Twenty-nine Indian AI startups have filed their Draft Red Herring Prospectuses (DRHPs) with SEBI in 2026, with OYO and InMobi leading the pack. These unicorns could raise over ₹37,000 Cr, making this year significant for startup IPOs in India.
TL;DR
- 29 Indian AI startups have filed for IPOs in 2026, with OYO and InMobi potentially raising over ₹37,000 Cr.
- The IPO pipeline remains strong despite some challenges, with investors prioritizing strong fundamentals and profitability.
- Indian startups raised a record ₹41,248 Cr in 2025, with retail investors and regulatory support driving the surge.
What happened
In 2025, 18 Indian startups listed on the bourses, collectively raising a record ₹41,248 Cr. This surge was driven by macroeconomic tailwinds and regulatory support from SEBI, which simplified DRHP filings and introduced more flexible ESOP rules. Retail investors also played a significant role, with demat accounts crossing the 20 Cr mark.
Building on this momentum, seven new-age tech companies have already made their D-Street debut in 2026. However, unlike 2025, most of the startups listings so far this year have been flat or lackluster, barring SEDEMAC and Kissht. Nevertheless, the IPO pipeline remains strong, with 29 startups having already filed their DRHPs with SEBI, while over 24 are in various stages of finalizing their IPO plans.
Unicorns like OYO, InMobi, and Zetwerk alone could raise over ₹37,000 Cr in 2026, making it one of the biggest years for startup IPOs. However, recalibration is likely to define 2026 as investors are expected to prioritize strong fundamentals, profitability, and low cash burn when backing new-age tech companies.
Why it matters
The strong IPO pipeline in 2026 reflects the maturing business models and deeper domestic capital pools in India. The evolving regulatory framework favoring transparency positions India as a leading startup IPO hub. However, there are challenges, such as moderating retail subscription levels and foreign institutional investors pulling back due to geopolitical tensions and muted secondary market performance.
For AI/ML developers, startup founders, and tech investors, this trend presents significant opportunities. The focus on strong fundamentals and profitability could lead to more stable and sustainable growth for startups. Additionally, the increasing commitment of founders to their businesses for the long term is a positive sign for investors.
However, the competitive landscape is also evolving. Investors are placing greater emphasis on governance, capital efficiency, and long-term value creation. This shift could favor companies that balance scale with financial prudence, potentially impacting the valuation and success of startups in the IPO market.
Key facts
- 29 startups have filed their DRHPs with SEBI in 2026.
- OYO, InMobi, and Zetwerk could raise over ₹37,000 Cr in 2026.
- Indian startups raised a record ₹41,248 Cr in 2025.
- Seven new-age tech companies have already made their D-Street debut in 2026.
- Investors are prioritizing strong fundamentals, profitability, and low cash burn in 2026.
- Retail investors played a significant role in the 2025 IPO surge, with demat accounts crossing the 20 Cr mark.
- The ongoing conflict in West Asia has complicated the IPO landscape, with foreign institutional investors pulling back.
- The overall outlook remains bullish for new-age tech IPOs, with maturing business models and deeper domestic capital pools.
Context
The Indian startup ecosystem has been growing rapidly, with a significant increase in the number of unicorns and the amount of funding raised. The regulatory support from SEBI has played a crucial role in this growth, with measures such as simplified DRHP filings and more flexible ESOP rules.
The focus on strong fundamentals and profitability is a positive sign for the long-term sustainability of the Indian startup ecosystem. It could lead to more stable and sustainable growth for startups, benefiting AI/ML developers, startup founders, and tech investors alike.
However, the competitive landscape is also evolving, with investors placing greater emphasis on governance, capital efficiency, and long-term value creation. This shift could impact the valuation and success of startups in the IPO market, making it more important than ever for startups to demonstrate predictable cash flows and sustainable unit economics.
