IPOs lead India’s 2024 startup exit wave, but M&As likely to catch up

Initial public offerings (IPOs) accounted for more than two-thirds of private equity and venture capital exits from Indian startups in 2024, as heightened public market valuations sidelined secondary deals and large mergers and acquisitions (M&As), a new report said.

However, over the next 6–12 months, exit activity is expected to even out across IPOs, secondaries, and M&As, with private routes regaining favour amid public market corrections and mounting liquidity pressure, according to the report by investment banking firm DC Advisory shared exclusively with ET.