From IPO to now: Tracking startup returns in public market

Startups have made their presence felt in public markets, as evidenced by nearly 30 startups that have gone public since 2020. Over four dozen more are preparing for IPOs in the 2025-2026 period, as per data compiled by the startup data intelligence platform TheKredible. While most of these newly public startups had performed well in terms of market cap and share price before December 2024, they have experienced declines in both over the past two months due to overall stock market turbulence. 

To assess startup performance in bear markets, Entrackr has analyzed the percentage of gains and losses startups have experienced by comparing their current market prices with their issue prices.

Zomato has emerged as the best-performing startup in the public markets, delivering a remarkable 187.93% return and trading at approximately Rs 218.8, compared to its issue price of Rs 76.

Fintech startup Zaggle secured the second spot with a 110.82% return, trading at Rs 345.75 against its issue price of Rs 164.

Other notable gainers include Awfis 68.93%, TBO Tek 68.48%, BlackBuck 64.84%, MapMyIndia 60.27%, Ixigo 58.09% and PolicyBazaar 52.24%. 

Meanwhile, companies like Veranda Learning, Five Star Business Finance, RateGain, Mobikwik, Unicommerce, Digit Insurance, and EaseMyTrip have also generated positive returns since their IPOs.

The recent stock market downturn, driven by factors affecting investor sentiment and profit booking, has caused significant losses for several stocks.

Paytm has been the worst hit, plunging 65.69% to Rs 737.75 from its issue price of Rs 2,150, followed by Fino, which dropped 58.98% to Rs 236.7 from Rs 577.

Other major losers include Delhivery 44.98%, Yatra 43.66%, ideaForge 42.98%, MamaEarth 30.86%, Tracxn 24.19%, Ola Electric 18.93%, FirstCry 16.54%, and Nazara 15.80%. Swiggy, Nykaa, and CarTrade have also seen notable declines. (Data as of 17 Feb 2025)

In the ongoing calendar year (2025), several companies are preparing for their IPOs, including OfBusiness, Ecom Express, Shiprocket, Urban Company, Physics Wallah (PW), Pine Labs, Aye Finance, and more.

The performance of startups in public markets has shown mixed results since 2020. Companies like Zomato and Zaggle have delivered high returns, while others, including Paytm and Fino, have recorded huge losses, especially in recent months due to market volatility. The data reflects varying outcomes, with some startups maintaining growth and others struggling. As more companies, including OfBusiness, PW and Pine Labs, plan IPOs in 2025-2026, the market’s capacity to absorb new listings amid current conditions will be tested.