What does Urban Company’s IPO success mean for the 20+ Indian companies waiting to list?

Home services provider Urban Company made its trading debut on the Indian stock market last week in one of 2025’s most heavily subscribed debuts, hitting a valuation of $3bn.

The IPO not only brings some strong gains for the company’s early backers like Prosus and Accel, but signals a return in investor confidence that bodes well for dozens of other Indian companies waiting to list.

The Urban Company filing with SEBI comprised of a fresh issue worth around $48.5m (₹426cr) and an offer for sale of $161.7m (₹1428cr) by existing investors. The company’s public issue was oversubscribed at 103.65 times and it debuted on the National Stock Exchange at 57.5% above its issue price. Over half of the fresh capital raised will be used for upgrading technology infrastructure, expanding cloud capabilities, leasing office spaces and boosting marketing efforts.

CVC investors we need your help!

The corporate venture industry has never been more influential — but it is also changing rapidly. Help us track these shifts by adding in the details of your unit to our annual survey.

All responses are anonymised and we share the benchmarking data back with all respondents.

So what worked in Urban Company’s favour when other companies had rather subdued IPO debuts? Case in point – electric scooter maker Ather Energy’s IPO in early May this year had a modestly oversubscribed listing with its shares opening at a mere 2.18% premium over its IPO price of ₹321 ($3.6). And what does this mean for the corporate-backed Indian startups waiting in the wings for their moment in the spotlight?

One of the things that Urban Company seemingly got right was its turnaround to profitability. They registered a pre-tax profit of $271.4m for the nine months to December 2024 versus a $577.7m loss over the same period in the preceding year. The company’s revenue from operations also rose 38.2% year-on-year to $129.6m (₹1,144.5cr).

Another reason for Urban Company’s success could be its ability to pull together the otherwise unorganised and largely offline household services sector in India. Digitising these services through its app has helped the company create an on-demand platform in a market where it enjoys a near monopoly.

Additionally, the well-set pricing band, strong subscription ratios and seemingly fair valuation perception would have also played a role in investor enthusiasm leading to the company’s strong performance.

Around 20-plus startups have filed their draft red herring prospectuses (DRHPs) with SEBI, with many having received regulatory approval as well. However, not all of them have confirmed their listing dates yet, including Jio Platforms, the mobile network spun off by Indian conglomerate Reliance Industries. Originally expected to list this year, company chairman and managing director Mukesh Ambani recently confirmed they intend to file for an IPO in the first half of 2026.

Here are 10 corporate-backed startups ready to IPO and the CVC investors likely to benefit from those exits.

boAt

Corporate investor: Qualcomm

A direct-to-consumer brand selling products such as headphones, smart watches and speakers, boAt has been planning its IPO for a few years. It originally filed its DRHP with SEBI in 2022 but reverted on the plan due to macroeconomic conditions at the time. boAt restarted its IPO plans at the end of 2024 and received SEBI’s approval at the start of August 2025 for a $225.3m (₹2,000cr) IPO. The startup is yet to announce its date of public listing.

Fractal Analytics

Corporate investor: Aimia

A SaaS unicorn that was founded in 2000, Fractal Analytics offers AI and advanced analytics solutions to enterprises globally. The startup filed its DRHP with SEBI in August 2025 for a $560m (₹4,900cr) IPO. The startup plans to use the proceeds from the public listing to repay or prepay the borrowings of its US-based subsidiary, set up a new office in India, fuel research and development and boost sales and marketing initiatives. The IPO, tentatively expected to take place in December, will mark India’s first AI unicorn with a valuation exceeding $3.5bn to go public.

Groww

Corporate investor: BBVA

Founded in 2017, Groww is an online discount broking platform that allows users to invest in stocks, ETFs and other financial instruments. In May 2025, the startup filed its DRHP via the confidential pre-filing route, aiming for a $700m-$1bn (₹6,000-8,000cr) raise in the IPO, with a valuation of $7-8bn. The fintech unicorn filed an updated DRHP with SEBI earlier this month for a $792.9m IPO but is yet to announce a date for its listing.

Lenskart

Corporate investor: SoftBank

An omnichannel eyewear retailer, Lenskart has a client base across India, the UAE, Singapore and Japan, among others. The startup filed its DRHP with SEBI in July 2025 for what is expected to be one of the largest consumer tech IPOs of 2025, aiming for a valuation of $8-10bn (₹70,000-75,000cr). The IPO proceeds are earmarked for retail expansion (company-owned stores), lease, rent and license obligations, tech infrastructure, marketing and brand building and as well as potential acquisitions. The consumer tech unicorn is still waiting for a nod from SEBI.

Meesho

Corporate investors: Meta, Naspers, SoftBank

Founded in 2015, Meesho originally started off as a social ecommerce platform but pivoted to the marketplace model in 2022, putting itself in direct competition with other ecommerce platforms such as Amazon and Flipkart (also expected to be preparing for an IPO). Last valued at around $5bn, Meesho filed its DRHP via the confidential pre-filing route in July 2025, aiming for a $1bn IPO. It is believed that its public issue will comprise a fresh issue of shares worth $497m and an offer for sale component with existing shareholders selling shares. While an official date hasn’t been announced so far, the IPO is expected to take place around September – October.

Oyo

Corporate investors: Softbank, Didi Chuxing, Grab, Hero Enterprise, HT Media, Microsoft

This will be short-term accommodation provider Oyo’s third attempt at a public offering – previous filings in 2021 and 2023 were withdrawn. While the startup was expected to file its DRHP with SEBI this year, it has reportedly delayed it due to market conditions and its largest shareholder SoftBank’s preference to wait for stronger earnings. It is now expected to list around March 2026 at a valuation of $7bn.

PhonePe

Corporate investors: Walmart, Microsoft

Founded in 2015, the Walmart-backed fintech startup PhonePe achieved unicorn status in 2018-19 and decacorn status in 2022, making it one of India’s most valuable fintech startups. It recently filed its DRHP with the SEBI through the confidential route, marking the start of a highly anticipated IPO in the Indian tech sector. The company is targeting an IPO raise of about $1.3bn (₹12,000cr), largely via an offer for sale through which Walmart, Microsoft and Tiger Global are expected to dilute their holdings. The PhonePe IPO is expected to take place around mid-2026.

Pine Labs

Corporate investors: Kotak Mahindra, PayPal, Mastercard

Pine Labs is a fintech unicorn specialising in point-of-sale devices and digital payment solutions. It kickstarted its IPO proceedings in June 2024 and filed its DRHP a year later for an IPO that aims to raise around $304m. The funds raised from the IPO will be used to expand overseas operations, enhance technology infrastructure and reduce debt. It received the green light from SEBI earlier this month and is expected to list in October, with a targeted valuation of about $6bn.

Shiprocket

Corporate investors: InfoEdge, Bertelsmann, PayPal, RazorPay, Temasek, Zomato

Founded in 2017, Shiprocket is a logistics and ecommerce enablement platform that helps D2C brands and small sellers sell online. It partners with 17 courier partners, including Delhivery, DTDC and FedEx, to cater to customers across 24,000+ pin codes in India. The Zomato-backed unicorn filed its DRHP with SEBI in May 2025, aiming for a $1.2bn IPO valuation.

WeWork India

Corporate investor: Embassy Group

WeWork entered the Indian market in 2017 through a partnership with the Embassy Group. The coworking platform filed its DRHP in February 2025 for an IPO and received a much-delayed nod from the regulator in July 2025. WeWork India’s public issue will be entirely an offer for sale, with no fresh capital raised. The DRHP indicates that the IPO will consist of the sale of up to 43.75m equity shares, with the Embassy Group and 1 Ariel Way Tenant offloading significant portions. WeWork India will not receive any proceeds from the sale. The platform intends to launch its $340m IPO at the start of October.