Indian Startups Prepare for IPOs, Zetwerk and Ayr Settle Dispute
Several Indian tech companies are advancing their plans for public listings, while Zetwerk and Ayr have resolved a legal dispute.
A wave of Indian startups is gearing up for initial public offerings (IPOs). Snapdeal's parent company, AceVector, is set to list on the stock exchange next month, while used car marketplace Spinny and furniture rental service Furlenco have initiated their respective IPO processes.
AceVector's IPO, valued at ₹420 crore (approximately $5 million), will include ₹287 crore in fresh capital and a trimmed offer for sale (OFS). The price band for the offering is set at ₹30-₹32 per share, valuing the company at up to ₹1,741 crore. The IPO opens next week.
Spinny has confidentially filed its draft red herring prospectus (DRHP) for an IPO estimated at ₹2,500-₹3,000 crore (approximately $30-36 million), targeting a listing in 2027. The company projects revenues nearing ₹6,000 crore in FY26 with narrowing losses.
Additionally, Furlenco has begun its IPO preparations. The company plans to appoint ICICI Securities as an advisor for a public issue valued at up to ₹1,200 crore (approximately $14 million), aiming for a valuation of around ₹7,000 crore (approximately $84 million). Furlenco aims to launch the IPO in FY28.
The surge in tech IPOs continues, with 24 startups having filed their DRHPs and over 25 in the final stages of planning. Major companies like OYO, Razorpay, and Zetwerk could collectively raise over ₹34,000 crore (approximately $408 million) in 2026, marking a significant year for startup listings.
Zetwerk and Ayr have settled their legal dispute, which involved allegations of data theft and poaching of clients. The financial terms of the settlement have not been disclosed. This resolution removes a significant legal overhang for Zetwerk as it prepares for its own IPO. The company recently filed its DRHP with India's Securities and Exchange Board.