Indian Startup IPO Watch 2026: Zypp Electric, Turtlemint, FirstCry And The Busy Pipeline Ahead
Lots of Indian startups want to sell their shares to the public in 2026. This is called an IPO (Initial Public Offering). An IPO is the first time a private company sells small pieces of itself, called shares, to the public. After this, the company gets “listed” on a stock exchange, which is a market where people buy and sell shares.
Three companies are in the news right now. Zypp Electric, an electric-vehicle delivery company, is getting ready for a big share sale. Turtlemint, an insurance-tech company, has its share sale open now. And FirstCry is trying to win back people who invest in it, one year after its own IPO.
In this story we explain each company in simple words. We explain every money term. And we show what investors and company founders in India should watch next.
The Big Picture: India’s New-Age IPO Pipeline In 2026
“New-age” companies are young companies built around technology. Think of apps, online services, and digital platforms. Many of them now want to sell shares to the public.
By the middle of 2026, 26 startups had already filed their DRHP with SEBI. A DRHP is the first draft of the official IPO document. A company gives it to SEBI, which is India’s market watchdog, before it is allowed to sell shares. More than 24 other companies are still planning their IPOs.
The year 2025 was a record year. That year, 18 startups raised about ₹41,248 crore from public investors. In the first half of 2026, six startups have already listed. The results were mixed.
Some did very well. Kissht, a lending company, was 9.5 times oversubscribed. “Oversubscribed” means investors asked for far more shares than the company was selling. Its stock listed at an 11.7% premium. A “premium” means the stock opened at a higher price than the price the company sold it at.
Others did not do as well. Amagi, a software company, had huge demand at 30.2 times subscription. But its stock still listed at a 12.2% discount. A “discount” means the stock opened at a lower price than the price the company sold it at.
The mood has changed. One investor said that in 2026, companies will be judged on “predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone.” In simple words: steady profit and steady money matter more than just growing fast.
Zypp Electric IPO: A $200 Million Plan Aimed At FY28
Zypp Electric runs electric vehicles for “last-mile delivery.” Last-mile delivery is the final step that brings a parcel or food order from a nearby hub to your door. Zypp’s electric scooters and bikes are used by gig workers. These workers deliver for online shopping, food, quick-delivery apps, and bike-taxi services. The company was started in 2017 by Akash Gupta and Tushar Mehta.
Zypp is getting ready for an IPO of up to $200 million (about ₹1,890 crore). It plans to list in FY28. “FY28” means the financial year 2027–28. In India, the financial year runs from April to March. So FY28 ends in March 2028.
Zypp wants to list in the next 18 to 24 months. It has hired three firms to manage the deal: Axis Capital, SBI Capital Markets, and DAM Capital. Before the IPO, it also plans to raise $40–50 million in a pre-IPO raise. That money will come from private equity firms and impact funds, which are companies and funds that invest in businesses before they go public.
The numbers look strong. Zypp says its fleet of vehicles doubled in the last 6–7 months. Its net revenue, the money it earns, doubled over the past 12 months. It reached EBITDA profitability in FY25 and kept it through FY26. EBITDA is a way to measure if the main business makes money. It looks at profit before costs like interest, tax, and some accounting items. The company did not share its exact revenue numbers.
Turtlemint IPO: Subscribed About 52% By Day 2
Turtlemint is an “insurtech” firm. Insurtech means insurance plus technology. The company uses apps and software to sell and manage insurance. Its IPO is open now. By the end of Day 2, it was about 52% subscribed. “Subscription” shows how many of the shares investors have asked to buy. At 52%, just over half the shares had buyers. Investors had asked for 1.7 crore shares, but 3.29 crore shares were on offer.
Demand was different across types of investors. Qualified institutional buyers, called QIBs, led with 73%. QIBs are large professional investors, like mutual funds and banks. Retail investors reached 61%. Retail investors are everyday people like you and me. But non-institutional investors were at just 0.5%. These are mostly rich individuals and companies who bid larger amounts.
The IPO has two parts. One part is a fresh issue of ₹660.7 crore. A fresh issue means brand-new shares, and the money from them goes to the company. The other part is an offer-for-sale (OFS). An OFS means current owners sell some of their shares, so that money goes to them, not to the company.
At the top price of ₹152 per share, Turtlemint is valued at about ₹4,513 crore (roughly $475 million). “Valuation” is the total worth the market gives the company. Before the public sale, Turtlemint raised ₹397.2 crore from anchor investors. Anchor investors are big institutions that put in money just before an IPO opens. Their support can build trust. Turtlemint’s shares are expected to list on June 29.
FirstCry: Can It Hold Investor Attention In A Quick-Commerce World?
FirstCry is run by a company called Brainbees Solutions. It sells baby and kids’ products, both online and in shops. It listed in August 2024, so it has been about one year. The story since then has been hard. Its share price has fallen nearly 70% from its highest point. This dropped the company’s market value to about ₹11,318 crore. Market value is the total worth of all the company’s shares.
This is strange, because the business itself looks healthy. Revenue grew 12% to ₹8,548 crore in FY26. Adjusted EBITDA rose 24% to ₹486 crore. And its yearly losses got smaller, falling from ₹265 crore to ₹204 crore.
So why is the stock falling? The big worry is quick commerce. These are the 10-minute delivery apps like Blinkit, Zepto, and Instamart. They now sell baby products that people once mostly bought from FirstCry. This pushes prices down. Heavy discounts on diapers alone cut FirstCry’s gross margin by 140 basis points. Gross margin is the profit left after the basic cost of the products. A basis point is one-hundredth of a percent. So 140 basis points means 1.4%.
FirstCry’s plan is to use its strengths. Its private labels now make up 58% of its sales across India through its different channels, up from 37% six years ago. Private labels are its own in-house brands. Its delivery arm, called RocketBees, handles 40% of its shipments. One analyst said the real question is about “moat durability rather than the absence of a moat.” A “moat” means a company’s lasting edge over rivals. In simple words, the question is how strong and long-lasting FirstCry’s edge really is.
Key Facts At A Glance
| Company | What’s happening | Key figures (as reported) |
|---|---|---|
| Zypp Electric | EV last-mile delivery firm planning an IPO, listing eyed in FY28 | Up to $200M (~₹1,890 cr); pre-IPO raise $40-50M; EBITDA profitable since FY25 |
| Turtlemint | Insurtech IPO open now; ~52% subscribed by Day 2 | Fresh issue ₹660.7 cr + OFS; price band top ₹152; valuation ~₹4,513 cr; lists June 29 |
| FirstCry | One year post-listing; under quick-commerce pressure | Stock down ~70% from peak; market value ~₹11,318 cr; FY26 revenue ₹8,548 cr |
| India IPO 2026 pipeline | Busy new-age IPO queue continuing from 2025’s record year | 26 DRHPs filed; 24+ more planning; 6 listings in H1 2026; 2025 raised ~₹41,248 cr |
Why It Matters (Especially For India And Founders)
For India, this wave shows that the country’s startups are growing up. They are now ready to face public investors and stricter rules.
For company founders, the lesson is clear. FirstCry and the 2026 listings show that the market now wants real profit and steady cash, not just fast growth. Zypp worked hard to reach EBITDA profitability before filing. That shows the new, higher bar.
For retail investors, the mixed results are a warning. Some stocks listed at a premium, some at a discount. So even an oversubscribed IPO can list at a lower price. Read the offer document. Check if the company’s profit is growing. And see how much demand comes from QIBs versus retail investors.
FAQ
What does it mean when an IPO is “oversubscribed”?
It means investors asked for more shares than the company offered. If an IPO is “9.5 times subscribed,” investors wanted 9.5 times the shares on sale. But high demand does not always mean a strong listing.
How big is the Zypp Electric IPO?
Zypp Electric plans to raise up to $200 million (about ₹1,890 crore). It hopes to list in FY28 (the year ending March 2028).
When does Turtlemint list?
Turtlemint’s shares are expected to start trading on the stock exchange on June 29, after its IPO closes.
Why has FirstCry’s stock fallen?
Mainly because quick-commerce apps now sell baby products with big discounts. This puts pressure on FirstCry’s profits. The main business is still growing, but investors are debating how strong its edge is.
Closing Takeaway
India’s new-age IPO line-up is full, but the bar has risen. Zypp Electric shows the new path of building profit first. Turtlemint shows that demand can be uneven across different investors. And FirstCry shows that even a strong business can lose investor trust when the market changes. For 2026, the smart move is simple: look past the hype and follow the cash, the margins, and the moat.
Sources: Zypp Electric gears for $200 Mn IPO (Inc42), Turtlemint IPO subscription on Day 2 (Inc42), Can FirstCry hold investor attention (Inc42), and the Indian Startup IPO Tracker 2026 (Inc42).
