A new generation of more than three dozen Indian technology startups worth $100 billion in total is getting ready to list by 2027, which could announce a recovery in India's IPO market. The list features top players such as Flipkart (supported by Walmart Inc.), PhonePe, and Oyo Hotels, says a report from The Rainmaker Group, a top domestic investment banking firm dealing in internet companies.

India, which was the world's second-largest IPO market in 2021, has registered a slowdown in public listings this year. Still, experts add that the next generation of startups is healthier and better positioned to enter public markets than those which listed during the IPO frenzy in 2021–2022.

Startups today are essentially stronger," stated Kashyap Chanchani, Rainmaker Managing Partner, who helped Indian startups raise $1 billion of equity in the last year. "Almost two-thirds of them are already profitable, and they've considerably bettered on governance and transparency."

This is a far cry from earlier listings such as Paytm, which has declined 63% since listing, and Nykaa, down by 4%.

Based on Rainmaker's analysis, the majority of the companies moving towards IPOs have been able to find the right balance between scalability and sustainability, which has positioned them better to succeed in the public market.