Indian Startup IPOs In Full Swing
Indian startup IPO spring is in full bloom. Snapdeal parent AceVector is all set to list on the bourses next month, Spinny has filed its draft IPO papers, and Furlenco is pushing the needle on its D-Street debut.
Snapdeal’s IPO Deck: In its second attempt at a listing, the Snapdeal parent’s ₹420 Cr issue blends a ₹287 Cr fresh raise and a trimmed OFS of 4.16 Cr shares. It has also set the IPO price band at ₹30-₹32, valuing the company at ₹1,741 Cr at the upper end of the spectrum. The IPO will open next week.
What works in AceVector’s favour is its healthy top line, improving unit economics, non-metro focus, value ecommerce play and a stake in Unicommerce.
Spinny Files DRHP: The used car marketplace has confidentially filed its DRHP for a ₹2,500-₹3,000 Cr IPO, targeting a 2027 listing. With revenue nearing ₹6,000 Cr in FY26 and losses narrowing, Spinny is betting on its full-stack retail, financing and ancillary services to sustain growth and woo investors.
Furlenco Gears Up For IPO, Too: Following rival RentoMojo’s suit, Furlenco has also kicked off its IPO proceedings. The startup plans to soon appoint ICICI Securities as an advisor for its up to ₹1,200 Cr public issue, which will target a valuation of around ₹7,000 Cr. Furlenco is looking to launch the IPO in FY28.
The Broader IPO Wave: New-age tech companies continue to make a beeline for the public markets. As per Inc42 data, 24 startups have already filed their DRHPswhile over 25 are in various stages of finalising their IPO plans. Unicorns like OYO, Razorpay and Zetwerk alone could raise over ₹34,000 Cr in 2026, making it one of the biggest years for startup IPOs.
Startups now see IPOs as a credible exit and growth capital source. Recent strong debuts, policy support and investor appetite for niche businesses are further encouraging founders. With much on the anvil, here is all about who is debuting on the bourses next…
From The Editor’s Desk
🏭 Zetwerk-Ayr Settle Dispute
- The two companies have reached a settlement by agreeing to dismiss all claims asserted in lawsuits, pending before a US business court and a Bengaluru court. The financial and other terms of the settlement have not been disclosed.
- Zetwerk had alleged that Ayr founder Anirudh Reddy downloaded hundreds of files and used the data to pursue Zetwerk’s clients. Ayr denied the allegations and filed counter claims accusing Zetwerk of trade-secret theft and trademark infringement.
- The resolution removes a major legal overhang as Zetwerk prepares for its IPO. The B2B manufacturing startup last month filed its DRHP with SEBI for a public issue, which comprises a fresh issue of shares worth ₹2,600 Cr and an OFS of up to 9.6 Cr shares.
🤖 Sol Foundry Bags $4 Mn
- Emerging out of stealth mode, the AI startup has raised ₹38 Cr in a funding round from General Catalyst, Nexus Venture Partners and others to fuel R&D, AI model development and hiring.
- Founded in 2025, Sol Foundry’s AI assistant can research a topic, assemble a document, find calendar slots and draft replies using context drawn from scattered email conversations. The model-agnostic platform initially plans to target professionals.
- The startup is pre-revenue and has not yet finalised pricing. It plans to explore usage- or outcome-based billing plus a fixed component. It is also pursuing a prosumer-first model, allowing individuals to sign up before expanding into enterprise sales.
📉 Captain Fresh’s FY26 Show
- The B2B seafood brand claims to have retained profitability in FY26. This came on the back of consolidated net revenue zooming 52% YoY to ₹5,169 Cr in the fiscal under review and adjusted EBITDA nearly tripling YoY to ₹371 Cr.
- Meanwhile, Captain Fresh was saddled with a debt of ₹2,300 Cr at the end of FY26, which the startup attributed to higher working capital requirements during the fiscal. The company now claims to be on track to achieve ₹10,000 Cr in revenue in FY27.
- Founded in 2020, Captain Fresh operates a global packaged seafood business. It sources seafood from more than 30 countries and serves nearly 2,500 customers. The IPO-bound startup has raised nearly $250 Mn to date.
📱 PhonePe Sets Eyes On The UAE
- The Walmart-backed fintech giant has received in-principle nod from the Central Bank of the UAE for two payment licences. The approvals will enable the startup to offer retail payment services and issue stored-value products such as digital wallets.
- This takes PhonePe another step closer to launching its payments operation outside India. However, the fintech major will still have to fulfil the remaining regulatory requirements to begin commercial operations in the Middle Eastern nation.
- The development comes days after PhonePe’s monetisation prospects in India received a boost from the reintroduction of MDR on certain UPI transactions. On the back of this, the startup has revived its IPO plans and is now targeting a public listing by March 2027.
🔍 ED Chargesheets EMT Cofounder
- The Enforcement Directorate has filed a chargesheet against EaseMyTrip cofounder and chairman Nishant Pitti in the Mahadev online betting app money laundering case. Pitti said he was not aware of any chargesheet and would contest any such charges.
- The agency also provisionally attached demat shares belonging to Pitti worth ₹59.6 Cr under the PMLA. The ED has also sought a special PMLA court’s permission to confiscate the shares, alleging that they constitute proceeds of crime.
- The agency has accused him of facilitating the entry of alleged illegal betting proceeds into the Indian stock market through FPIs. Even last year, ED had alleged that Pitti was connected to a network that used betting proceeds to manipulate several stocks.
Inc42 Markets
Inc42 Startup Spotlight
Can Agriculture Fund Vaimanika’s Defence Ambitions?
India’s drone industry is growing. But farmers still lack access to affordable drone spraying, while defence forces need mission-ready UAVs for high-risk operations. Vaimanika Aerospace is addressing both needs through drone services and a vertically-integrated stack.
A Full-Stack Operator: Founded in 2022, Vaimanika operates an agriculture-focused drone-as-a-service network. Farmers and institutional customers can access precision spraying on a pay-per-acre basis. The startup also earns through drone sales, pilot training, maintenance and franchise-led services. Its agriculture network includes around 210 drones and has generated nearly ₹35 Cr in spraying revenue.
The Defence Portfolio: Vaimanika’s second growth engine is defence. Its portfolio spans heavy-payload UAVs, ISR platforms, FPVs and counter-UAS systems. Its systems have undergone field validation with Indian Army formations, including high-altitude trials and a 105 kg payload test.
Integrating Vertically: The startup is developing its own airframes, avionics, ground-control stations, communications hardware, battery systems and autonomous-flight software. Greater control over these mission-critical components could help Vaimanika customise systems for difficult terrain and reduce reliance on external suppliers.
Eye On The Prize: Vaimanika claims to have clocked ₹52.6 Cr in revenue in FY26 against a profit after tax of ₹9.47 Cr. The startup is now converting the cash and engineering base from its agri-focused drone business to fund its defence UAV pitch. So, can Vaimanika disrupt the status quo and build a scalable drone tech business?
Infographic Of The Day
As many as 13 startups have already listed on the bourses so far this year, 24 have filed their DRHPs, while 25+ are in various stages of planning their IPOs. Here is all about who is going public in the Indian startup realm in 2026….
