India’s tech IPO boom peaks in FY26 with record 47 listings, up 52% YoY: Tracxn
India's tech IPO market saw a record 47 listings in FY26, a 52% jump from the previous year, with retail startups and enterprise applications leading the surge. The country's strong IPO momentum ranked it among the top three IPO markets globally, behind the US and China.
India recorded 47 tech initial public offerings (IPOs) in FY26, a 52% increase from 31 in the previous year. Retail startups led with 15 listings, followed by enterprise applications with 11. The surge indicates venture-backed startups are demonstrating scale, governance, and revenue visibility to tap public capital. Late-stage companies accounted for 44% of equity-funded IPOs, up from 36%. India's IPO momentum ranked it among the top three IPO markets globally. Total capital raised stood at $11.7 billion across 1,632 rounds, down 18% year-on-year. Early-stage funding rose 33% to $4.8 billion, indicating increasing investor selectivity.
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