal Reserve has signaled rate cuts, boosting emerging market sentiment.

However, risks remain. Geopolitical tensions, oil price shocks, or a sudden market correction could delay plans.

What Investors Should Watch

For retail investors, IPO investing requires caution. Not every listing will replicate Zomato’s or Nykaa’s first‑day pops. Paytm’s disastrous debut is a cautionary tale.

Key metrics to evaluate:

• Profitability: Is the company making money? When will it break even?

• Valuation: Is the IPO price reasonable compared to peers?

• Promoter holding: Are founders retaining skin in the game?

• Use of proceeds: Is the money going to growth or to exiting investors?

The Bottom Line

The 2026 IPO wave will be more mature than the 2021 frenzy. The companies going public are older, more profitable, and more disciplined. For investors, this means lower risk but also lower potential for explosive gains.

The Indian startup ecosystem has entered its adulthood. The next decade will be about building sustainable, public companies—not just unicorns.