Upcoming Startup IPOs in India: PhonePe, Zepto, OYO

Several of India’s largest startups now plan to list in early 2027 rather than in 2026. As of late October 2026, PhonePe is aiming for a listing by March 2027, Zepto for between February and May 2027, and OYO’s parent PRISM has SEBI clearance for a ₹6,650 crore fresh issue. Flipkart has reportedly put off its IPO until at least 2028.

Below is where each major startup IPO candidate stands, based on filings and reports up to October 2026.

Upcoming Startup IPOs in India: Status Tracker

Sources: Inc42 Indian Startup IPO Tracker 2026 (updated 18 October 2026) and Inc42 reporting from June 2026. Timelines are company targets and can change.

PhonePe: Back on Track After a Pause

The payments company was expected to be one of 2026’s biggest listings. In March it put the process on hold, citing geopolitical tensions. Inc42 reports that PhonePe revived the plan in September 2026. It now intends to file updated papers by the end of the year and list by March 2027, at a valuation of about $10 billion.

PhonePe’s listing would be the clearest test yet of how public investors value India’s UPI payments companies. It is likely to set the reference point for Razorpay and other fintech firms behind it. Groww, which listed in 2025, is already a guide: it was valued at about ₹1.13 lakh crore on 23 October 2026, per Inc42.

Zepto: Approved, Then Delayed Again

Zepto has come closer to listing than any other quick-commerce startup without actually doing so. It received SEBI approval in May 2026 and filed an updated draft red herring prospectus in July. In August it paused the IPO again, according to Inc42. The company now aims to list between February and May 2027.

Investors will compare Zepto with its two listed rivals. Blinkit’s parent is Eternal, and Swiggy runs Instamart. Both have reported their latest quarterly results: see our coverage of Eternal’s Q2 results and Swiggy’s Q2 results. How the market treats those two stocks will shape the price Zepto can ask.

OYO: Third Attempt, Now Cleared

OYO’s parent, PRISM, is on its third attempt at a public listing. It received SEBI’s nod in June 2026 and filed an updated draft for a fresh issue of ₹6,650 crore. Inc42 reports a target valuation of $7–8 billion. PRISM has not announced a launch date.

Because the issue is all fresh capital, the money would go to the company rather than to existing shareholders selling out. In 2026, issues made up mostly of offers for sale have met tougher questions from institutional buyers.

Razorpay: Quietly Filed

Razorpay used SEBI’s confidential pre-filing route, Inc42 reported in June 2026. Under this route a company can get regulatory feedback before its draft prospectus is made public. The issue is reported at up to $600 million, at a valuation of $5–6 billion. That is below the $7.5 billion Razorpay was valued at in its last private round.

Pricing below the last private round is becoming more common among Indian startups heading to market. It leaves room for listing gains, which matters after several 2026 debutants opened below their issue price.

Flipkart: Moved Home, but Not Yet Ready

Flipkart finished moving its holding structure from Singapore to India in March 2026, a step needed before it can list on Indian exchanges. In May, reports said the IPO had been deferred until at least 2028. Until then, Flipkart’s valuation will be judged mainly by how listed e-commerce peers such as Meesho trade. Meesho, which listed in 2025, had a market value of about ₹99,467 crore on 23 October 2026, according to Inc42.

Who Else Is in the Queue

The pipeline goes well beyond these five. At the start of 2026, Inc42 estimated that more than 190 companies of all kinds either had SEBI approval or had draft papers under review, together seeking ₹2.5–2.65 lakh crore. Several of this year’s new unicorns, including KreditBee and Square Yards, have said they are preparing to list. Our list of India’s new unicorns of 2026 has their details.

Not every plan survives contact with the market. Curefoods was among the companies that postponed their IPOs in 2026, according to Inc42. Two deeptech names, Zetwerk and Tonbo Imaging, did make it, both listing on 23 October.

What the 2026 Listings Tell Us About 2027

The companies that listed this year give a guide to what the next wave can expect. Sixteen new-age companies listed on the main boards between January and 23 October 2026. ESDS Software and SEDEMAC more than doubled from their issue prices. Fractal Analytics and AceVector slipped below theirs, and Zetwerk ended its first trading day below issue price. Our full review of Indian startup IPOs in 2026 has the numbers.

Large non-startup issues compete for the same institutional money. Jio Platforms’ IPO in October is the most recent example. Our report on the Jio Platforms IPO covers that deal. A crowded calendar of big issues can leave smaller startup IPOs short of anchor demand.

For founders planning a listing, three lessons stand out. Price the issue for public buyers rather than to match the last private round. Keep the offer-for-sale portion modest. And be ready to wait, as PhonePe and Zepto have done, if the market turns against you.

Frequently Asked Questions

When is the PhonePe IPO expected?

PhonePe revived its IPO plans in September 2026 and is targeting a listing by March 2027, according to Inc42. It plans to file updated papers by the end of 2026.

Is the Zepto IPO happening in 2026?

No. Zepto received SEBI approval in May 2026 but paused the IPO in August. It now aims to list between February and May 2027.

Has OYO got SEBI approval for its IPO?

Yes. OYO’s parent, PRISM, received SEBI’s nod in June 2026 and has filed an updated draft for a ₹6,650 crore fresh issue.

When will Flipkart go public?

Flipkart completed its move to an Indian holding structure in March 2026. In May 2026, reports said the IPO had been pushed back to 2028 at the earliest.