Whalesbook
Kismat wahi chamki jinke paas bade deals the!
VCs aur growth investors ke liye 2025 mein IPOs se paisa nikalna ek important move tha, khaas kar jab private funding tight ho gayi thi. India mein startups ko funding bhi over 10% kam mili thi FY26 mein, aur latest funding rounds toh khaas kar affected hue.
Bain & Company aur IVCA India ki report ke according, VCs ne IPO exits se around $2 Billion kama liye. Par ye figure ek badi picture chhupa raha hai: 90% se zyada ka total value sirf $100 million se bade IPOs se aaya tha, jo pichle saal ke 70% se kaafi zyada hai. Matlab, exit toh hua, par sirf un companies ka jo already market mein badi thi.
India ka IPO Record aur VC Exit Value: Ek Jaisi Kahani Nahi
Globally dekha jaaye toh 2025 IPOs ke liye zabardast saal tha, $143.3 billion raise hue. USA aur Asia-Pacific lead kar rahe the. India bhi is trend mein shamil tha, jahan mainboard IPOs ne record ₹1.75 lakh crore (around $21 billion) raise kiye.
Par VC-backed exits ke mamle mein India mein around $7 billion ke aas-paas hi raha. Sabse weird baat ye hai ki sirf 8 bade IPOs ne total fund raise ka lagbhag 45% kama liya. Is mein Groww (around $670 million), Lenskart (around $475 million), aur Dr Agarwal’s Healthcare (around $255 million) jaise naam shamil hain. Iska matlab hai ki kuch mega-listings ne hi VC exit scene ko dominate kiya.
Global Trends Aur Sectors Ka Badalta Khel
Global IPOs mein surge ki wajah thi kam interest rates aur easy money policies, jisse companies ki valuation badhi aur borrowing costs kam hue. S&P 500 mein 16% ki gain ne bhi naye listings ke liye achha environment banaya. India mein, Nifty 50 ne 10.6% ka gain dikhaya, lekin global markets se peeche reh gaya. Foreign investors ki selling aur rupee ka weak hona bhi iske reason the.
Tech sector, jo hamesha IPOs ka source raha hai, uske liye 2025 mushkil raha. Nifty IT index 10% se zyada gira, jo is decade mein uski doosri sabse kharab performance hai. Iske baraks, PSU Banks aur Metals sectors ne achha perform kiya. Pichle saalon mein high interest rates ki wajah se VCs bhi profit par zyada focus kar rahe the, jisse 2025 mein selective IPO market dikhi.
Startup Exit Pathways Par Chinta Badhti Hui
2025 mein VC exit value ka itna concentrated hona venture capital industry ke liye ek badi chinta hai. Sirf kuch mega-IPOs par depend karne se baaki startups ke liye exits mushkil ho jaate hain. Private funding bhi kam ho gayi hai, jismein late-stage funding 2025 ke pehle half mein 27% gir gayi.
Isse VCs par pressure badhta hai ki woh apne investments se paisa kaise nikalenge. Yeh market dynamic mid-sized companies aur unke liye faydemand nahi hai jo apne category mein lead nahi karte. Market ka preference ab scale, leadership aur profitability par hai, jiske bina companies ko IPOs mein investors milna mushkil ho sakta hai. Isse VCs ko investment lamba time hold karna pad sakta hai aur valuations bhi kam mil sakti hai. Tech sector ki kharab performance bhi risk dikhati hai.
2025 ke kai IPOs mein 'Offer for Sale' (OFS) zyada tha, fresh capital kam. Isse lagta hai ki listings ab early investors ka paisa wapas dilane ke liye zyada ho rahi hain, na ki company ke growth ko fund karne ke liye.