Indian startups are revamping boards for IPOs: Study

Business Dec 01, 2025

Indian startups are quickly updating their boards to gear up for IPOs, says a new Longhouse study.
Nearly 90% of external directors are brought on within six months of filing draft prospectuses, mostly for their regulatory, financial, or strategic know-how.
Gender diversity is improving, but only slightly.

What's changing and why it matters

The study looked at 34 big-name startups like Nykaa and Paytm that went public since 2021.
Most new board members are experts in regulatory, financial, and strategy expertise—just 6% actually come from the startup's own industry.
Women now make up about a quarter of these external directors.
Experts say bringing in independent directors earlier helps with SEBI rules and makes companies look more credible to investors.