India’s startup ecosystem continues to attract both retail and institutional investors — from pre-IPO secondary trades to high-profile public listings. Whether you’re an accredited investor hunting unlisted opportunities or a retail investor tracking IPO candidates, it helps to know which companies are currently showing the strongest momentum and why. This post analyses five startup names that have been among the hottest in 2025, summarises the growth drivers, lists key risks, and gives practical next steps for investors via RTR Unlisted.
Quick snapshot — the five names covered
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Swiggy (food-tech / delivery) — large IPO in the works, active investor appetite.
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Ola Electric (electric vehicles / batteries) — fresh fundraising activity and expansion into battery systems.
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Nykaa (FSN E-Commerce Ventures) — listed e-commerce success story showing strong 2025 rally and renewed investor interest.
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Ather Energy (EV scooters) — IPO in 2025 with pricing that reset market expectations, but strong sector interest.
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Razorpay (fintech payments) — continued market relevance and secondary-market attention among investors.
1) Swiggy — still top of mind for IPO & secondary liquidity
Why it’s growing? : Swiggy remains one of India’s dominant delivery platforms and has been prepping a large IPO. Institutional anchor interest and repeated valuation adjustments have kept secondary-market demand high as investors price future listing upside. Recent coverage shows Swiggy re-setting its IPO valuation and attracting big anchor interest.
What investors should watch? : final IPO price band, anchor allocations, and profitability trajectory (unit economics for delivery + Instamart/quick commerce margins).
Risk: IPO valuation compression or market volatility on listing could limit short-term gains.
2) Ola Electric — EV growth + battery ambitions
Why it’s growing? : Ola Electric has expanded beyond scooters into battery energy storage and is actively raising fresh equity (board meetings and private placement activity reported in Oct 2025). That expansion narrative, alongside India’s EV market tailwinds, is a key reason secondary / private placements have seen demand.
What investors should watch? : structure and pricing of the planned raise (dilution), revenue progress from vehicle and battery segments, and competitive pressures (Ola vs Ather, TVS, TVS, etc.).
Risk: execution in manufacturing and supply chain; capital intensity of EV scale-up.
3) Nykaa (FSN E-Commerce Ventures) — listed but still a startup success story
Why it’s growing? : Though already listed, Nykaa’s shares have staged a notable rally in 2025 on revenue and margin improvements. For investors tracking consumer & beauty e-commerce, Nykaa’s 2025 performance is a signal of renewed market appetite for consumer tech names.
What investors should watch? : quarterly results, category expansion, and block-deal activity that can move liquidity and price.
Risk: consumer demand fluctuations and margin pressure from promotions or competitive moves.
4) Ather Energy — IPO priced, sector demand remains strong
Why it’s growing? : Ather completed an IPO process in 2025 (pricing reduced from initial targets), yet the listing demonstrates investor interest in premium EV makers. Structural EV adoption in India supports long-term upside even if near-term pricing was conservative.
What investors should watch? : post-IPO trading, product launches, and scale-up of manufacturing to meet demand.
Risk: intense competition from larger incumbents and margin sensitivity to component costs.
5) Razorpay — fintech depth + secondary market conversations
Why it’s growing? : Razorpay remains a core player in India’s digital payments infrastructure. Secondary market reports and private market trackers show ongoing interest especially among institutional investors seeking payments exposure — even though some secondary price snapshots have shown mixed returns.
What investors should watch? : profitability trends, product monetization beyond payments (lending, neo-banking), and any pre-IPO market moves.
Risk: regulatory shifts in fintech, margin pressure from new entrants and pricing competition.
Short comparative table (at-a-glance)
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Swiggy: Large IPO pipeline; high investor interest; growth via Instamart.
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Ola Electric: Fresh fundraising; expanding to battery storage; EV demand tailwinds.
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Nykaa: Listed; strong 2025 stock rally; consumer e-commerce wins.
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Ather Energy: 2025 IPO; EV sector momentum but IPO valuation reset.
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Razorpay: Core payments infrastructure; secondary market attention.
Investment checklist for RTR Unlisted users
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Verify the instrument: unlisted shares vs pre-IPO allotments vs convertible notes.
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Request audited financials (last 2 years) and board resolutions if available.
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Check lock-in periods and transferability on your platform.
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Assess exit clarity: IPO timeline, secondary market demand, or strategic buyer likelihood.
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Diversify: avoid concentration into a single unlisted name — liquidity is uncertain.
Risk disclaimer
Unlisted and pre-IPO investments are illiquid, carry higher company-specific risk, and can experience rapid valuation fluctuations. This blog summarises observable market signals and media-reported developments up to October 24, 2025, but is not investment advice. Consult a licensed financial advisor and perform your own due diligence before investing.
Sources:
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Reuters — Swiggy IPO valuation updates. Reuters
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Economic Times — Ola Electric board fundraising news (Oct 2025). The Economic Times
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LiveMint / Economic Times — Nykaa 2025 stock rally coverage and block deals. mint+1
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Reuters — Ather Energy IPO pricing & 2025 details. Reuters
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PitchBook / PMInsights / secondary market trackers — Razorpay company profile and secondary-market snapshots. PitchBook+1
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