In numbers: How increasing exits signal a maturing startup ecosystem

Increasing exits and a simultaneous decrease in time taken to go public signal a maturing Indian startup ecosystem

Oct 01, 2025, 18:46 IST1 min

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With initial public offerings (IPOs) from firms like Urban Company and Swiggy being highly oversubscribed, the number of startup exits has steadily risen over the past few years. From a low of just 9 in 2018, the number of IPOs has risen, reaching 41 in 2023 and 46 in 2024. The first nine months of 2025 have already seen 24 IPOs.

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The number of acquisitions, however, have been on a downward trend after reaching a high of 248 in 2021

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There is a dramatic decrease in the time it takes for a company to go public, from 23 years in 2019 to about 13 years in 2025

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Consumer-focussed companies have had the most public listings since 2016. Enterprise applications, fintech, and retail also feature prominently among the top sectors.

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The returns data for companies that went public in 2024 presents a mixed picture. While Digit Insurance showed strong price-to-earnings (P/E) ratio of 145.03, some well-known names like Swiggy and Niva Bupa reported negative P/E ratios.

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Average acquisition time for startups has more than doubled since 2016

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Along with a lengthening of acquisition time, median acquisition prices have also risen. Average prices have climbed to $18.5 million in 2025 so far.

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Some of 2024’s largest acquisitions underscore the market’s high valuations