From Groww to Physics Wallah: 2025’s IPO Class | Decoding Exits | 2025 Recap

Blume VenturesJanuary 31, 202600:07:42

From Groww to Physics Wallah: 2025’s IPO Class | Decoding Exits | 2025 Recap

2025 was a big “path-to-public” year. In this annual recap, we take a 10,000-foot view of how PE/VC-backed companies used the IPO window—and how investors actually got liquidity.

We cover: 21 VC/PE IPOs, $6B raised, $8.75B in exits, why post-IPO selling drove the majority of liquidity, and what the three market-cap buckets reveal about how India’s public markets valued growth.

Plus: the headline names that dominated the conversation—Groww, Meesho, Lenskart, Physics Wallah and more.