India’s 2025 IPO cycle has opened one of the strongest liquidity windows for venture capital investors in recent years. Across seven major public listings — Ather Energy, Bluestone, Urban Company, Lenskart, Pine Labs, Groww, and PhysicsWallah — early VCs have realised over Rs 15,000 crore, or more than $1.7 billion, through offer-for-sale (OFS) transactions.
At the same time, these investors continue to hold unrealised stakes valued at more than Rs 90,000 crore, or nearly $10.3 billion, based on post-issue shareholding disclosures and closing market capitalisations as of November 20. This unsold value represents more than six times the gains already booked.
OFS Gains Cross Rs 15,000 Crore Across Seven IPOs
The seven IPOs have collectively generated over Rs 1 lakh crore in investor value, split between realised OFS proceeds and a much larger pool of unsold shares.
A breakdown of OFS gains shows:
Groww: Rs 5,572 crore
Lenskart: Rs 5,128 crore
Urban Company: Rs 1,428 crore
Pine Labs: Rs 1,820 crore
Bluestone: Rs 721 crore
Ather Energy: Rs 355 crore
PhysicsWallah: Rs 380 crore
These figures include only secondary sales by investors, not the primary capital raised by the companies.
With exits spanning mobility, jewellery, technology services, fintech, consumer internet, and edtech, the 2025 IPO cycle marks one of the most broad-based liquidity phases since 2021.
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Unrealised Investor Value Now Exceeds Rs 90,000 Crore
Despite the significant cash realised, a much larger chunk of value remains on investor books.
Groww Leads with Rs 97,000-Crore Valuation
Groww is the biggest wealth creator in this IPO batch. With a market cap of nearly Rs 97,000 crore, the company alone forms the largest block of unrealised VC wealth.
Key investor holdings in Groww include:
Peak XV: Over Rs 16,000 crore
Ribbit Capital: Over Rs 12,000 crore
Y Combinator: Nearly Rs 10,000 crore
Tiger Global: Nearly Rs 5,000 crore
Lenskart Adds Another Rs 72,000-Crore Layer
At a valuation of over Rs 72,000 crore, Lenskart contributes significantly to the unsold investor pool.
SoftBank (13.10% stake): Around Rs 9,500 crore
Premji Invest, Alpha Wave, Kedaara: Over Rs 7,200 crore combined
Urban Company and Ather Energy Add Depth
Urban Company, with a market cap of over Rs 20,000 crore, has investor stakes valued between Rs 1,300–1,600 crore each for Elevation Capital, Accel, Naperss, Vy Capital, and Steadview.
Ather Energy, valued at over Rs 26,000 crore, has significant holdings by Caladium, Tiger Global, the India-Japan Fund, and NIIF.
Pine Labs, Bluestone, PhysicsWallah Continue Adding Value
Pine Labs contributes another major block, with Peak XV alone holding shares worth over Rs 4,500 crore.
Bluestone has Accel as its largest post-listing investor.
PhysicsWallah, valued at over Rs 40,000 crore, places WestBridge and other early investors on meaningful unsold stakes.
Top Beneficiaries of the 2025 IPO Wave
A consolidated look across the seven companies shows:
Peak XV Partners: Biggest beneficiary with over Rs 21,000 crore across Groww, Pine Labs, and Bluestone
Y Combinator & Ribbit Capital: Driven almost entirely by Groww
SoftBank: Nearly Rs 9,500 crore in Lenskart
Tiger Global: Over Rs 6,000 crore across Ather Energy and Groww
Accel: Nearly Rs 2,500 crore across Urban Company and Bluestone
Together, these five investors hold almost half of the unsold Rs 90,000-crore VC pool.
Signals for India’s IPO Cycle
The combination of Rs 15,000 crore in realised exits and Rs 90,000 crore in unrealised holdings highlights the strength of the 2025 IPO environment. New-age companies now make up 2.49% of India’s total market capitalisation, almost double their 1.36% share in December 2021.
However, only a fraction of India’s nearly Rs 25-lakh-crore startup ecosystem is listed, indicating that the current gains may be just the beginning of a much larger liquidity cycle ahead.
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