The brand produces millet-based cereals, consisting of ragi, jowar, and bajra, sweetened with palm jaggery and free from added sugars and preservatives. The product is designed to appeal to younger consumers who are not interested in traditional millet recipes. The company’s focus on millets is due to their nutritional benefits, with a nutritional index that matches the taste. The brand is upfront about the percentage of millet used, with a minimum of 35%.

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2024: A Landmark Year for Indian Startup IPOs

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As 2024 draws close, the Indian startup ecosystem marks a transformative year, underscored by resilience, innovation, and milestones. Despite global economic uncertainties and funding challenges, 12 startups ventured into public markets, solidifying India’s reputation as a burgeoning hub for new-age enterprises.

Companies across diverse sectors—insurance, electric mobility, e-commerce, and more—tapped into investor confidence, showcasing their readiness to scale in a competitive market.

This unprecedented IPO wave also highlighted the maturity of India’s entrepreneurial landscape, bolstered by steady economic growth and the rising appeal of tech-driven solutions.

Notable Debuts in 2024

Go Digit General Insurance:

Marking the first major IPO of the year, Bengaluru-based Go Digit General Insurance debuted on the National Stock Exchange (NSE) on May 23. Its shares opened at ₹286, a modest 5.15% premium over its issue price of ₹272.

The company raised ₹1,176.5 crore from anchor investors prior to its public listing. Interestingly, Digit opted for a valuation 25% lower than its private valuation of $4 billion in 2022, reflecting strategic adjustments to ensure IPO success amid changing market dynamics.

Awfis: Redefining Workspace Solutions:

Delhi-based co-working space provider Awfis went public on May 30, listing at ₹435 per share, a 13.57% premium over its issue price of ₹383.

The IPO included a fresh share issue worth ₹128 crore and an offer-for-sale (OFS) of up to 12.2 million shares. The listing underscored the growing demand for flexible workspaces as businesses adapt to hybrid work models.

Ixigo: A Stellar Travel-Tech Debut:

Travel solutions platform Ixigo, operated by Le Travenues Technologies, captured investor attention with its listing on June 18. Opening at a 48.5% premium to its issue price of ₹93, the stock later hit the 20% upper circuit at ₹161.99 on the Bombay Stock Exchange (BSE).

Founded in 2006, Ixigo’s robust travel services—from train to flight bookings—highlight its strong market positioning and potential for sustained growth in the travel-tech space.

Ola Electric: Leading the EV Charge:

On August 9, Ola Electric, India’s largest electric two-wheeler manufacturer, made a highly anticipated market debut. The stock, listed at ₹76 on the BSE, marked a pivotal moment in the electric vehicle (EV) revolution.

The IPO comprised a fresh issue worth ₹5,500 crore and an OFS of 8.49 crore shares. Despite a flat opening, Ola’s listing reaffirmed the sector’s growth potential as India accelerates its EV adoption journey.

FirstCry: The Pioneer in Babycare Retail:

Brainbees Solutions, the parent company of FirstCry, debuted on August 13, listing at ₹651 per share—a 40% premium over its issue price of ₹549.

The Pune-based babycare retailer reduced its IPO size to ₹1,666 crore while still managing to capture significant investor interest. The success of FirstCry’s listing reflects the rising prominence of niche e-commerce platforms in India.

Swiggy: A Taste of Success:

Sriharsha Majety-led food delivery giant Swiggy entered the public market on November 13, with its shares listing at ₹421—a premium of 8% over its issue price of ₹390.

Swiggy’s plans for aggressive geographical expansion and scaling its Instamart business were pivotal in driving investor confidence. As the food-tech industry evolves, Swiggy’s IPO symbolizes its readiness to dominate the competitive landscape further.

Other Standout Listings

In addition to these marquee debuts, several other startups left their mark on the stock market:

  • BlackBuck (Zinka Logistics Solutions Limited), a logistics-tech platform, saw strong demand.
  • TBO Tek, a travel-tech platform, capitalized on India’s booming tourism sector.
  • TAC Infosec, a cybersecurity firm, demonstrated the growing relevance of digital security in a tech-driven world.

IPO Pipeline: What’s Next?

Mobikwik:

The Gurugram-based fintech startup Mobikwik is set to close 2024 with a high-demand IPO. The book-building process saw shares oversubscribed by nearly 120 times. Mobikwik is raising ₹572 crore, marking its second attempt to go public after revising its IPO size from ₹700 crore earlier this year.

Bluestone:

Jewelry retailer Bluestone is expected to list in early 2025 at a valuation between ₹12,000 crore and ₹13,000 crore—a 50% jump from its last private fundraising. The company’s impending IPO is a testament to the growing demand for luxury retail and online jewelry solutions.

A Transformative Year for Startups

The IPO boom of 2024 is more than a financial milestone; it signifies the evolution of India’s startup ecosystem. These listings showcase how startups are leveraging public markets to scale operations, attract capital, and build sustainable business models.

As diverse sectors, from fintech and logistics to electric mobility and e-commerce, make their mark, the ecosystem’s vibrancy is evident. The success of these IPOs demonstrates investor confidence in India’s ability to produce globally competitive enterprises.

With a robust pipeline of companies preparing to enter public markets, 2024 serves as a turning point for Indian startups—ushering in a new era of growth, innovation, and economic transformation.

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