#MCTech3 | New-age IPOs make a comeback; Jumbotail turns unicorn; and more

One quick thing: IPO-bound Infra.Market bags another $50 mn debt from MARS Growth  

In today’s newsletter:

• New-age IPOs make a comeback
• Jumbotail turns unicorn with $120 mn funding
• Centre’s GCC framework to address talent woes

P.S.: Introducing the Tech3 Podcast, your daily dose of tech and startup insights. Monday to Friday! Check it out on Spotify or Apple Podcasts

New-age IPOs make a comeback

From beds to biryani to billing machines, India’s startup IPO wave is back, with a string of consumer-facing firms heading to the public markets.

Driving the news: In one week, three consumer-facing startups, Curefoods, Wakefit, and Pine Labs, filed for IPOs, collectively aiming to raise about Rs 4,000 crore in primary capital. 

• These filings mark a strong resurgence of public market ambitions among Indian new-age firms, which had gone quiet after the IPO frenzy of 2021.

Binny Bansal-backed cloud kitchen chain Curefoods is eyeing Rs 800 crore in fresh issuance, alongside a sizable offer-for-sale by Accel, Chiratae, and others.

• Wakefit, the direct-to-consumer home and sleep solutions brand, is targeting a Rs 1,500–2,000 crore IPO. This includes a Rs 468 crore fresh issue and secondary exits by Peak XV and founders.

• Pine Labs, the fintech unicorn, is going for a Rs 2,600 crore fresh issue, plus a mega secondary component from investors like Peak XV and Temasek.

Interestingly, Peak XV stands to be one of the biggest beneficiaries, with significant secondary exits lined up in Wakefit and Pine Labs 

• Another portfolio company, Meesho, is planning to hit the market later this year.  

What’s different this time? The current IPO hopefuls are showing restraint, with stronger margins and clearer governance. 

• Wakefit, for instance, reduced its losses from Rs 145 crore to Rs 8.8 crore in the first nine months of FY25. Curefoods improved its operational performance while adding new revenue streams
• Pine Labs, which once eyed a blockbuster $1 billion IPO, recalibrated its listing ambitions to a more modest Rs 2,600 crore fresh issue. 

That said, profitability remains a work in progress for both Wakefit and Curefoods. 

The que: Over three dozen Indian tech startups, worth a collective $100 billion, are expected to list by 2027, notes a report by investment bank Rainmaker Group. 

• Two-thirds of these firms are already profitable, and many have improved transparency compared to those that went public in 2021–2022.

A successful run in the current cycle could not only restore faith in startup listings but also open the door for Flipkart, Oyo, PhonePe, Ather, and other companies waiting in line.

This is a short version of the MCTech3 newsletter. Sign up here to get the full edition in your inbox every evening on weekdays.