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India is entering a new phase in its digital economy—one where some of its biggest internet platforms are finally ready for the public markets. After years of rapid growth fueled by cheap data, widespread smartphone adoption, and millions of new users outside major cities, several homegrown tech companies are now reaching scale and preparing to list.
For investors, this represents one of the most compelling opportunities in India’s market in years. Five companies in particular—Groww, PhonePe, Meesho, Lenskart, and Urban Company—are expected to launch IPOs soon, marking a major shift from early-stage startup stories to publicly traded growth platforms.
As this IPO cycle unfolds, the India Internet Index (INQQ) remains one way for investors to gain broad exposure to the country’s fast-growing digital ecosystem—including many established leaders poised to benefit from the same tailwinds driving these listings.
Why India Is Seeing a Wave of Tech IPOs
Three long-term trends are driving this moment:
1. Smartphones everywhere. Hundreds of millions of Indians now use smartphones daily, creating a massive market for digital services.
2. Ultra-cheap data. India’s extremely low data costs keep users online longer and more often.
3. Fast growth outside big cities. Consumers in tier-2 and tier-3 markets are adopting digital platforms at record speed, expanding the customer base for many tech companies.
These forces have allowed India’s leading digital businesses to grow quickly, strengthen business models, and prepare for life as public companies. They also continue to underpin the broader universe of India’s listed internet stocks—many of which are already included in INQQ.
The Companies to Watch
Groww: Making Investing Mainstream
Groww has become one of India’s most popular investing platforms by simplifying access to financial markets for first-time and mass-market investors. The platform enables users to buy stocks, mutual funds, ETFs, fixed-income products, and even apply for IPOs—all through a clean, intuitive app experience. For investors, Groww’s upcoming listing aligns with a powerful multiyear trend: India’s rising retail participation and long-term shift toward financial asset ownership.
Zepto: Redefining Quick Commerce in India
Zepto is India’s leading quick-commerce platform, promising grocery and everyday essentials delivered in under ten minutes. Founded in 2021 by Aadit Palicha and Kaivalya Vohra, the company has scaled rapidly by leveraging high-density dark stores and advanced logistics technology across major Indian cities. Zepto’s model caters to urban consumers seeking speed and convenience—an increasingly valuable niche in India’s digital retail landscape. Backed by top global investors, Zepto represents a new frontier in e-commerce efficiency, though its path to profitability will hinge on continued operational discipline and scale.
PhonePe: India’s Payments Powerhouse
PhonePe is one of the dominant players in India’s UPI ecosystem, which handles more than 10 billion transactions per month. Beyond peer-to-peer payments, it offers insurance, mutual funds, travel bookings, bill pay, and small-business tools. Its IPO is expected to be one of India’s most significant fintech listings to date, giving investors access to a digital payments platform with enormous scale and strong network effects—an area where existing INQQ holdings have already demonstrated substantial growth.
Meesho: E-Commerce for the Next Billion
Meesho focuses on underserved consumers and sellers in tier-2 and tier-3 cities—markets that now drive India’s e-commerce expansion. Its social-commerce model empowers small sellers and micro-entrepreneurs to reach buyers online with minimal overhead. With improving unit economics and an asset-light model, Meesho stands out as a company aligned with India’s next wave of online consumption growth.
Lenskart: Reinventing Eyewear Retail
Lenskart is India’s leading tech-enabled eyewear retailer, combining online convenience with an expanding offline network. Its vertically integrated model—spanning design, manufacturing, and distribution—supports strong margins and brand strength. For investors, Lenskart represents a consumer-tech business with recurring demand and meaningful international expansion potential.
Urban Company: Home Services, Simplified
Urban Company operates a curated marketplace for at-home services, ranging from beauty treatments and appliance repair to home cleaning and grooming. Its emphasis on training, quality control, and standardization has modernized a long-fragmented sector. The company’s move toward subscription offerings and repeat-use categories gives it a sticky, service-driven model with long-term upside.
Pine Labs: Powering Digital Payments and Merchant Growth
Pine Labs is a leading fintech platform enabling digital payments and commerce solutions for merchants across India and Southeast Asia. Its integrated suite—spanning point-of-sale terminals, QR-based payments, and merchant financing—supports millions of small and mid-sized businesses. With strong profitability metrics and growing SaaS-driven revenue streams, Pine Labs sits at the intersection of payments, credit, and retail tech. For investors, it offers exposure to India’s rapidly formalizing digital economy and expanding consumer-spending ecosystem.
Flipkart: The E-Commerce Titan of Emerging India
Flipkart is India’s largest homegrown e-commerce marketplace, serving hundreds of millions of customers across categories from electronics and fashion to groceries and fintech. Backed by Walmart, Flipkart has built deep logistics capabilities, a robust digital payments arm (PhonePe, previously part of the group), and strong market share against global rivals. With an IPO expected in 2026, the company is positioned as a flagship of India’s digital economy—combining scale, brand loyalty, and diversified revenue streams in one of the world’s fastest-growing online retail markets.
PhysicsWallah: Edtech for the Masses
PhysicsWallah is a fast-growing edtech platform that democratizes access to quality education across India. Founded by educator Alakh Pandey, the company began as a YouTube channel and has evolved into a full-scale hybrid learning business offering affordable online and offline courses for K–12 and competitive exams. Its focus on low-cost, high-quality instruction has helped it reach millions of students, particularly in non-metro regions. With strong brand trust and profitable growth, PhysicsWallah exemplifies the next generation of sustainable Indian edtech poised for public-market entry.
What This Means for Investors
The upcoming IPO wave is more than a few companies coming to market—it reflects the deepening maturity of India’s digital economy.
Key implications include:
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Access to new high-growth platforms previously available only in private markets
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Greater representation of internet and tech businesses in India’s equity indices
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More transparency and accountability as private companies adopt public-market governance
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Expanded opportunities for investors seeking long-term exposure to India’s digital transformation
Importantly, EMQQ Global’s suite of indexes tracks the rise of a digital India. The India Internet Index (INQQ) offers exclusive exposure to India’s internet and e-commerce leaders, giving investors direct access to the companies benefiting from the same structural tailwinds driving today’s IPO pipeline. For those seeking a broader, diversified approach, the Emerging Markets Internet Index (EMQQ) captures leading digital businesses across all major EM regions, including India. Meanwhile, the Next Frontier Internet Index (FMQQ) provides targeted exposure to emerging market tech outside of China, offering another way to participate in India’s growth while balancing broader geographic risk.
The Bottom Line
India’s digital economy is entering its next chapter, and several of its most influential tech platforms are preparing to make their public-market debuts. For investors looking to participate in the growth of one of the world’s most dynamic internet markets, the upcoming IPO cycle presents a timely opportunity.