India’s 2025 IPO cycle is shaping up to be one of the strongest liquidity phases for the venture ecosystem in several years. Seven prominent listings – Ather Energy, Bluestone, Urban Company, Lenskart, Pine Labs, Groww and PhysicsWallah – have collectively enabled early investors to realize more than ₹15,000 crore through offer-for-sale (OFS) transactions, based on disclosures in IPO documents.
However, the far larger story lies in the unsold holdings. As per post-issue shareholding data and market capitalisations as of 20 November, venture investors continue to sit on over ₹90,000 crore worth of unrealised value. This is nearly six times the amount booked through OFS sales.
Realised value: Who exited and how much?
Across the seven IPOs, existing investors have cumulatively realised just over ₹15,000 crore:
- Groww – ₹5,572 crore
- Lenskart – ₹5,128 crore
- Pine Labs – ₹1,820 crore
- Urban Company – ₹1,428 crore
- Bluestone – ₹721 crore
- PhysicsWallah – ₹380 crore
- Ather Energy – ₹355 crore
These figures reflect only secondary sales. Capital raised by the companies themselves is not included.
The 2025 cycle marks one of the most broad-based liquidity periods since 2021, with exits spanning mobility, consumer internet, services, fintech, education, and jewellery – a sign of renewed public-market depth for new-age companies.
Unrealised value exceeds ₹90,000 crore
While OFS cash-outs have been substantial, the larger gains remain held on investor balance sheets.
As of 20 November, the market value of investors’ unsold stakes across the seven newly listed companies is estimated at over ₹90,000 crore.
Key contributors:
- Groww
- Market cap ~₹97,000 crore
- Peak XV stake ~₹16,000 crore
- Y Combinator ~₹10,000 crore
- Ribbit Capital ~₹12,000 crore
- Tiger Global ~₹5,000 crore
- Lenskart
- Market cap ~₹72,000 crore
- SoftBank stake ~₹9,500 crore
- Premji Invest, Alpha Wave, Kedaara collectively ~₹7,200 crore
- Urban Company
- Market cap ~₹20,000 crore
- Elevation, Accel, Naspers, Vy Capital, Steadview each hold stakes of ~₹1,300–1,600 crore
- Ather Energy
- Market cap ~₹26,000 crore
- Large positions: Caladium, Tiger Global, India-Japan Fund, NIIF
- Pine Labs
- Market cap ~₹27,500 crore
- Peak XV stake ~₹4,500 crore
- Bluestone
- Accel remains the largest post-listing investor
- Accel remains the largest post-listing investor
- PhysicsWallah
- Valuation ~₹40,000 crore
- Significant holdings by WestBridge and early backers
Largest beneficiaries
Across all companies listed so far:
- Peak XV Partners holds unrealised value exceeding ₹21,000 crore
- Y Combinator and Ribbit Capital follow, largely due to Groww
- SoftBank sits on ~₹9,500 crore via Lenskart
- Tiger Global holds more than ₹6,000 crore across Ather Energy and Groww
- Accel has nearly ₹2,500 crore across Urban Company and Bluestone
Collectively, these five investors account for nearly half of the unsold pool.
What this means for the broader IPO environment
The combined realised and unrealised gains – ₹15,000 crore already booked and ₹90,000 crore still held – highlight:
- A meaningful exit window for private capital after several muted years
- Improved public-market appetite for profitable and near-profitable new-age companies
- A shift in value from private to public markets, though the public share remains small
- A deeper institutional base, with domestic mutual funds and insurers taking larger positions
New-age companies’ share in India’s total listed market cap has risen from 1.36% in December 2021 to 2.49% today. But compared to an estimated ₹25 lakh crore valuation of India’s private-market unicorns, only a fraction has reached public markets.
This suggests the liquidity realised in 2025 may represent just the early stage of a much larger pipeline.