IPO over Unicorns?

A major structural shift has been unfolding in Indian startup ecosystem for some time now.

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There was a phase when the ultimate goal of every startup was to become a 'Unicorn' (a valuation of one billion dollars). Today, mid-sized startups are increasingly choosing to list on the stock market instead of chasing lofty valuations or the 'Unicorn' tag in private markets. This shift is not merely a passing trend but a consequence of evolving economic conditions. As we move closer to 2026, it has become evident that Indian entrepreneurs are beginning to value the transparency and stability of public markets over the uncertainty associated with prolonged private funding cycles. Last year, newage companies listed on Indian exchanges raised approximately Rs 36,000 crore through IPOs. This provided meaningful liquidity to founders, early investors, and employees.

Venture capital and selective capital