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Startup IPOs In 2022-23: Delhivery, Droom, Ixigo, Ola Cabs, & More!

We’ve compiled a list of the top 10 startup IPOs for 2022-23. Come check it out!
October 20, 2023

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A startup is an early-stage company that’s generally less than 10 years old. India is known for its solid startup culture and the many unicorns that have created strong global and domestic products. 

The concept of IPOs isn’t as new as startup culture in India. But startup IPOs have been taking the country by storm since 2019 when Alphalogic Techsys became the first recognized Indian startup to go public. 

Since then, startup IPOs of companies like Paytm, Zomato, and Nykaa have become a part of the biggest public issues in India. Let’s take a look at more such startup IPOs expected to hit the market in 2022. You can consult a Cube Wealth coach or download a Cube Wealth coach.

1. Delhivery IPO (Logistics)

Logistics company Delhivery was founded in May 2011. Initially, the goal of Delhivery was to become a hyperlocal express delivery startup. This changed after the founders witnessed the e-commerce boom in India.

Startups like Nykaa, Myntra, Jabong, Healthkart, and others rely on Delhivery’s services. Success over the past 10 years meant that the next logical step was for Delhivery to IPO in 2022.  

  • Delhivery IPO size: ₹7,460 crores
  • Fresh issue size: ₹5,000 crores
  • Offer-for-sale: ₹2,460 crores
  • Delhivery IPO Date (tentative): Q1 FY23

Delhivery has raised over $1 billion in funding from the likes of SoftBank Vision Fund, Tiger Global Management, Fidelity, and others. Yet, like most startups, Delhivery isn’t profitable. 

Delhivery Financials
Delhivery Financials

2. Snapdeal IPO (e-Commerce)

Snapdeal began as a daily deals platform in 2010. Just like Delhivery realised Indian e–commerce’s potential, so did Snapdeal. It expanded into a complete online marketplace in 2011. 

Amazon and Flipkart tend to target high-value customers who want to buy branded goods. Snapdeal’s business model is the opposite - it focuses on value-for-money goods whose target market is 3x bigger.

After a few turbulent yet successful years later, Snapdeal’s IPO is expected to hit the Indian market in 2022. 

  • Snapdeal IPO size: ₹1,250 crores (at least)
  • Fresh issue size: ₹1,250 crores
  • Offer-for-sale: 30.77 million shares
  • Snapdeal IPO Date (tentative): FY23

Snapdeal has been funded by the likes of Alibaba Group, BlackRock,  eBay, Foxconn and SoftBank, and others who have contributed over $1 billion to the e-commerce company. You can consult a Cube Wealth coach or download a Cube Wealth coach.

Snapdeal Financials
Snapdeal Financials


3. Tracxn Technologies IPO (Data Intelligence)

Tracxn is a data intelligence company that was founded in 2013. It is a startup that focuses on analyzing data of startups and private companies. 

This service is primarily used by VCs, investment banks, and others to make investment decisions using data. Having catered to over 850 clients, Tracxn’s IPO has received SEBI’s approval. 

  • Tracxn IPO size: TBD
  • Fresh issue size: TBD
  • Offer-for-sale: 38.67 million shares
  • Tracxn IPO Date (tentative): FY23

The data intelligence company is backed by Flipkart founders Binny and Sachin Bansal, Accel, Elevation Capital, Sequoia Capital, and others. 70% or more of Tracxn’s revenue comes from countries other than India. 

As far as financials are concerned, Tracxn’s operating revenue for FY20 stood at ₹37.33 crores, 12.4% higher than the ₹33.2 crores recorded in FY19. The annual loss also fell by 11% in FY20 to ₹19.3 crores. 

4. Ola Cabs IPO (Transport)

Ola Cabs began its operations in 2010. Although famous for its ride-hailing service, Ola Cabs has diversified into other fields like car leasing, cloud kitchens, a used car marketplace, and others. 

Furthermore, India isn’t the only country where Ola Cabs operates. Ola expanded to Australia, New Zealand, and the UK between 2018-19. After recording its first operating profit in FY21, Ola Cabs’ IPO is set for FY23.

  • Ola Cabs IPO size: ₹7,000-₹11,000 crores**
  • Fresh issue size: TBD
  • Offer-for-sale: TBD
  • Ola Cabs IPO Date (tentative): FY23  

**These are estimates provided by top publicly available sources.

Ola recently bagged funding of $20 million from Segantii Capital. It is also backed by notable investors like Axis Asset Management Company, Softbank, Edelweiss Financial Services, and others. You can consult a Cube Wealth coach or download a Cube Wealth coach.

5. Droom Technology IPO (e-Commerce)

Droom is an e-commerce platform that allows users to buy and sell used cars, bikes, and scooters. Founded in 2014, Droom is working towards easing the buying and selling process with AI and machine learning. 

Droom has raised $125 million across six funding rounds over the past 8 years. These rounds were led by investors like Beenos, Lightbox, Beenext, Digital Garage, Toyota Tsusho Corp, and more. 

Now, Droom’s IPO will help the e-commerce platform raise money from public investors. Here are the details.

  • Droom IPO size: ₹3,000 crores
  • Fresh issue size: ₹2,000 crores
  • Offer-for-sale: ₹1,000 crores
  • Droom IPO Date (tentative): FY23  

It’s important to note that just like most startups, Droom isn’t profitable either. In FY19, Droom reported operating revenue of ₹136.43 crores with a loss of ₹128.55 crores. That said, Droom is valued at $1.2 billion.

6. One Mobikwik Systems IPO (Fintech)

One Mobikwik Systems is the only fintech startup to feature on this list. The fintech firm was founded in 2009 and operates in categories like Buy Now Pay Later (BNPL), online wallet, payment gateway, and more.

Indian fintech companies have a less than stellar track record post-IPO (Paytm, Policy Bazaar, etc). One Mobikwik Systems’ IPO is looking to break the mould but its public issue has been delayed. 

  • One Mobikwik Systems IPO size: ₹1,900 crores
  • Fresh issue size: ₹1,500 crores
  • Offer-for-sale: ₹400 crores
  • One Mobikwik Systems IPO Date (tentative): FY23  

Reasons for the delay were primarily due to the pulling out of institutional investors (Eastspring Investments and Nomura) who backed out from the IPO. 

That said, Mobikwik is profitable. The fintech subsidiary reported a net profit of ₹7 crores in Q3 FY22. One Mobikwik Systems is backed by Sequoia Capital India, Bajaj Finance, Tree Line Asia, and others.  

7. Ixigo IPO (Travel)

Online travel portal Ixigo was founded in 2007 and is owned by Le Travenues Technology Ltd. Ixigo uses AI to provide simplified access to travel information and booking for flights, buses, trains, and more.   

Initially, Ixigo began as a flight and hotel search engine website but later diversified into train travel as well. After 15 years in the game, Ixigo’s IPO could fetch it ₹1,600 crores.

  • Ixigo IPO size: ₹1,600 crores
  • Fresh issue size: ₹750 crores
  • Offer-for-sale: ₹850 crores
  • Ixigo IPO Date (tentative): FY23  

MakeMyTrip was an investor in Ixigo and recently exited its holdings for 8x returns. Current investors include Elevation Capital, Sequoia Capital, GIC, Trifecta Capital, and others. 

On to financials. Ixigo logged revenue of ₹135 crores in FY21 compared to ₹112 crores in FY20. The travel company also reported a profit of ₹2.7 crores in FY21 compared to a ₹26.6 crores loss in FY20.

8. Byju's IPO (Edtech)

Byju’s is arguably one of the most famous names on this startup IPOs list. Founded in 2011, Byju’s is an online edtech platform that operates in multiple countries across the globe. 

Many believe that Byju’s stands out in the Indian edtech space because of its ability to blend modern interactive coaching methods with personalized learning. 

This has fetched Byju’s over $5 billion in funding from the likes of Chan-Zuckerberg Initiative, BlackRock, and others. Byju’s is currently valued at $22 billion after its latest funding round of $800 million.

  • Byju's IPO size: $400-$600 million
  • Fresh issue size: TBD
  • Offer-for-sale: TBD
  • Byju's IPO Date (tentative): TBD  

News reports suggest that Byju’s IPO could raise anywhere between $400-$600 million and that it is in talks with US SPACs to set up an easy pathway to being listed in the US.

9. Flipkart IPO (e-Commerce)

Flipkart is another e-commerce startup from India. The Flipkart that we know today had humble beginnings when it was founded in 2007. Back then, it only sold books online.

As we discussed before, Flipkart focuses on selling branded products just like Amazon. This business model has garnered interest from US e-commerce companies like eBay that have invested in Flipkart. 

Flipkart was later acquired by Walmart which won a bidding war versus Amazon. This acquisition also meant that Flipkart has to launch an IPO for as much as the money invested by Walmart (as per US laws). 
Reports suggest that Flipkart is keen on an IPO before March 2023 and is currently valued at $37.6 billion. Walmart currently holds a 75% stake in Flipkart. Keep an eye out for more information on Flipkart’s IPO here.

  • Flipkart IPO size: TBD
  • Fresh issue size: TBD
  • Offer-for-sale: TBD
  • Flipkart IPO Date (tentative): TBD  

10. Swiggy IPO (Food Delivery)

Swiggy is an online food delivery platform that was founded in 2014. The 8-year-old startup operates in 500 cities and is currently valued at $10.7 after a funding round worth $700-million led by Invesco.

Zomato, Swiggy’s biggest competitor, went public in 2021 after raising ₹9,375 crores. This could be a double-edged sword for Swiggy as Zomato’s IPO raised a large amount of money but tanked post-IPO.

Reports suggest Swiggy’s IPO may hit the Indian market in late FY23/early FY24 with an issue size of approximately $1 billion (₹7,580 crores). Watch this space for more information about Swiggy’s IPO.

  • Swiggy IPO size: TBD
  • Fresh issue size: TBD
  • Offer-for-sale: TBD
  • Swiggy IPO Date (tentative): TBD  
Startup IPOs 2022-23
Startup IPOs 2022-23


Investing in IPOs can be an exciting opportunity to support a company's growth and potentially earn returns. However, it's crucial to approach IPO investments with caution and conduct thorough research. IPOs can be volatile, and the initial price doesn't guarantee long-term success. It's wise to consult with financial advisors, stay informed about market conditions, and understand the company's business model and financial health before deciding to invest. Remember that, like any investment, IPOs come with risks, and diversifying your portfolio is generally a sound strategy for long-term financial success.


1. Why do companies go public with an IPO?

Ans. Companies go public to raise capital for growth and expansion, enhance their brand visibility, provide liquidity to existing shareholders, and access the public equity markets.

2. How does an IPO work?

Ans. A company working with investment banks determines its IPO price, issues shares to the public, and gets listed on a stock exchange. Investors can then buy and sell these shares in the secondary market.

3. What is the IPO price?

Ans. The IPO price is the initial offering price set by the company and its underwriters. It represents the price at which the company intends to sell its shares to the public.

4. How can I invest in an IPO?

Ans. You can participate in an IPO through a brokerage account. Most brokerage firms offer access to IPO shares for their clients. You can consult a Cube Wealth coach or download a Cube Wealth coach.

Note: Facts & figures are true as of 31-03-2022. None of the information shared here is to be construed as investment advice. Exercise caution when investing in assets like stocks, mutual funds, alternative investments, and others.

Priya Bansal
Curious about personal finance and all things money. Can either find me reading a book or dancing to a tune.

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