- India's new-age listed companies are returning to the market to raise more capital through qualified institutional placements (QIPs).
- Since 2021, listed new-age companies have raised or announced more than Rs 25,200 crore through QIPs, indicating 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 Rs 1,938 crore through QIPs.
- Activity accelerated in 2024 when Zomato and Zaggle conducted a Rs 595 crore issue.
- Momentum picked up further in 2025 as Kaynes Technology raised Rs 1,600 crore and Swiggy proposed the largest QIP by a new-age company.
- In 2026, Ola Electric and ideaForge raised Rs 500 crore, while Ather Energy's QIP was oversubscribed eight times.
- Catamaran, the family office of Infosys founder Narayana Murthy, is shifting IT wealth to manufacturing joint ventures.
- The firm is looking to increase its share by betting on new overseas joint ventures, focusing on critical components of India's rapidly expanding data centre supply chain.
- Deeptech funding has slowed in H1 2026, with startups raising around $610 million, down 25% year-on-year.
Since 2021, India's new-age companies have raised over ₹25,200 crore through qualified institutional placements (QIPs), marking a significant trend in follow-on fundraising.13
The movement began with IndiaMART and Route Mobile, which raised ₹1,938 crore, and has since accelerated with major players like Zomato and Swiggy leading the charge.45
In 2024, Zomato's fundraising was followed by Zaggle's ₹595 crore issue, while Kaynes Technology raised ₹1,600 crore in 2025. This year, Ola Electric and ideaForge mobilized ₹500 crore, and Ather Energy attracted bids worth over ₹10,000 crore, indicating strong investor interest.67
Analysts emphasize that QIPs are the quickest and most efficient way for technology firms to secure growth capital.
Independent market analyst Ambareesh Baliga stated, “QIP seems the most efficient and effective method... and that's the best way to get institutional investors on board.”
As these companies continue to invest in technology and expansion, Raghuram Kasiviswanathan of Uniqus Consultech noted, “New-age companies are still refining their business models while investing continuously in technology and expansion.”
The trend reflects a broader shift in the Indian market, where Catamaran, the family office of Infosys founder Narayana Murthy, is also investing in manufacturing sectors critical to India's data center supply chain.8
As more startups enter public markets, QIPs are expected to become a common fundraising route for technology companies seeking to fund their next growth phase.
“Since 2021, listed new-age companies have raised or announced more than ₹25,200 crore through QIPs, with activity accelerating in 2024 and 2025. Meanwhile, Catamaran, the family office of Infosys founder Narayana Murthy, is pivoting its IT wealth to manufacturing ventures and has set up a specialized joint-venture team.”
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