Exit of the Year – IPO

Groww (Alkeon Capital, Ewing Marion Kauffman Foundation, GIC, Iconiq Capital, Peak XV Partners, Propel Venture Partners, Ribbit Capital, Sequoia Capital, Tiger Global Management, Y Combinator) 

Groww, an India-based financial technology and digital investment platform, raised INR 66.3bn (USD 686m) through a domestic IPO in November 2025. The company sold 663.2m shares at INR 100 apiece. As of 9 October, it was up 92% on the IPO price with a market capitalisation of INR 1.19trn. Peak XV Partners was the largest pre-IPO shareholder with 19.9%, having first backed Groww via a 2019 Series A round. It made a partial exit, receiving INR 15.8bn. Y Combinator, Ribbit Capital, Tiger Global Management, Ewing Marion Kauffman Foundation, Alkeon Capital, Propel Venture Partners and Sequoia Capital also made partial exits.

Lenskart Solutions (Alpha Wave Global, Bay Capital Investment Managers, Chiratae Ventures, Epiq Capital, Kedaara Capital, Madison India Capital, Premji Invest, Schroders Capital, SoftBank Investment Advisers, Steadview Capital, Temasek Holdings, TR Capital, Unilazer Ventures)

Lenskart Solutions, an India-based eyewear business, raised INR 72.8bn (USD 752m) through a domestic IPO in November 2025. The company sold 181m shares at INR 402 apiece. As of 9 October, it was up 71% on the IPO price with a market capitalisation of INR 1.18trn. A string of external investors made partial exits amounting to INR 40.3bn, with SoftBank Investment Advisors, Schroders Capital, and Kedaara Capital among the biggest sellers. Lenskart raised over USD 2.1bn in private funding, starting with USD 4m from Chiratae Ventures in 2011. Chiratae received INR 597m from the IPO and retains a small stake.

Meesho (Elevation Capital, India Internet Fund, Naspers Ventures, Peak XV Partners, RPS Ventures, SoftBank Investment Advisers, SWC Global, VH Capital, WestBridge Capital, Y Combinator)

Meesho, an India-based online marketplace, raised INR 54.2bn (USD 560m) through a domestic IPO in December 2025. The company sold 488.3m shares at INR 111 apiece. As of 9 October, it was up 108% on the IPO price with a market capitalisation of INR 1.07trn. Elevation Capital was the largest pre-IPO shareholder with 13.6%, having first backed Meesho in 2017. Peak XV Partners, which entered the cap table a year later, had 11.3%. Both made partial exits via the IPO, receiving INR 2.7bn and INR 1.9bn, respectively. Several other investors also made partial exits, including Y Combinator and VH Capital.

SkyeChip (Areca Capital, Gobi Partners, IC Capital Management, InterVest, Lion X Ventures)

SkyeChip, a Malaysia-based developer of semiconductors for artificial intelligence and high-performance computing, raised MYR 352m (USD 86m) through a Bursa Malaysia IPO in May 2026. The company sold 400m shares at MYR 0.88 apiece. As of 9 October, it was up 235% on the IPO price with a market capitalisation of MYR 5.3bn. Gobi Partners, which backed SkyeChip in 2025 via multiple funds, was the largest pre-IPO shareholder with 4.9%. Other investors include Areca Capital, InterVest, Lion X Ventures, and IC Capital Management. The company produces standard and customised integrated circuits, mainly serving customers in the US, China, and Taiwan.

Z.AI (Aramco Ventures, Beijing Shang Finance, Shunwei Capital, Shunxi Fund, Beijing Zhongguancun Science City Technology Investment Management, Beishang Asset Management, Bokang Win-win Equity Investment Fund Management, Capital Today, Chengdu High-tech New Economy Venture Capital, Legend Capital, Qiming Venture Partners, Shenzhen Dachen Caizhi Fortune Venture Capital Management, Tencent Investment, T-Capital)

Z.AI, a China-based artificial intelligence technology developer formerly known as Zhipu AI, raised HKD 5bn (USD 637m) through a Hong Kong IPO in February 2026. The company sold 43m shares at HKD 116.20 apiece. As of 9 October, it was up 452% on the IPO price with a market capitalisation of HKD 312.8bn. Z.AI received over USD 1.2bn in private funding, reaching a valuation of USD 3.6bn in May 2025. Qiming Venture Partners first participated in a Series B1 in 2023 at a USD 315m post-money valuation. The largest financial sponsor pre-IPO shareholders were Legend Capital, T-Capital and Capital Today.