Indian Fintech Startups Eye IPOs as Public Markets Poised to Shape Next Phase of Growth

India’s fintech ecosystem, which has redefined the way payments are made in the country, is gearing up for its next big transformation as a wave of startups prepare to go public. With the Unified Payments Interface (UPI) at its core, India has built one of the world’s most advanced digital payment infrastructures, making everyday transactions nearly invisible and effortless. Now, industry leaders believe that public markets will play a pivotal role in shaping the future of fintech by driving resilience, governance, and long-term value creation.

According to Raman Khanduja, CEO and Co-founder of fintech startup Mintoak, the sector’s first decade was fueled by innovation, venture capital, and the race for scale. However, the next chapter will be defined by sustainability, accountability, and public capital. “The rails are in place; now we need to build resilience,” Khanduja noted, highlighting that IPOs are not just financial milestones but transformational shifts in how fintechs operate.

Going public, experts say, opens access to larger pools of patient capital, enabling fintechs to invest in infrastructure and innovation beyond short-term growth. It also enforces greater transparency, governance, and accountability—critical in a sector where trust is as valuable as technology.

Public listings are also expected to drive meaningful innovation in areas such as AI-driven credit and risk models, stronger payments and lending infrastructure, and new digital-first financial products for underserved segments. This, in turn, will accelerate financial inclusion by empowering millions of SMEs, consumers, and informal businesses with better tools to thrive.

Industry observers believe that IPOs will enhance India’s global reputation as a hub for credible and investable digital financial institutions. Successful listings could attract more capital, talent, and global partnerships, boosting the country’s fintech ecosystem.

“IPOs are a starting line, not the finish line,” Khanduja emphasized, adding that public scrutiny will push companies to prioritize profitability, trust, and customer retention over vanity metrics.

As India’s fintech journey enters this new phase, the shift from hypergrowth to capital-efficient scaling marks the beginning of what could be the most defining chapter yet in the country’s financial innovation story.