₹10,400 Cr+ Issue size | Molbio, Kissht, Fractal, CleanMax, etc, file DRHPs | 6 IPOs | August 2025
Blume VenturesSeptember 19, 202500:10:13

₹10,400 Cr+ Issue size | Molbio, Kissht, Fractal, CleanMax, etc, file DRHPs | 6 IPOs | August 2025

August 2025 IPO Digest: Six Companies File ₹10,400 Cr DRHPs

In this month’s episode of “Decoding Exits”, Vikram Gawande from Blume’s growth investment team highlights six PE/VC-backed companies that filed their DRHPs in August. From a founder who changed his name to sound more Italian, to Fractal Analytics' near-death experience while choosing a CEO, these stories are as compelling as their numbers.

Here is what you’ll find in this episode:

Fractal's AI Empire Expansion: ₹5,000 Cr IPO
From near-death experience to a ₹21,000 crore valuation, Fractal's remarkable turnaround story demonstrates the potential of India's enterprise AI capabilities.

Kissht Disrupts Traditional Lending: ₹1,650 Cr IPO
Breaking away from conventional CIBIL scores, Kissht's innovative 'Kissht Score' leverages social profiles and utility payments to democratise lending with a ~₹4,000 crore AUM.

Molbio's TB-Fighting Success Story: ₹1,400 Cr IPO
Recognised by WHO for their role in TB diagnosis, Molbio's journey from diagnostic innovation to a ₹12,500 crore valuation showcases India's healthcare technology leadership.

CleanMax's Green Energy Revolution: ₹5,200 Cr IPO
Transforming from a simple solar panel installer to a strategic CFO partner, CleanMax's innovative approach to renewable energy solutions is reshaping corporate sustainability.

Varmora’s Global Tile Empire: ₹1,050 Cr IPO

With Carlyle's backing and a strategic brand positioning, Varmora Granito has evolved into a major player in domestic and export markets for premium surfaces.

NephroPlus's Patient-First Innovation: ₹800 Cr IPO
Born from a patient's blog to India's leading dialysis chain, NephroPlus's journey showcases how personal experience can drive healthcare transformation.

Watch the full analysis to understand what these movements signal for founders and investors.
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