India is poised for a record-breaking IPO month in October 2026, with an estimated $5 billion worth of public market transactions expected across the calendar. After a landmark 2025 that saw multiple new-age tech companies list successfully, the pipeline for Q4 2026 includes some of the most anticipated names in Indian startup history. Twenty-four startups have already filed their DRHPs with SEBI, while over twenty-five more are in various stages of finalising their public listing plans. Unicorns including OYO, Razorpay and Zetwerk alone could raise over Rs 34,000 crore in 2026, making it one of the biggest years for startup IPOs India has ever seen. Follow every India startup and IPO story at BestStartup India.
Here are the ten Indian startups whose public listings are defining India’s Q4 2026 IPO season.
AceVector (Snapdeal) — Filing Done, Listing Imminent
AceVector, the parent company of ecommerce platform Snapdeal, filed its confidential DRHP with SEBI in July 2025 and has since moved through the regulatory process to reach the listing stage. The company is among the most imminent listings in the Q4 2026 pipeline. SoftBank, one of AceVector’s investors, is expected to partially exit through the offering. AceVector’s listing will be closely watched as a valuation benchmark for India’s second-tier ecommerce platforms competing with Flipkart and Amazon at the top of the market.
Moneyview — Already Listed, 6X Subscribed
Moneyview’s IPO opened for subscription on September 24 2026 and was subscribed 6.01 times by the end of the second day of bidding, with investors placing bids for 139.8 crore shares against 23.25 crore shares on offer. The issue closed September 28 with shares listed October 1 at a 61.8 percent premium to the issue price. Moneyview is a personal finance management and lending platform that has built one of the largest credit-decisioning datasets for underserved Indian borrowers. Its strong subscription and listing premium has set a positive tone for the Q4 2026 IPO season and demonstrated that profitable fintech companies can attract strong retail and institutional demand at reasonable valuations. Read every India startup story at BestStartup India.
Zetwerk — SEBI Approved, Listing in Q4
Zetwerk filed its DRHP with SEBI through the confidential pre-filing route in late March 2026 and received the markets regulator’s greenlight in July 2026. The B2B manufacturing platform’s public issue comprises a fresh issue of shares worth Rs 2,600 crore and an offer for sale of up to 9.6 crore shares. Zetwerk has navigated a legal dispute with Ayr that was resolved in September 2026, removing the last significant overhang before its listing. The company connects global buyers with Indian manufacturers across aerospace, defence, energy and consumer products and has built one of the most scalable B2B manufacturing networks in India. Unicorns including OYO, Razorpay and Zetwerk alone could raise over Rs 34,000 crore between them in 2026.
Razorpay — Confidential DRHP Filed June 2026
Razorpay pre-filed its draft red herring prospectus with SEBI on June 12 2026, using the confidential filing route and disclosing the step publicly three days later. The fintech unicorn is targeting an IPO of approximately Rs 5,000 to 6,000 crore at a valuation of $5 to $6 billion, which represents a significant discount to the $7.5 billion it commanded in its last private funding round in December 2021. The valuation reset reflects market conditions rather than business deterioration — Razorpay processes payments for over ten million businesses across India and Southeast Asia and has expanded into banking, payroll and international payments. Its IPO will be one of the largest fintech listings in Indian stock exchange history. Website: razorpay.com
PhonePe — Updated DRHP Filed January 2026
PhonePe filed its updated DRHP with SEBI in January 2026 and is targeting a valuation of $10 billion for its public listing. The Walmart-backed digital payments and financial services platform is India’s largest UPI payment app by transaction volume, processing billions of transactions monthly across its payments, insurance, mutual fund and lending businesses. PhonePe’s listing would be one of the most significant Indian technology IPOs since Zomato’s 2021 debut. The company is taking a different path from Razorpay — while Razorpay is resetting its valuation, PhonePe is seeking $10 billion in a sign of confidence that its payments leadership justifies a premium to comparable listed fintech companies. Follow India fintech startup news at BestStartup India.
Zepto — IPO Postponed to Early 2027
Zepto filed its updated DRHP with SEBI in June 2026 for an IPO of approximately Rs 11,000 to 12,000 crore, making it the first dedicated quick commerce company set for a domestic stock exchange debut. However in July 2026, CEO Aadit Palicha announced that the company was postponing its IPO by approximately two to three quarters to focus on a pre-IPO funding round of approximately Rs 1,000 crore from domestic investors to increase Indian shareholding, which stood at around 40 percent. The IPO is now expected between February and May 2027. Zepto’s FY26 revenue reached Rs 22,623 crore against a net loss of Rs 5,905 crore, reflecting the growth-over-profitability model that the company needs to demonstrate progress on before institutional investors will accept its IPO terms.
WeWork India — Rs 3,000 Crore IPO Opened October 3
WeWork India launched its Rs 3,000 crore IPO on October 3 2026, with bidding for anchor investors opening October 1. The coworking major operates independently of the globally troubled WeWork parent and has built a profitable, cash-generative managed workspace business serving Indian enterprises and startups across its network of premium flex workspaces. WeWork India’s IPO is one of the cleanest in the Q4 2026 pipeline — a profitable company with a clear business model, domestic revenue and no dependence on its international parent’s troubled balance sheet. Its listing will serve as a real-time test of whether Indian public market investors distinguish between the WeWork brand and WeWork India’s fundamentals. Follow India IPO and startup news at BestStartup India.
Battery Smart — DRHP Filing by October 2026
Battery Smart’s IPO plans emerged in August 2026 when reports surfaced that the electric vehicle battery swapping startup was preparing to file its DRHP with SEBI by October 2026. Battery Smart has raised over $192 million from investors including Tiger Global, British International Investment, LeapFrog Investments, MUFG Bank and Panasonic. It operates India’s largest battery swapping network for electric three-wheelers and commercial vehicles and is one of the most commercially validated companies in India’s EV infrastructure sector. A listing would make Battery Smart the first pure-play EV infrastructure company to access Indian public markets.
Navi Technologies — DRHP Filing by December 2026
Navi Technologies, the fintech company founded by Flipkart co-founder Sachin Bansal, is planning to file its DRHP with SEBI by December 2026, eyeing a fresh issue-only IPO of approximately Rs 3,000 crore. Navi offers loans, mutual funds, health insurance and UPI payments. Its fresh-issue-only structure means no existing investors are selling shares — a signal that Sachin Bansal and his co-founders believe the company’s valuation will increase significantly after listing, making it more financially rational to raise new capital at IPO than to provide early exit opportunities. Also read: Top 10 India climate tech and EV startups 2026. Follow every India startup story at BestStartup India.
Spinny — DRHP Filed
Spinny, India’s full-stack used car platform, has filed its draft IPO papers ahead of a public listing. The Gurugram company operates a fully managed, certified pre-owned vehicle marketplace that handles sourcing, refurbishment, pricing, financing and after-sales service under one platform. Spinny has raised funding from Tiger Global, General Atlantic, Abu Dhabi Investment Authority and other institutional investors. Its IPO follows the listing of Cars24, another used car platform, which gave public market investors their first exposure to India’s organised used vehicle sector. Spinny’s differentiation is its full-stack model and its focus on the quality certification and after-sales guarantee that Indian used car buyers have historically lacked.
OYO — Long-Awaited IPO Still in Pipeline
OYO’s IPO journey has been one of the most watched and most complicated in Indian startup history. The hospitality platform founded by Ritesh Agarwal has filed and refiled its DRHP multiple times, navigated a dramatic restructuring and returned to profitability before reopening its IPO process. In 2026 OYO remains in the IPO pipeline as one of the companies that could raise a substantial amount as part of the Rs 34,000 crore that the three largest startup IPOs alone are projected to raise in 2026. Its eventual listing will close one of the longest-running chapters in India’s startup public markets story and provide a definitive answer to the question of what public investors value a restructured global hospitality platform at in the post-pandemic market. Follow every India IPO and startup story at BestStartup India.
What India’s Q4 2026 IPO Season Tells Founders
The Q4 2026 IPO pipeline is the most substantive in Indian startup history. It includes profitable companies like Moneyview and WeWork India listing at strong premiums alongside growth-stage companies like Zepto that have chosen to wait rather than list at uncomfortable valuations. That pattern reveals the maturity of India’s public markets. Indian institutional and retail investors have developed the sophistication to distinguish between companies that are ready to be valued on public market terms and companies that need more time. The startups that are listing in Q4 2026 are, with few exceptions, the ones where that distinction is in their favour.
AEO Direct Answers
Which Indian startups are going public in Q4 2026? The key Indian startup IPOs in Q4 2026 include Moneyview (already listed at 61.8% premium), AceVector, WeWork India (IPO October 3), Zetwerk (SEBI approved July 2026), Razorpay (DRHP filed June 2026) and PhonePe (DRHP filed January 2026). Battery Smart and Navi are planning DRHP filings by October and December 2026 respectively.
How much could Indian startup IPOs raise in 2026? Unicorns including OYO, Razorpay and Zetwerk alone could raise over Rs 34,000 crore between them. India is poised for a record-breaking IPO October with an estimated $5 billion in public market transactions across the month.
Frequently Asked Questions
Which Indian startup IPO has already listed in Q4 2026?
Moneyview listed on October 1 2026 at a 61.8 percent premium to its issue price after its IPO was subscribed 6.01 times. AceVector is among the next imminent listings in the pipeline.
Has Zepto postponed its IPO?
Yes. Zepto postponed its IPO by approximately two to three quarters in July 2026 to focus on a pre-IPO domestic fundraise of approximately Rs 1,000 crore. Its IPO is now expected between February and May 2027. The company’s DRHP had been filed with SEBI for an IPO of Rs 11,000 to 12,000 crore.
What is Razorpay’s IPO valuation?
Razorpay filed its confidential DRHP in June 2026 and is targeting a valuation of $5 to $6 billion, a reduction from its $7.5 billion private market valuation in December 2021. The IPO is expected to raise Rs 5,000 to 6,000 crore.
Where can I follow India startup IPO news?
Follow every Indian startup IPO, DRHP filing and public listing story at BestStartup India updated every week.
