India Can Be A Global Destination For IPOs: Sanjeev Bikhchandani Bets Big On Startup IPOs For 2026
The venture capital pioneer said that India is possibly the best market in the world for IPOs below $4 billion as Nasdaq has become large.
The venture capital outlook in India for 2026 remain strong and robust as exit environments have opened in the backdrop of improved earnings and India's strong economic growth. According to India's leading venture capital investors, the ecosystem seems positive for VCs to make exits in the near-term which will ensure the flow of startup IPOs continue in 2026.
According to Sanjeev Bikhchandani, Founder & Executive Vice Chairman, Info Edge India Ltd, one of the big issues in India was that VCs were not getting exits. ''In India, strategic sales don't happen at the kind of valuation that make VC investors happy and IPOs were not happening earlier.''
However, post the Zomato IPO, India has seen a steady number of startup IPOs. ''Last year was a very good year for IPOs and many of them were new-age companies. I believe the IPO pipeline remains robust,'' said Bikhchandani in an exclusive interaction with NDTV Profit on Jan. 6, 2025.
'India possibly world's best market for IPOs'
The venture capital pioneer also said that today, India is possibly the best market in the world for IPOs below $4 billion as Nasdaq has become large. ''If your market cap is below $4 billion, nobody talks to you in market. From investors, to research analysts, nobody is interested,'' said Bikhchandani.
For the smaller companies and IPOs, India remains a very good market than the rest of the world, according to Bikhchandani. ''If SEBI handles things right, India can be a global destination for IPOs. Both, Nasdaq and India,'' he said. In 2025, 103 companies went for an IPO in the mainboard space.
Sasha Mirchandani, Managing Director and founder, Kae Capital said that in 2026, the upcoming IPO pipeline includes portfolio companies such as Porter, HealthKart, and Zetwerk, reflecting continued portfolio maturation and exit visibility. Among other strong businesses, Zepto and Oyo are also preparing for their initial public offerings this year.
Are expensive IPO still justifiable?
Coming to concerns of high valuations among startups, Mirchandani notes that if the company is well-run and has a profitable business growth, then VC investors see ''very good outcomes'' post-listing. Kae Capital was an early investor in Nazara Technologies and one of its portfolio companies.
On the other hand, Info Edge's Bikhchandani disagrees. ''I believe that one shouldn't be aggressive on pricing. What you don't want is your IPO under water post-listing. That is not a good narrative and eventually becomes a failed IPO. If investors get hurt, that's not a good thing,'' he claimed.
According to Bikhchandani, it's good to be a little conservative on pricing and let there be a decent pop in the after-market and as the company grows, valuations will take care of itself. For 2026, the top themes to bet on for VC investors are technology, manufacturing, AI, and industrials.
