Elevation Capital Prepares 9 Portfolio Companies for IPOs in 2025–2027

by Priya Bhatiya

Posted on August 6, 2025

Elevation Capital is preparing for a significant wave of public listings, lining up nine of its portfolio companies to go public over the next 12–24 months (August 2025–2027). This move follows the momentum in India’s startup IPO market and reflects Elevation’s growing focus on late-stage investment outcomes.

While several reports confirm Elevation’s IPO pipeline and ambition, the full list of the nine companies has not been publicly detailed in a single official statement. However, news coverage and credible trackers highlight several leading Elevation-backed companies actively pursuing IPOs, having either filed draft papers, received board approvals, or publicly indicated imminent listings. These include:

• Wakefit: The mattress and furniture retailer has filed its draft red herring prospectus (DRHP), with its IPO comprising both a fresh issue and an offer-for-sale. Elevation Capital increased its stake in the company in anticipation of the public listing.
• boAt: The consumer electronics brand has restarted its IPO preparations, targeting a 2025 listing after market delays in previous years.
• Aye Finance: The non-banking financial company has received board approval for an IPO that includes both a fresh issue and an OFS.
• Ecom Express: The logistics startup has received the Securities and Exchange Board of India (SEBI) nod for an IPO worth about INR 2,600 crore.
• Smartworks: The coworking space provider has completed regulatory formalities and finished preparations for a public issue.
• FirstCry: The online baby products retailer was listed in 2024, part of Elevation’s notable exits.
• Swiggy: One of India’s most prominent food delivery platforms, Swiggy, went public in November 2024.
• Ixigo (Le Travenues Technology): The travel platform has witnessed Elevation Capital exiting significant stakes during its public listing process.
• Wakefit, Aye Finance, and other unnamed companies are expected to debut within this horizon, as noted by various VC interviews and IPO tracking reports.

Additional Elevation portfolio companies commonly named in IPO watchlists, based on their business scale and recent fundraising or regulatory activity, include Urban Company, NoBroker, and possibly fintechs or logistics ventures.

Key Points:

• Elevation-backed IPO-bound companies span fintech, consumer brands, tech, logistics, and coworking.
• The firm is leveraging the robust Indian IPO environment to support growth-stage founders in accessing public capital.
• Not all company names have been publicly disclosed, likely due to regulatory quiet periods or strategic timing.

Indicative List of Elevation Capital IPO Candidates (2025–2027):

This period marks one of the most active pipelines for Elevation Capital, with more startup IPOs expected as India’s public markets mature and new-age tech companies achieve scale and profitability. The names above represent the most validated and visible candidates based on current public reporting and Elevation Capital disclosures.