After a lull in IPOs in 2022 and 2023, India’s tech sector is seeing a surge in IPOs this year, proving a pivotal moment for the nation’s economy -- and investors in India’s technology sector. Just seven months into the year, several new-age tech companies have successfully gone public, drawing global attention and spotlighting the country’s emergence as a digital powerhouse.
This wave of IPOs highlights the maturation of India’s startup ecosystem and sets the stage for sustained economic expansion. India is the world's third-largest market for unicorns, behind only the US and China. We anticipate this will create a long-term tailwind for exciting new listings for years to come in India’s internet and e-commerce space, which remains at a very nascent stage. For investors looking to tap into the entire universe of India’s internet sector, the India Internet Index (ticker: INQQ) tracks the country’s best-in-class tech companies.
Recent notable Indian Tech IPOs:
- Ixigo
- GoDigit
- FirstCry
- Ola Electric
- Awfis
- Unicommerce
- Honasa Consumer
- CarTrade
Ixigo
Ixigo, a leading travel technology company in India, offers comprehensive solutions for trip planning and bookings. Established in 2007, Ixigo provides a user-friendly platform for comparing and booking flights, trains, buses, and hotels, catering to the diverse needs of travelers. The app features real-time updates, price comparisons, and personalized recommendations, making travel planning seamless and efficient. Known for its innovative approach and focus on customer experience, Ixigo has become a popular choice among Indian travelers. As of 2024, Ixigo serves over 50 million users, reflecting its significant market presence and growing user base. The company’s commitment to leveraging technology to enhance travel experiences has solidified its position as a key player in India’s travel industry.
The company completed its IPO in June 2024.
GoDigit
GoDigit is a leading insurtech company in India, transforming the insurance landscape with its digital-first approach. Established to simplify and streamline insurance services, GoDigit offers a range of products, including health, auto, and travel insurance, through a user-friendly app and website. Its innovative platform emphasizes transparency, efficiency, and customer-centric solutions, making insurance accessible and hassle-free. Currently, GoDigit serves over 5 million customers across India, reflecting its rapid growth and the increasing demand for digital insurance solutions. By leveraging technology to enhance user experience and expedite claim processes, GoDigit has quickly become a trusted name in the Indian insurance sector.
The company completed its IPO in May 2024.
FirstCry
FirstCry is a leading e-commerce platform in India specializing in baby and kids' products. Established in 2010, it offers a comprehensive range of items, including apparel, toys, and baby care essentials, catering to the diverse needs of parents. The platform features a wide selection of products from top brands alongside its private label offerings. Known for its user-friendly interface and reliable service, FirstCry has become a go-to destination for families. As of 2024, FirstCry boasts over 15 million customers, reflecting its strong market presence and popularity. With a commitment to quality and customer satisfaction, FirstCry continues to be a trusted name in the Indian parenting and child care market.
The company went public in August 2024.
Ola Electric
Ola Electric, a prominent player in the electric mobility sector in India, is revolutionizing transportation with its innovative electric scooters and vehicles. Founded in 2017 as a subsidiary of Ola Cabs, Ola Electric focuses on providing sustainable and eco-friendly transportation solutions. Its flagship products, including the Ola S1 and S1 Pro electric scooters, are known for their advanced technology, impressive range, and user-friendly features. As of 2024, Ola Electric has a substantial customer base, with over 500,000 users who have embraced its electric mobility solutions. The company's commitment to reducing carbon emissions and promoting green transportation has positioned it as a leading force in India's transition to electric vehicles.
The company went public in August 2024.
Awfis
Awfis is a leading coworking space provider in India, offering flexible workspace solutions tailored to the needs of businesses and professionals. Founded in 2015, Awfis has established a robust network of coworking spaces across major Indian cities, including Mumbai, Delhi, Bangalore, and Hyderabad. The company provides a range of options, from hot desks to private offices, designed to foster productivity and collaboration. With its modern facilities and community-oriented approach, Awfis caters to startups, SMEs, and large enterprises. As of 2024, Awfis serves over 100,000 users, reflecting its rapid growth and popularity in the coworking space sector. The company’s focus on flexibility, scalability, and convenience has positioned it as a key player in India’s evolving workspace landscape.
The company went public in May 2024.
Unicommerce
Unicommerce is a leading e-commerce and supply chain management platform in India designed to streamline operations for online retailers and brands. Established in 2012, Unicommerce provides a comprehensive suite of solutions, including inventory management, order processing, and logistics optimization, aimed at enhancing efficiency and scalability for businesses. The platform supports various sales channels, integrating seamlessly with major e-commerce marketplaces and ERP systems. Known for its robust technology and user-friendly interface, Unicommerce has become a trusted partner for businesses seeking to optimize their supply chain operations. As of 2024, Unicommerce serves over 20,000 users, including prominent brands and retailers across the country. Its focus on innovation and customer support has solidified its position as a leader in the e-commerce technology sector in India.
The company went public in August 2024.
Honasa Consumer
Honasa Consumer is a prominent player in India’s digital-first personal care and wellness industry. Founded in 2016, Honasa Consumer specializes in natural and toxin-free beauty and skincare products, catering to a growing demand for safe and effective personal care solutions sold online. The company’s flagship brand, Mamaearth, offers a wide range of products, including skincare, haircare, and wellness items, all formulated with natural ingredients. Honasa Consumer is known for its strong digital presence and direct-to-consumer model. As of 2024, the company has a substantial customer base with over 10 million users. Its focus on innovation, sustainability, and customer-centric products has solidified its position as a leading name in the Indian beauty and wellness market.
The company went public in November 2023.
CarTrade
CarTrade is a prominent online automotive marketplace in India, offering a comprehensive platform for buying and selling new and used cars. Established in 2009, the company provides a wide array of services, including vehicle listings, valuations, and financial solutions, catering to both individual consumers and dealers. Known for its user-friendly interface and extensive reach, CarTrade connects buyers with a diverse selection of vehicles and ensures a seamless transaction experience. As of 2024, CarTrade has over 30 million users, reflecting its strong foothold in the Indian automotive market. The platform’s commitment to transparency and reliability has made it a preferred choice for car enthusiasts and sellers alike, solidifying its position as a leader in the online automotive space.
The company went public in August 2021.