VCs bagged nearly $2 billion from 2025 IPO exits: Bain-IVCA report

IPO-led startup exits gathered pace, rising 30% over 2024 levels to reach nearly $2 billion in returns this year for venture capital firms, according to a report by Bain & Company’s India Capital Venture Report 2026.

Eight IPOs with strong VC participation drove most of the liquidity. Groww led with about $670 million in exits, followed by Lenskart at $475 million and Dr. Agarwal’s Healthcare at $255 million. Urban Company delivered around $170 million, and Pine Labs about $165 million. Bluestone, Meesho, and Wakefit added $85 million, $85 million, and $75 million, respectively.