Startup IPOs In 2025: Zepto, BoAt, Ather Energy Among Firms Expected To Go Public

Carrying on the 2024 momentum for initial public offerings in the startup ecosystem, a host of new-age companies are eyeing to get listed on the stock exchanges in 2025. The positive activity in the public markets along with the strong performance of newly-listed startups have incurred significant interest among unlisted players, who will look to debut in 2025.

New-gen companies like Zepto, Shadowfax, PhysicsWallah, Avanse Financial Services, Cardekho, Ecom Express, BoAt, and Ather Energy are looking to make their debuts in the public market. A total of over 20 companies are expected to launch their IPOs in 2025.

If all of these companies proceed with their IPO plans, 2025 could see the highest number of startup listings in a year, following the debut of 13 startups in 2024.

Here is a list of the major startup IPOs in 2025 that are likely to get floated.

Ather Energy

Electric vehicle major Ather Energy is set to make its debut on the stock market in 2025. This will be the first IPO from an EV company since Ola Electric's listing in 2024. Ather Energy aims to raise Rs 4,500 crore through the IPO, which will include both a fresh issue of shares and an offer for sale.

BoAt

Imagine Marketing Ltd., the parent company of boAt, is planning to launch an IPO worth $300–500 million, targeting a 2025 launch. The company had initially filed draft papers for an IPO in 2022, but postponed the offering due to unfavourable market conditions.

Zepto

Zepto is one of the most anticipated startup IPOs in 2025, with the company reportedly in advanced stages to file its draft papers with market regulator SEBI in March or April. As per reports, the quick-commerce company has secured Singapore's approval to move its holding entity to India. The National Company Law Tribunal is scheduled to hear Zepto's reverse merger application on Jan. 17, regarding the move of domicile.

Zepto, with its IPO, can become the first independent quick commerce company to get publicly listed.

Avanse Financial Services

The public offer of education-focused NBFC, Avanse Financial Services, is expected to open in 2025. While the exact dates have not yet been announced, the IPO is projected to raise Rs 3,500 crore. It will consist of a fresh issue of Rs 1,000 crore and an offer for sale of Rs 2,500 crore.

BlueStone

Jewellery firm BlueStone Jewellery and Lifestyle is slated to launch its IPO in 2025, with the company already filing its draft papers with SEBI. The IPO will consist of a fresh issue of shares worth Rs 1,000 crore with an offer for sale of up to 2.4 crore equity shares.

CarDekho

Amit Jain's buy and sell cars and related services startup CarDekho.com is in talks of floating its public offer in 2025. The company reportedly aims to raise Rs 3,000 crore to Rs 4,000 crore via the IPO route. It is expected to be a combination of fresh shares and an offer for sale by promoters.

Ecom Express

B2C e-commerce logistics solutions provider Ecom Express has filed draft papers with SEBI to launch its Rs 2600-crore IPO.

PayU

Digital payments company PayU is in talks to file its draft papers with SEBI to launch its IPO in 2025, making it another major startup aiming to go public this year. The Prosus-owned payments solutions major had earlier delayed its IPO plans in 2024.

InCred

InCred Financial Services Ltd. is eyeing to raise Rs 4,000 crore to Rs 5,000 crore via the IPO route in 2025. However, the company has not filed its draft papers yet.

PhysicsWallah

Edtech major PhysicsWallah is also planning to launch in 2025. The offering is eyeing a $5-billion valuation with its $500 million initial share sale. Following this, the company will become the first publicly listed edtech firm in India.