After a year of subdued IPO activity, India’s startup IPO market is regaining its buzz. Three major names have come into the spotlight as they prepare to go public:
1. BlackBuck
The logistics major BlackBuck has received SEBI approval for a ₹550 crore ($66 million) IPO. This IPO is seen as a significant move for the logistics sector, where BlackBuck has been a leader in digitizing trucking services. The funds raised will be used to expand its fleet network and enhance its digital logistics platform.
2. Zetwerk
The B2B marketplace unicorn Zetwerk has initiated talks with JPMorgan as it explores a potential IPO. While the timeline is still fluid, the IPO is expected within the next two years. Zetwerk, which connects manufacturers with suppliers, has seen substantial growth as companies aim to localize their supply chains amid global disruptions.
3. PhysicsWallah
Edtech major PhysicsWallah has appointed four major financial institutions — Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JPMorgan — as its IPO managers. This move follows its $210 million funding round, signaling its readiness to list on the public market. The listing is expected to further catalyze India’s edtech revival, as the sector seeks to reclaim its growth trajectory after the slowdown of 2023.
The year 2024 also saw edtech funding jump by 153% year-on-year, with startups raising $608.8 million across 68 deals. Companies like Byju’s and PhysicsWallah have contributed to this renewed interest, marking a significant shift from the setbacks experienced in 2023.