Startup IPO pipeline: Zetwerk, Spinny, PhonePe and others line up
India's startup IPO queue is long. According to Inc42 data reported in September 2026, 24 startups had filed draft papers (DRHPs) with SEBI, more than 25 others were in different stages of planning, and 13 had already listed during the year.
Here is where some well-known names stood in that report.
Zetwerk filed its DRHP with SEBI for a public issue of Rs 2,600 crore in fresh shares plus a sale of up to 9.6 crore shares by existing investors. It also settled a legal dispute with Ayr, though the terms were not shared.
Spinny confidentially filed for an IPO of Rs 2,500 to Rs 3,000 crore, aiming for a 2027 listing.
PhonePe has revived its IPO plan and is aiming to list by March 2027.
Furlenco plans an issue of up to Rs 1,200 crore at a valuation of about Rs 7,000 crore, with a launch targeted in FY28.
Inc42 estimated that OYO, Razorpay and Zetwerk alone could raise over Rs 34,000 crore in 2026.
What to remember: Dates and issue sizes in IPO plans change often, depending on market conditions and SEBI approval. Filing papers does not mean a company will list. Before applying to any IPO, read the company's draft or final prospectus.
Details are from a September 2026 Inc42 report and may have changed. Check the latest news and SEBI filings. This is not investment advice.