AI IPOs could add $100B to India's stock-market: Goldman Sachs
What's the story
Goldman Sachs has predicted that India's listed artificial intelligence (AI) market could see a major boost in the coming years. The financial giant estimates that potential initial public offerings (IPOs) by privately held Indian AI companies could add between $50 billion and $100 billion to the country's market capitalization. The prediction is based on an analysis of 84 Indian companies with significant exposure to the AI value chain.
IPO potential
Potential IPOs and their impact
Among the 84 companies, 71 are at growth, late, infrastructure, or buyout investment stages. These firms have a combined estimated value of $54 billion.
Goldman Sachs estimates that 25-50% of these companies could go public in the next two to five years.
If these listings are valued at an average four times their current estimated value, they could add up to $100 billion to India's listed AI market.
Market diversification
Diversifying the AI landscape
The potential IPOs could also diversify India's AI market, which is currently dominated by AI infrastructure.
Goldman Sachs's report suggests that sectors such as data center operators, enterprise AI services, conversational AI, cloud and data management, healthcare AI, and computer vision could be added to the mix.
This would broaden the scope of India's listed AI market beyond its current focus.
Funding surge
Surge in private equity funding
Goldman Sachs's report also highlights a massive surge in private equity (PE) funding for Indian AI start-ups.
The investment has tripled since 2024, jumping from $1.6 billion in 2024 to around $5 billion in 2025.
In the first eight to nine months of 2026 alone, funding had already matched last year's total, indicating an upward trend in investor interest and confidence in the sector.
Increased share
AI's growing share of private equity funding
The report also notes that AI's share in India's total private equity funding has increased from 5% in 2024 to nearly 20% in 2026.
According to Stanford University's 2026 AI Index Report, India was sixth globally for private AI funding in 2025 and fourth for the number of newly funded AI companies.
This data underscores the growing prominence of artificial intelligence within India's start-up ecosystem and investor portfolios.