India Startup IPO Tracker 2026: Who’s Listed, Who’s Filed, Who’s Stuck

Zetwerk and Tonbo Imaging listed on the same day, October 23, and that one Friday explains the Indian startup IPO 2026 story better than any headline count.

Tonbo, a defence imaging company, opened at ₹1,160 on the NSE against an issue price of ₹700, a premium of about 66%, after its issue drew 132.81X demand. Tonbo’s debut was one of the strongest of the year.

Zetwerk, a far bigger B2B manufacturing platform, opened about 5% above its ₹151 issue price after a 3.06X subscription. Then it slipped below that price during the session, as the wider market sold off.

Same day, same exchanges, opposite verdicts. This tracker lays out who has listed, who has filed and who has stalled, then looks at what the pattern means if you’re a founder planning your own exit.

A quick note on method: the base is Inc42’s startup IPO tracker, last updated on October 18, cross-checked against listing-day reports from October 23. Trackers don’t agree on every count, so where sources conflict we’ve gone with Inc42’s company-by-company reporting and exchange-linked listing data.

The 17 startups that have reached Dalal Street

Inc42’s list showed 15 new-age tech companies listed as of October 18. Add Zetwerk and Tonbo Imaging, which both debuted on October 23, and our count for the 2026 class is 17. Here’s how each one opened on day one, on the NSE unless noted.

Source: Inc42 and exchange-linked listing reports. Listing-day moves are a snapshot, not a return.

Ten opened above their issue price, six below and one flat. That’s a long way from 2025, when Inc42 counted 18 startups raising a record ₹41,248 Cr from the public markets and the mood on Dalal Street was close to giddy.

Demand tells a clearer story than the debut pops. ESDS Software, a data-centre company that reported a ₹120.8 Cr profit in FY26, drew 135.88X subscription and listed 76.5% higher. Moneyview, with a ₹242.7 Cr profit, saw 98.46X and a 62% premium.

The cooler debuts skew toward companies still burning cash. Turtlemint reported a ₹184.7 Cr loss for the first nine months of FY26 and listed 11.3% below its issue price. Purple Style Labs, which posted a ₹285.4 Cr loss in FY26, opened 7% under.

It isn’t a clean rule. Shiprocket lost ₹79.2 Cr in FY26 and still listed 35% higher on 99.38X demand. But the direction is hard to miss.

What Zetwerk’s week tells you about size

Zetwerk’s ₹5,012 Cr issue was large by any standard, and the numbers behind it explain the lukewarm reception. Revenue jumped more than 40% to ₹15,913 Cr in FY26. Net loss climbed 333% to ₹1,606 Cr, according to Inc42.

Orios Venture Partners’ Rehan Yar Khan told Inc42 that IPO-bound startups will be judged on “predictable cash flows, sustainable unit economics, and operational discipline.” Zetwerk’s first week looks like that sentence playing out.

Tonbo sits at the other end. It was an offer-for-sale-only issue of ₹852 Cr, valued at about ₹4,010 Cr at the top of the price band. Demand was 132.81X by the close of bidding, and the stock kept climbing the following Monday.

Same exchange, same week. The difference was size, losses and how much stock was on offer.

Filed, approved and waiting for a window

A filing is not a listing date. Here are the names that have either cleared SEBI or put papers in, and where each stands.

Source: Inc42. Statuses reflect its October 18 update.

OYO, which operates as PRISM, is the long-running story here. This is its third serious attempt at going public, after shelving earlier plans in 2021 and 2023-24. boAt, InCred, NoPaperForms and Travelstack also hold SEBI approvals, though none has announced a date.

One detail worth tracking: several of these are OFS-heavy. PlaySimple and MakeMyTrip are OFS-only, and Tonbo already listed that way. For early backers, a listing is an exit. For the company, it may not bring in a rupee of fresh capital.

Who’s stuck, and why

This is where the Indian startup IPO 2026 story gets uncomfortable. Four well-known names have stalled, each for a slightly different reason.

Zepto had SEBI’s approval and an updated DRHP, with a planned fresh issue of ₹8,010 Cr. In August it put the IPO on hold again. The CEO told staff the company now aims to list between February and May 2027, and it plans a pre-IPO round of around $105 Mn. Its FY26 revenue more than doubled to ₹22,624 Cr, but net loss widened 26% to ₹5,905 Cr.

Compare that with Shiprocket, which went to market with a ₹1,617 Cr issue, lost ₹79 Cr and drew 99.38X. Scale and losses of Zepto’s size need a very different conversation with public investors.

PhonePe paused in March, citing geopolitical tension in West Asia and volatile global markets. It revived plans in September after clarity on UPI merchant discount rates, and now says it will list by March 2027, filing updated papers by the end of 2026 and seeking a valuation of around $10 Bn. FY26 net loss rose 62% to ₹2,792 Cr.

Curefoods has held SEBI’s approval since late 2025 but put its IPO on hold in June. Reports said mutual funds weren’t aligned with the roughly ₹4,000 Cr valuation it sought on roadshows.

Infra.Market got its approval in January for a nearly ₹5,000 Cr IPO, then appears to have dropped the standalone route. It is exploring a reverse listing through Shalimar Paints, with a proposed share swap worth about ₹10,545 Cr.

Look at what these four share. It isn’t paperwork. Zepto has SEBI’s nod, PhonePe has filed and Curefoods has been cleared for months. What’s missing is a valuation public investors will pay and a cash burn that looks manageable.

Inc42 also points to cooling retail subscriptions, foreign investors pulling back and the conflict in West Asia as headwinds. The window hasn’t closed. It has narrowed.

What this means if you’re a founder or an investor

Our read: public markets in 2026 are selective, not shut. The pattern so far favours profit visibility, issue sizes the market can absorb, and valuations that leave room for a listing-day gain.

For founders, the practical step is to stress-test your own number before a banker anchors it. Run your assumptions through the Startup Valuation Calculator, then check how an OFS-versus-fresh-issue mix changes what you keep with the Funding Round Dilution Calculator.

If your plan involves waiting for a better window, as Zepto and PhonePe now are, runway matters. The Startup Runway Calculator shows how many months you really have.

For investors, the OFS-heavy structure of many 2026 issues is the thing to read closely.

Read More: How to Raise Startup Funding in India in 2026

And for the wider ecosystem, every listing adds a public comparable.

Read More: StartupIndiaX Weekly #3: Founder Money, From ₹400 Crore Rounds to a ₹30,000 Crore IPO

What to watch next

PhonePe says new papers will be filed by the end of 2026, and Zepto is eyeing February to May 2027. Cult.fit and OYO both have approvals, though neither has announced a date. Acko is targeting a first-half 2027 listing, and Battery Smart was reported to be preparing a DRHP by October.

If you’re sizing up an IPO of your own, three things are worth doing this week. Model your valuation against public comparables now, and use the Valuation Calculator before a banker’s number anchors you. Size the issue to demand: 98X to 136X subscriptions went to issues under ₹1,700 Cr, while Zetwerk’s ₹5,012 Cr drew 3.06X. And plan for a 2027 window, because Zepto and PhonePe both do, so test your runway for a longer wait.

We update this tracker every week. If a status has changed or a company is missing, tell us in the comments, and share this with the founder who keeps asking when the window opens. For more on funding, valuation and Indian startup news, explore the rest of StartupIndiaX.

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