VCs bagged nearly $2 billion from 2025 IPO exits: Bain

Synopsis

IPO-led startup exits rose 30% to nearly $2 billion in 2025, driven by eight larger VC-backed listings. Fewer IPOs delivered higher value, with deals above $100 million dominating. IPO share of exit value increased, though total public market exits dipped amid volatility, even as overall VC-backed exits reached about $7 billion.

IPO-led startup exits gathered pace, rising 30% over 2024 levels to reach nearly $2 billion in returns this year for venture capital firms, according to a report by Bain Capital's India Capital Venture Report 2026.

Eight IPOs with strong VC participation drove most of the liquidity. Groww led with about $670 million in exits, followed by Lenskart at $475 million and Dr. Agarwal’s Healthcare at $255 million. Urban Company delivered around $170 million, and Pine Labs about $165 million. Bluestone, Meesho, and Wakefit added $85 million, $85 million, and $75 million, respectively.

Fewer, larger listings

The number of VC-backed IPOs fell from 17 in 2024 to 8 in 2025, but larger deals drove most of the value. Deals above $100 million made up nearly $1.8 billion of the roughly $2 billion in IPO exits.

IPOs accounted for 28% of total VC exit value in 2025, up from 22% in 2024.

Total public market exits stood at about $4.7 billion, down from $5.2 billion, as investors held back on trades amid market volatility.

Overall, VC-backed public market exits, across all routes (primary, secondary, strategic sales, buybacks etc), stood at about $7 billion.

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