India's IPO Boom with Lenskart and Groww

Sarah J · 2025-11-20T18:23:54.000Z

India’s start-up IPO surge continues as Lenskart’s $821m offer sells out fast but debuts shakily, while Groww (backed by Satya Nadella) is heavily oversubscribed and Pine Labs lines up to list. A broad slate-from Urban Company to Physics Wallah-has tapped markets, fueling exits for early VC backers after a funding winter. Demand is buoyed by improved regulation and diverse participants, including retail investors, mutual funds, and insurers, driving 43 start-up IPOs by early November-double 2023 and five times 2020. Concerns persist over rich valuations that may favor early sellers over new buyers, though investors note strong-margin tech firms trade richly globally. The market’s tone has shifted toward profitability, governance, and sustainability, with start-up shutdowns down 81% year-on-year to 724 in 2025. Despite policy support like ending the angel tax, private funding remains below Covid-era peaks ($9.8bn in 2025 vs $40bn in 2021).

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India's IPO Boom with Lenskart and Groww | SEINET