India is one of the fastest-growing markets for ecommerce. The adoption of digital services in India accelerated amid the pandemic-induced lockdown. Customers were forced to stay at home to reduce the spread of Covid-19, leading to a shift to online shopping. This gave a significant boost to ecommerce companies.

According to GlobalData, there are a total of six ecommerce companies that had their initial public offerings (IPO) between 2019 and 2021.

There were two Indian ecommerce companies listed in 2019. In 2021, the country saw four ecommerce companies—Zomato, CarTrade, Easy Trip, and Nykaa go public. This trend is likely to continue in the next year, with a strong pipeline of new listings.


The online food delivery company listed on the National Stock Exchange of India (NSE) on 23 July 2021, raising $1.3 billion. The IPO valued the company at $12.2 billion, making it the first public Indian food delivery company. As per Akshant Goyal, the chief financial officer of the company, “Proceeds raised will be used for new customer acquisition, growing the delivery infrastructure, technology platform, and minority share purchases or full buyouts.”


The online multi-channel auto platform debut on NSE India on 20 August 2021. The company raised proceeds of $0.4 billion at an offer price of $21.8 per share. This valued the company at $1 billion at the time of IPO.

Easy Trip

The online travel agency that offers a comprehensive range of travel-related products and services for end-to-end travel solutions listed on NSE India on 19 March 2021. The IPO comprised proceeds of $67.8 million, with an offer price of $2.5 per share. the company achieving a valuation of $0.3 billion. The debut listing was not as strong as expected due to the effects of the second wave of Covid-19 in the country, which negatively impacted investor sentiment at the time.

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Nykaa, an online marketplace for beauty and wellness products, made its debut at NSE India on 10 November 2021. The stock started trading at a premium of over 82% at $27.6 per share on the NSE as compared to its IPO issue price of $15.1 apiece. Nykaa raised $32 million in proceeds and soared to a valuation of nearly $13 billion, making it a very successful IPO.

The upcoming ecommerce IPO pipeline looks strong

The next two years will be huge for Indian IPOs as major ecommerce companies have lined up their listings.


The Walmart-owned online retail Flipkart is planning to go public outside of India in the next 12 to 18 months. It was last valued at $37.6 billion in July, after raising $3.6 billion from the Canada Pension Plan Investment Board and other investors. It is planning to raise at least $3 billion in an IPO with an estimated valuation of $40 billion.

Oyo Rooms

Softbank-backed hotel booking unicorn Oyo Rooms has filed a draft for IPO on 1 October 2021. Oyo was last valued at $9.6 billion when it raised a strategic investment from Microsoft in September 2021. It is planning to raise around $1.2 billion and is aiming for a valuation of over $12 billion. It intends to use the proceeds from the IPO to repay certain borrowings taken to fund the organic and inorganic growth initiatives of its subsidiaries.

Ola Cabs

The ride-hailing company, Ola Cabs, is planning to go public in the first half of 2022 and is expecting to raise $1 billion. It has recently raised over $139 million from Edelweiss and others at a valuation of over $7 billion.


The delivery and logistics services provider has also filed for an IPO to raise over $1 billion on 2 November 2021. It is seeking a valuation of around $6 billion for its listing. It plans to use the proceeds from the IPO for funding organic initiatives and for acquisitions.


Another online retail company, Snapdeal has recently filed for an IPO on 21 December 2021 to raise around $165 million and is targeted to go public next year. The proceeds will be used for funding growth initiatives, expanding logistics capabilities, and enhancing the company’s tech infrastructure. It is aiming for a valuation of over $2 billion.

The pipeline for future public listings is expected to remain robust over the next two years. The ecommerce IPOs in India have now proved that the industry has a bright future with strong growth potential.