Spinny, PharmEasy, FarEye and Kuku FM prepare the runway for IPO as Indian tech listings regain momentum
India’s startup capital markets pipeline is gaining renewed momentum as Nandan Nilekani–led venture capital fund Fundamentum prepares to usher at least four of its portfolio companies into the public markets over the next 12–24 months, according to a report by Livemint. Co-founder and partner Ashish Kumar confirmed that Spinny, PharmEasy, FarEye and Kuku FM have initiated conversations with advisors and are actively evaluating potential initial public offerings (IPOs).
The development comes at a time when venture capital firms are seeking viable exit pathways while simultaneously gearing up to raise new funds. India’s IPO market—after two years of revival—has emerged as an attractive liquidity window, prompting several late-stage startups to resume public-market plans.
Spinny IPO: Strong Revenue Surge, Narrowing Losses
Among Fundamentum’s portfolio, Spinny, the full-stack used-car platform, appears furthest along in its listing preparation. According to earlier reports, the company has already started assembling IPO groundwork.
Key financial indicators underscore Spinny’s readiness:
- FY25 revenue surged to INR 4,657 crore
- Net loss narrowed significantly to INR 424 crore
- USD 170 million (~INR 1,517 crore) was recently raised in an extended round led by Westbridge Capital, Accel, Fundamentum, and others
The company’s scale, unit-economic improvements, and deeper investor pool make it a front-runner among upcoming tech IPO candidates.
PharmEasy IPO: Leadership Transition and IPO Revival
Digital health platform PharmEasy, operated by API Holdings, is also back on the listing radar. The company recently underwent a major leadership shift:
- Rahul Guha appointed as MD & CEO
- Co-founder Siddharth Shah moved to vice-chairman role
PharmEasy had filed for an IPO in 2021 before withdrawing amid market volatility; however, as per the latest report, the issue remains “on the table.” With a leadership reset and improving market sentiment, the revived listing attempt aligns with investor expectations for stability and governance upgrades.
Kuku FM IPO: Fresh Capital and Early Investor Partial Exit
Vernacular audio platform Kuku FM (Mebigo Labs) has also begun exploring its public-market readiness. The startup recently raised USD 85 million (~INR 758 crore) in a Series C round led by Granite Asia, enabling a partial exit for early investor 3one4 Capital. While smaller in scale compared to Spinny or PharmEasy, the company’s category leadership in India’s digital audio space positions it as an emerging-stage bet for Fundamentum.
FarEye IPO: Leaner Cost Structure and Path to Profitability
SaaS logistics startup FarEye is the fourth firm lining up for listing preparation. At 11 years old, the company has prioritised operational discipline:
- Delivered modest double-digit revenue growth in FY24
- Reduced losses by nearly two-thirds
- Raised more than USD 152 million (~INR 1,356 crore) over ~10 rounds
While still relatively small, FarEye’s sharper cost controls and niche focus in logistics orchestration make it an interesting—but earlier-stage—IPO candidate.
IPO Readiness: Governance May Be the Deciding Factor
Corporate lawyers caution that beyond scale, governance and sustainability will be decisive for tech IPO success. Anupam Shukla of Pioneer Legal noted that although SEBI regulations have evolved to accommodate high-growth and asset-light tech firms, startups must show “robust corporate governance and a clear path to profitability.”
Platforms like the SME Exchange have also broadened listing options, enabling a wider variety of tech companies to consider public markets.
Fundamentum’s Strategy: More Tech, More Deeptech
Founded in 2017, Fundamentum manages two funds worth USD 90 million (~INR 800 crore) and USD 227 million (~INR 2,026 crore), respectively, and has built a portfolio of 19 companies, including Flexiloans, Stable Money, and AppsForBharat.
Kumar emphasised that the firm’s tech investments have outperformed its non-tech bets, reinforcing a strategic tilt toward technology-dense and operationally lean businesses. The investment focus is now shifting deeper into AI, deeptech, and energy/orchestration-layer technologies, accompanied by new specialist hires.
Outlook: A New Wave of Tech Listings
Fundamentum’s push to prepare four portfolio companies for IPOs underscores a broader trend: Indian tech is re-entering the capital markets with renewed discipline and maturity. If even two of these listings materialise within the next 24 months, it could signal the beginning of India’s next phase of tech-IPO activity—defined not just by scale, but by operational efficiency and governance credibility.
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