A new report by Blume Ventures has noted that 23% of the IPOs activity in the world in 2024 took place in India. India accounted for 268 IPOs, with 90 mainboard listings and 178 SME listings, according to the Indus Valley Annual Report 2025.
Additionally, India’s IPOs also raised the highest amount of money, at $19.5 billion, followed by US Nasdaq-listed IPOs, which raised $16.5 billion, and US NYSE-listed IPOs which raised $15.9 billion. The year also saw India’s largest IPO, Hyundai Motors’ ₹27,870-crore fresh issue, which was the world’s second largest IPO too in 2024.
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However, the report added that the median market capitalisation of firms launching their IPO dipped for the third consecutive years in 2023, from ₹3,800 crore in 2021 to ₹3,000 crore in 2022 and ₹2,770 crore in 2023.
Venture funds have also shown renewed interest in Indian markets, with the amount of money raised by venture-funded IPOs after 2021 rising to more than double the money raised by all venture-funded IPOs listed before 2021. Some of the venture capitalist-backed IPOs include Nykaa, Delhivery, Zomato, Paytm, Swiggy, Policybazaar, MapmyIndia, Cafe Coffee Day, Just Dial, Quick Heal, Info Edge and Matrimony.com.
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Since 2012, the median SME IPO market cap has jumped 4.5 times to nearly ₹100 crore as of 2024 while the median revenue at IPO grew 3 times to nearly ₹70 crore.
Quick commerce sector’s growth
India’s quick commerce market has grown 24 times from $300 million in FY22 to $7.1 billion in FY25E. Blinkit commands the largest market share in the sector, at 44%, followed by Zepto (30%) and Swiggy Instamart (23%).
Blinkit is present across 85 cities while Swiggy Instamart and Zepto are present in 77 and 71 cities respectively. The number of dark stores being operated by Blinkit has risen from 364 in FY23 to 1,251 in FY25E. For Swiggy Instamart, the number has increased from 421 to 1,004 in the same time period while for Zepto, the number of stores have risen from 200 to 1,050.
