- Since 2021, listed new-age companies have raised or announced more than ₹25,200 crore through qualified institutional placements (QIPs), signalling that follow-on fundraising is becoming a preferred route after going public.
- The trend started in 2021 with IndiaMART and Route Mobile raising a combined ₹1,938 crore through QIPs.
- Activity accelerated in 2024 when Zomato followed by Zaggle's ₹595 crore issue.
- Momentum picked up further in 2025 as Kaynes Technology raised ₹1,600 crore and Swiggy proposed the largest institutional placement by a new-age listed company.
- This year, Ola Electric and ideaForge mobilised ₹500 crore.
- Ather Energy attracted bids worth more than ₹10,000 crore, an over eight-times subscription.
- Analysts say QIPs have emerged as the quickest and most efficient way for listed technology companies to raise growth capital.
- 'QIP seems the most efficient and effective method... and that's the best way to get institutional investors on board,' said independent market analyst Ambareesh Baliga.
- 'New-age companies are still refining their business models while investing continuously in technology and expansion,' said Raghuram Kasiviswanathan of Uniqus Consultech.
- As more startups enter the public markets, analysts expect QIPs to become an increasingly common follow-on fundraising route for listed technology companies looking to fund their next phase of growth.
- Unlike traditional businesses, many new-age companies continue to invest heavily in technology, product development, research, and expansion even after listing.
Since 2021, new-age companies in India have raised over ₹25,200 crore through qualified institutional placements (QIPs), marking a significant shift in fundraising strategies.129
The trend began with IndiaMART and Route Mobile, which raised ₹1,938 crore. As the market evolved, Zomato's 2024 issue and Swiggy's record placement in 2025 showcased the growing reliance on QIPs for capital.34
Ola Electric and ideaForge also joined the fray, raising ₹500 crore this year.5
Ather Energy's recent bids exceeded ₹10,000 crore, indicating strong investor interest.6
Analysts emphasize that QIPs are now the most efficient way for tech firms to secure growth capital post-IPO.7
Ambareesh Baliga, an independent market analyst, stated, 'QIP seems the most efficient and effective method...'8
Raghuram Kasiviswanathan of Uniqus Consultech noted that new-age companies are continuously refining their business models while investing in technology and expansion.11
As more startups enter public markets, QIPs are expected to become a common fundraising route for tech companies seeking to fund their next growth phase.
Deeptech startups, however, face challenges, with funding dropping to $610 million in H1 2026.
Despite this, investor conviction remains strong, highlighting the need for more mature growth-stage companies.
“Listed new-age companies have raised over ₹25,200 crore through QIPs since 2021, with Ather Energy's issue attracting over eight-times subscription at bids worth ₹10,000 crore. Analysts say QIPs are the most efficient follow-on route for tech firms still investing in technology and expansion.”
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