Half of India's upcoming tech IPOs are loss-making
Out of 42 Indian startups planning to go public soon, half—like Meesho, Flipkart, PhonePe, Zepto and PayU—have reported a combined net loss of over ₹12,000 crore in their latest financials.
Still, while NSE norms require operating profit for two of the last three years for a standard IPO, there are alternate routes for loss-making companies, allowing them to move ahead with their IPO plans.
Other half already profitable, prepping for 2025 IPOs
The other 21 startups—including Oyo, Kissht, Lenskart and Pine Labs—are already profitable and prepping for IPOs in 2025.
These names are expected to make a splash in India's tech IPO scene this year despite the mixed results across the sector.
What these startups do
Meesho is an e-commerce app; Flipkart is a major player in India's online shopping space;
PhonePe and PayU handle digital payments; Zepto is all about quick grocery delivery; Shiprocket and Shadowfax manage logistics.
Oyo focuses on hotels, Kissht and Pine Labs offer digital lending or payment solutions, while Lenskart sells eyewear.
Why early losses don't scare investors
Many startups chase growth over short-term profit—so early losses aren't unusual.
Investors tend to watch things like user growth or market share instead of just net earnings.
Even with some big losses on paper, strong business models mean these upcoming IPOs could still attract plenty of retail interest in 2025.