Fintech firms are expected to dominate the startup IPO pipeline in 2026, with close to 10 firms preparing to tap public markets as listing activity gathers pace. The line-up includes lender Aye Finance, InCred Holdings, payments firms PhonePe, PayU, Innoviti, Razorpay and PayNearby, insurance platforms Acko and Turtlemint, and travel banking firm Niyo.
Some of these companies have already filed draft papers with the Securities and Exchange Board of India, while others have engaged bankers or publicly outlined listing plans. Aye Finance and Turtlemint have received regulatory approval. Aye Finance is looking to raise Rs 1,450 crore through its offering, comprising a fresh issue of Rs 885 crore and the balance via an offer for sale.
InCred Holdings, which operates across lending and investment banking, has confidentially filed its IPO papers and is reportedly targeting a Rs 3,000–4,000 crore issue. PhonePe said in September that it had pre-filed documents with the regulator, without disclosing deal details. Reports indicate the company may raise around Rs 12,000 crore, entirely through an offer for sale, which would make it among the largest IPOs expected next year and provide exits to early investors including Tiger Global, General Atlantic, Ribbit Capital and TVS Capital.
Managements at Innoviti, PayU, PayNearby and Niyo have confirmed plans to list, though draft papers are yet to be filed. A report earlier this month said that Acko is in early discussions with bankers for a $300–400 million listing in 2026–27.
Navigating the 2026 Mega-Listings
The expected rush reflects a broader stabilisation in the funding environment over the past two years. Fintechs have consistently attracted a large share of startup capital, emerging as the second most funded sector after e-commerce. In 2025, fintech companies raised $1.87 billion across 120 deals, compared with $1.61 billion across 140 deals in 2024, according to industry data.
With scale improving and losses narrowing, several fintechs are now seeking public market validation of their profitability trajectories, governance frameworks and long-term growth plans, after years of prioritising expansion. Earlier listings by companies such as Groww, Pine Labs and MobiKwik have seen favourable investor response, encouraging others to follow.
Payments to Profits
Beyond fintech, 2026 is also expected to see IPOs from a wider set of startups, including Zepto, Flipkart, Oyo, Rentomojo, Boat, Curefoods, Zetwerk, Shiprocket and Shadowfax.