Indian fintech firms line up public listings in 2026
Successful Groww, Pine Labs IPOs boost market confidence
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Bengaluru: Indian fintech ecosystem has come up age with several major players planning to go public in 2026.
With sound market debut of Groww and Pine Labs in 2025, other players are sensing an opportunity of public listing this year.
Around 10 firms have already filed prospectus for floating IPOs or have publicly announced their plans to go public in 2026. Lenders like Aye Finance, InCred Holdings; payments firms such as PhonePe, PayU, Innoviti, Razorpay and PayNearby, insurance platforms Acko and Turtlemint, and travel banking firm Niyo are likely to hit the market this year with their public offers.
Notably, Aye Finance and Turtlemint have already received regulatory approval from the market regulator, SEBI for floating IPOs. Aye Finance is planning to raise Rs1,450 crore through its offering, comprising a fresh issue of Rs885 crore and the balance via an offer for sale.
Similarly, InCred Holdingshas confidentially filed its IPO papers and is targeting a Rs3,000–4,000 crore fund raise through its public offer. Payment platform, PhonePe is planning to raise around Rs10,000 crore through its upcoming IPO in 2026. If successful, PhonePe will be one of the largest fintech listing ever in the Indian market.
2025 had already seen successful listing of fintech companies like Groww & Pine Labs. Groww raised Rs6,632 crore through its initial public offer and got listed above its issue price. Similarly, PineLabs raised Rs3,900 crore from the market and listed on the exchanges at a premium over its issue price. These two successful listings have showed the way for more market entry to other players.
“Just like other startups, fintechs are increasingly seeing market as the route for fund raising. This shows the fintech ecosystem is slowly maturing in the country after one and half decade of operation,” said an industry expert.
