India Can Be A Global Destination For IPOs: Sanjeev Bikhchandani Bets Big On Startup IPOs For 2026

India's venture capital landscape is experiencing a significant transformation as exit opportunities expand and the IPO market gains momentum. The ecosystem appears increasingly favorable for venture capitalists seeking exits, with industry leaders expressing confidence about the country's potential to become a global hub for public listings.

Strong IPO Pipeline Emerges

The Indian startup ecosystem has witnessed remarkable progress since the landmark Zomato IPO, which opened doors for numerous new-age companies to go public. According to Sanjeev Bikhchandani, Founder & Executive Vice Chairman of Info Edge India Ltd, the IPO pipeline remains robust following a strong performance in the previous year.

Bikhchandani highlighted a fundamental shift in the market dynamics during an exclusive interaction with NDTV Profit on Jan. 6, 2025. "In India, strategic sales don't happen at the kind of valuation that make VC investors happy and IPOs were not happening earlier," he explained, noting how this scenario has dramatically improved.

India's Global IPO Potential

The venture capital pioneer positioned India as potentially the world's best market for IPOs below $4 billion market capitalization. This advantage stems from challenges faced in other major markets, particularly Nasdaq, where smaller companies struggle to gain attention from investors and research analysts.

"If your market cap is below $4 billion, nobody talks to you in market. From investors, to research analysts, nobody is interested," Bikhchandani observed about the Nasdaq environment. He believes that if SEBI handles regulatory matters appropriately, India can establish itself as a global destination for IPOs alongside Nasdaq.

Upcoming IPO Pipeline for 2026

Sasha Mirchandani, Managing Director and founder of Kae Capital, outlined several promising companies preparing for public listings. The upcoming pipeline reflects continued portfolio maturation and improved exit visibility for venture capital investors.

These companies represent diverse sectors and demonstrate the breadth of India's startup ecosystem reaching public market readiness.

Pricing Strategy Debate

Industry leaders hold differing views on IPO pricing strategies, particularly regarding high startup valuations. Mirchandani notes that well-run companies with profitable business growth can deliver "very good outcomes" post-listing, citing Kae Capital's successful early investment in Nazara Technologies.

However, Bikhchandani advocates for a more conservative approach to pricing. "What you don't want is your IPO under water post-listing. That is not a good narrative and eventually becomes a failed IPO," he emphasized. His strategy focuses on allowing decent post-listing appreciation while letting company growth drive future valuations.

Investment Themes for 2026

Looking ahead, venture capital investors are focusing on specific sectors that show strong growth potential:

• Technology: Continued digital transformation opportunities
• Manufacturing: Industrial growth and modernization
• Artificial Intelligence: Emerging AI applications and solutions
• Industrials: Infrastructure and industrial development

These themes reflect India's evolving economic landscape and the opportunities available for venture capital investment and eventual exits through public markets. The combination of regulatory support, market depth, and growing investor confidence positions India favorably for continued IPO market growth.