India’s startup ecosystem is gearing up for one of its largest IPO rushes ever, with a pipeline of more than 48 startups expected to tap public markets over the next 18 months, especially through 2026. This follows a period of recalibration after the funding reset in 2025 and indicates a renewed push toward liquidity and growth via public equity markets. Big names in the pipeline include fintech giant PhonePe, quick-commerce leader Zepto and hospitality tech platform OYO, among others spanning fintech, ecommerce, enterprise tech, logistics, consumer internet and even deeptech sectors.

PhonePe is among the most anticipated, having reportedly prepared draft IPO filings with a potential valuation well into the multi-billion dollar range, driven by its scale in digital payments and financial services. Zepto, the rapid grocery delivery unicorn valued at around $7 billion after recent funding, is also positioning itself for a public offering that could raise significant capital. OYO’s parent company has confidentially filed IPO paperwork with securities regulators and aims to raise billions for expansion, reflecting its scale and improved profitability after recent growth.

Market watchers and analysts see this wave as a critical maturation moment for India’s tech ecosystem, where companies that spent years building user bases, products and revenue models will finally open their ownership to public investors. The expected IPO haul in 2026 could run into tens of thousands of crores, creating opportunities for retail and institutional participation and marking a significant chapter in Indian capital markets’ evolution.