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Indian cloud firms to lead next tech listings
Hindustan Times Noida
|December 20, 2025
The Indian capital markets are poised for a wave of listings by cloud-based software providers, with bankers and investors predicting that at least seven to eight such startups are preparing to go public locally over the next 12-18 months.
SaaS companies are expected to drive tech IPOs.
(ISTOCKPHOTO)
Unlike the consumer-facing firms that have dominated the listed pipeline so far, software-as-a-service (SaaS) companies are expected to drive tech initial public offerings (IPOs) next. RateGain and, recently, Capillary Technologies are the only large such listings in India.
Now, their peers, including Amagi, Leadsquared, BusinessNext, Zenoti, Icertis, Mindtickle, Juspay and Whatfix, are either preparing for IPOs or considering public listings, bankers and investors said.
This story is from the December 20, 2025 edition of Hindustan Times Noida.
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