A dilemma over making the public market move seems to have gripped India’s startup ecosystem lately. While companies such as PhonePe and Curefoods have slowed their IPO plans amid valuation concerns and cautious investor sentiment, quick commerce major Zepto is charging ahead with its stock market debut.
Betting Big Despite Losses: Weeks after receiving SEBI’s approval, Zepto has filed its updated draft papers for an IPO comprising a fresh issue of ₹8,010 Cr and an offer-for-sale by existing investors. The company plans to use the proceeds to expand its dark store network, invest in its subsidiaries and pursue inorganic growth opportunities.
Zepto’s IPO push comes at a time when public market investors are increasingly prioritising profitability and predictable cash flows. Yet, the startup’s losses widened 26% year-on-year to ₹5,905.2 Cr in FY26. However, the silver lining is its operating revenue, which more than doubled to ₹22,623.6 Cr.
A Test For Public Markets: Zepto’s decision to proceed highlights a growing divide among late-stage startups. While some are choosing to wait for better market conditions and valuation clarity, others are betting that investors will continue to back category leaders with strong growth trajectories, even if profitability remains elusive.
The Not-So-Confident Lot: Meanwhile, startups like Curefoods
are fighting shy of making the IPO move. Sitting on a loss of ₹170 Cr against an operating revenue of ₹745.8 Cr in FY25, the company last sought a valuation of about ₹4,000 Cr for its stock market debut. As expected, mutual funds and institutional investors were not aligned with its expectations, making it difficult for the company to proceed on favourable terms.
Amid mixed signals from Indian startups about their listing plans, Zepto has filed its updated draft IPO papers, and this is what it says.
As electric vehicles gain ground in India, heat remains a silent disruptor. Battery packs often overheat under heavy usage, leading to safety risks, faster degradation, and inconsistent range. Adiabatic is building battery systems that stay stable in the country’s tropical climate.
Built For Tropics: Founded in 2022, Adiabatic develops lithium-ion battery packs for electric two-wheelers, three-wheelers, e-cycles, and drones. It focuses on engineering batteries that can perform reliably for Indian use cases such as high-temperature and high-load environments.
The Intelligent Stack: At the core of Adiabatic’s offering is its proprietary battery management system. Connected via smartphone, it enables real-time monitoring of temperature and battery health, allowing users and operators to detect risks early and optimise performance. This added visibility helps extend battery life and improve safety.
Scaling Deployments: The startup claims to have already deployed over 15,000 battery packs and works with more than 25 OEM partners, serving upwards of 200 customers. Its 6,000 sq ft manufacturing facility in Ahmednagar underpins its production and supply capabilities. Going forward, Adiabatic plans to scale production and deepen market penetration.
Operating in the homegrown EV battery market, which is projected to cross $16 Bn by 2034, can Adiabatic disrupt India’s battery stack with its temperature-first approach?
Gold-plated jewellery, lab-grown diamonds and Gen Z spending habits are building India’s next jewellery wave. So, who is leading the demi-fine jewellery category in the country?
Source: Inc42 - Startups
