PhonePe, Zepto, Oyo to lead ₹50,000cr IPO rush in 2026
India's startup scene is about to get a lot busier—over 48 major startups are planning IPOs in 2026, aiming to raise around ₹50,000 crore.
Leading the pack are PhonePe (targeting a $15 billion valuation), Zepto (looking for ₹11,000 crore), and Oyo (prepping for a fresh equity issue of ₹6,650 crore).
This comes right after a record-breaking year in 2025 when IPOs brought in nearly ₹36,000 crore.
What's behind the buzz?
These companies aren't just sticking to what they know—PhonePe has branched out from payments into insurance and lending.
Zepto is taking on Blinkit and Instamart with its speedy grocery deliveries from nearly 900 dark stores.
Oyo is waiting on SEBI's nod before moving ahead.
The big shift? Investors now care less about wild growth stories and more about real profits and solid business models.
Why does it matter?
For anyone watching India's tech scene—or dreaming up their own startup—this wave of IPOs signals that the focus is shifting: being profitable matters as much as being popular.
If you're curious about where Indian startups are headed next, this could be the year that sets the tone.