Key facts
- Global investors have sold shares worth nearly Rs 18,000 crore in Indian new-age companies post-IPO.
- These sales occurred through follow-on block and bulk deals after lock-in periods ended.
- Investors retain stakes valued at over Rs 1.18 lakh crore.
- Lenskart and Groww represent significant portions of these post-IPO exits.
- The trend highlights India's growing market depth for venture capital exits.
Global investors have cashed out nearly Rs 18,000 crore from Indian new-age companies through follow-on block and bulk deals in the eight months following IPO lock-in periods ending. Major investors like SoftBank, KKR, Peak XV Partners, and Ribbit Capital were among those selling shares in companies such as Groww, Lenskart, Ather Energy, Meesho, Urban Company, Pine Labs, and Bluestone.
Despite these significant exits, these investors collectively still hold shares worth over Rs 1.18 lakh crore in these companies. This trend indicates a shift in strategy, where IPOs are increasingly viewed as the beginning of a liquidity journey rather than the end, allowing for staggered monetization.
Lenskart has seen the largest post-listing exit pool, with investors selling shares worth over Rs 10,000 crore, while still retaining over Rs 32,000 crore in the company. Groww has also experienced substantial follow-on exits exceeding Rs 5,500 crore, with remaining holdings valued near Rs 50,000 crore. Ather Energy saw sales of about Rs 2,300 crore post-listing.
The ability for venture investors to gain liquidity from Indian public markets is seen as a sign of the market's growing depth and maturity. However, liquidity is expected to be easier for larger companies, particularly those with market capitalizations above $3-5 billion, as they compete for investor attention against a broader market.
Experts note that public markets value market leadership and profitability, with companies needing a credible path to earnings growth. The recent investor interest in high-quality technology and consumer internet names suggests deeper institutional demand than previously anticipated.