Startups Making Waves in Public Markets

Startups have shown significant activity in public markets, illustrated by nearly 30 startups that transitioned to being publicly traded since 2020. Additionally, numerous others are gearing up for their IPOs scheduled for the period of 2025-2026, according to data gathered from various sources by a startup data intelligence platform. Prior to December 2024, the majority of these newly listed startups showcased strong performances in terms of market capitalisation and share price, but they have recently faced downturns due to fluctuations in the overall stock market.

Evaluating Startup Performance in Downturns

To analyse how startups perform during bear markets, Startup Superb has examined the percentage changes in the value of these startups by comparing their current market prices to their original listing prices.

Top Performers Among Startups

Zomato has distinguished itself as the leading startup in public markets, achieving an impressive return of 187.93% and currently trading at roughly Rs 218.8, after launching at an issue price of Rs 76. In second place is the fintech startup Zaggle, with a 110.82% return, trading at Rs 345.75 against its initial price of Rs 164.

Other notable gainers include Awfis at 68.93%, TBO Tek at 68.48%, BlackBuck at 64.84%, MapMyIndia at 60.27%, Ixigo at 58.09%, and PolicyBazaar at 52.24%. Furthermore, firms like Veranda Learning, Five Star Business Finance, RateGain, Mobikwik, Unicommerce, Digit Insurance, and EaseMyTrip have also reported positive returns since their respective IPOs.

Challenges Faced by Startups

The recent downturn in the stock market has been influenced by factors affecting investor sentiment and profit-taking, leading to significant losses for various stocks. Paytm has experienced the most severe decline, dropping 65.69% to Rs 737.75 from its original issue price of Rs 2,150. Following closely is Fino, which fell by 58.98% to Rs 236.7 from Rs 577.

Other substantial losers include Delhivery at 44.98%, Yatra at 43.66%, ideaForge at 42.98%, MamaEarth at 30.86%, Tracxn at 24.19%, Ola Electric at 18.93%, FirstCry at 16.54%, and Nazara at 15.80%. Companies such as Swiggy, Nykaa, and CarTrade have also experienced noticeable drops as of February 17, 2025.

Upcoming IPOs in 2025

As the current calendar year progresses (2025), several companies are set to launch their IPOs, among them OfBusiness, Ecom Express, Shiprocket, Urban Company, Physics Wallah (PW), Pine Labs, Aye Finance, and others.

The landscape for startups in public markets has shown a blend of outcomes since 2020. While startups like Zomato and Zaggle have offered remarkable returns, others such as Paytm and Fino have faced significant financial losses, particularly in recent weeks due to market instability. This data highlights a diverse range of results, with certain startups continuing to thrive while others encounter difficulties. With more companies like OfBusiness, PW, and Pine Labs aiming for IPOs in 2025-2026, the market’s readiness to absorb these new listings will soon be put to the test.