India’s upcoming IPO lineup includes more than just traditional internet and e-commerce players. Several VC-backed, non-internet “new-age” startups — smaller in size and fewer in number — are now also preparing to hit public markets.
While the number of these non-internet firms is modest compared with e-commerce heavyweights, their inclusion adds a new flavour to India’s IPO landscape. The question remains whether the market will reward these niche business models the same way it has rewarded internet-era listings
For investors and market watchers, this shift underscores a broader change: the IPO pipeline is diversifying beyond just internet-native businesses, potentially offering exposure to sectors that previously remained outside the public-listing radar. Whether this diversification translates into sustainable investor interest and value creation will depend on business execution and market acceptance.
