India Emerges as World's Most Active IPO Market in 2025: Report In 2025, 20 venture-backed startups went public, nine new unicorns emerged, taking India's ecosystem to USD 419 billion, with over 1,540 unicorns overall, including 28 profitable companies.

India's tech ecosystem is entering a phase of greater maturity, marked by faster journeys to the public markets and a surge in venture-backed initial public offerings, according to a new report by Orios Venture Partners.

The India Tech Unicorns & Exits Report 2025 says the country emerged as the world's most active IPO market by volume during the year, reflecting growing confidence in technology-led businesses.

The report notes a clear structural shift in how Indian startups scale and exit. Several venture-backed companies are now reaching the stock markets within five years of raising institutional capital, compared with earlier generations that often took more than a decade to mature. This acceleration is attributed to stronger digital infrastructure, experienced founders, and public market investors who are increasingly comfortable with technology business models.

Consumer-focused and digital-first companies such as Groww, Physics Wallah, Zepto and Ola Electric are cited as examples of this trend. The report says advances in digital payments, logistics networks, online distribution and governance frameworks are allowing companies to scale faster and prepare for listings earlier in their life cycles.

India also retained its position as the largest IPO market globally in 2025. During the year, 20 venture-backed startups listed publicly, while nine new unicorns were added to an ecosystem valued at USD 419 billion.

The report states that India now has more than 1,540 unicorns in total, including 28 that are profitable, signalling a move away from growth-at-any-cost strategies toward sustainable, market-ready businesses.

"Indian startups are no longer building with private exits alone in mind," said Rehan Yar Khan, Managing Partner at Orios Venture Partners. "What we are seeing now is a fundamental change in founder mindset and ecosystem capability."

Beyond consumer technology, 2025 was a notable year for deep tech and AI in India. The country saw its first AI unicorn of the year, alongside strong funding momentum in companies developing core AI models and infrastructure. Firms such as Netradyne and Krutrim featured prominently, while exit activity increased, with acquisitions rising by more than seventy percent year-on-year.

The report also highlights the growing diversity of India's startup landscape. Women-founded and co-founded startups account for 17 unicorns across sectors including fintech, consumer services, enterprise technology and digital platforms. Bengaluru continued to strengthen its position as the country's unicorn capital, while e-commerce again emerged as the leading sector for funding activity and new unicorn creation.

Taken together, the findings point to an ecosystem evolving from rapid expansion toward durable scale. Faster IPO timelines, a rising pool of profitable companies, and strong exit activity suggest India is increasingly positioned as a global benchmark for how venture-backed firms transition into the public markets.

Looking ahead, the report says India enters 2026 with a solid pipeline of IPO-ready startups in coming years.