2026’s First Startup IPO, Wingify-AB Tasty Merger & More

Amagi Rings The Bell Today

Amagi is set to become the first listed Indian startup of 2026. Trading at a grey market premium of 2.77%, the adtech major is eyeing a bumper D-Street debut today. Anchored by fresh profitability and a hefty revenue growth, what does Amagi’s IPO stack look like?

Amagi’s IPO Structure: The SaaS startup’s public issue comprises a fresh capital of INR 816 Cr and an OFS of 2.69 Cr shares. At the upper end of its INR 343-361 price band, the INR 1,789 Cr public issue pegs the company at INR 7,966 Cr. Its IPO was oversubscribed 30X on the back of strong demand from NIIs and QIBs. 

Investors Cash Out: Early backer Premji Invest emerged as the biggest winner, minting INR 480 Cr from the public issue. Accel raked in 183.2 Cr, translating into 3.3X returns. Norwest Venture Partners and Trudy Holdings also clocked 2.1X and 3.2X returns, respectively.

Tailwinds & Headwinds: Amagi comes to the markets on the back of a sharp swing to profitability (INR 6.5 Cr) in H1 FY26, supported by 35% YoY revenue growth to INR 704.8 Cr. Strong 30X subscription, INR 805 Cr anchor book led largely by mutual funds, and a global adtech story add further momentum to the listing narrative.

Despite robust demand, public investors may not be too keen on an OFS-heavy issue. Then, there is the problem of profitability hanging by a little thread as EBITDA margins continue to remain low at around 2%. Then, the company continues to navigate scaling pressures and global macro uncertainty in ad spending.

As Amagi steps into public scrutiny, will the SaaS major’s debut sustain investor euphoria, or does profitability pressure await? For now, here are the investors who have minted big returns.

From The Editor’s Desk

PhonePe’s IPO Gets SEBI Nod

• The digital payments giant has received the market regulator’s nod to float its IPO. The company now plans to file its updated DRHP in the next few days.
• The Walmart-backed fintech giant filed its DRHP with SEBI via the confidential route in September 2025. Back then, PhonePe was looking to raise about INR 12,000 Cr via a complete offer for sale.
• PhonePe accounts for nearly half of all UPI payments. The fintech juggernaut clocked an operating revenue of INR 7,114.8 Cr in FY25 against a loss of INR 1,727.4 Cr. It recorded 980.1 Cr transactions worth INR 13.61 Lakh Cr in December last year.

Emergent Vibes On $70 Mn Round

• The vibe coding platform has raised fresh capital in its Series B round, led by Khosla Ventures, to enter new markets. The round marks SoftBank’s first India investment after four years, pushing the startup’s valuation to $300 Mn.
• Founded in 2024, Emergent helps enterprises build production-ready apps from text prompts using its agentic AI platform. With the latest fundraise, the startup has raised more than $100 Mn in the past five months. 
• The vibe coding platform claims to have hit $50 Mn in ARR within seven months of its operation, and is targeting $100 Mn in ARR by April 2026 as AI adoption soars. 

IndiaMART’s Q3 Profit Run

• The B2B ecommerce giant’s net profit surged 56% YoY to INR 188.3 Cr in Q3 FY26 despite operating revenue rising a mere 13% YoY to INR 401.6 Cr. EBITDA declined 3% YoY to INR 134 Cr, while total expenses grew 22% YoY to INR 275.4 Cr. 
• The profit surge contrasted with subdued revenue growth and negative EBITDA movement. This reflects margin expansion via cost optimisation, even as the core platform’s top line continued to crawl.
• On the operational front, IndiaMART shed 1,000 paying suppliers in Q3, while active buyers dipped 2% YoY to 4.2 Cr. The downturn is in line with the ongoing churn in India’s $50 Bn+ B2B ecommerce market.

India’s Maturing Startup IPO Story

• SBI Securities’ Sunny Agrawal underscores that the startup story is shifting from survival funding to execution-led stories, with the 2026 pipeline targeting INR 50,000 Cr+ in cumulative IPO size.
• Analysts point out that investors are judging IPO-bound new-age tech companies on a few metrics – unit economics, path-to-profitability and an addressable market that can justify valuations.
• On the other hand, bankers are hinging price discovery on three pillars – margin sustainability at scale, competitive moats and capital efficiency for non-linear growth.

Wingify To Merge With AB Tasty

• The Everstone-owned SaaS major will merge with the Paris-based AB Tasty to form a $100 Mn+ ARR global experimentation and personalisation platform. The merged entity is valued between $400-500 Mn.
• Post-merger, Wingify CEO Sparsh Gupta will lead the combined entity. At the same time, Everstone, which acquired a majority stake in Wingify last year, will invest additional capital in the combined entity to become its largest institutional shareholder.
• Founded in 2009, Wingify’s software stack enables marketing and growth teams to test and improve apps, understand user behaviour and optimise digital experiences. It counts 3,000+ clients.

Inc42 Markets

Inc42 Startup Spotlight

Can Uni Seoul Plans To Capture India’s K-Lifestyle Wave

Korean beauty and lifestyle trends dominate GenZ India. Yet premium pricing and metro-only availability lock out mass consumers. Uni Seoul is bridging this gap with its affordable Korean-inspired offerings.

The Offline Breakthrough: Founded in 2023, Uni Seoul sells Korean-inspired products across home, personal care, gifting and fashion accessories. The brand also operates 10 offline stores, targeting five more by FY26 and INR 70 Cr in ARR. With demand validated, the company is now driving expansion into A+ malls across tier I cities. 

Strategy & Efficiency: Backed by sauce.VC, the startup’s Test–Gate–Scale framework and proprietary PPIC model ensure efficient SKU launches and inventory management, driving strong store productivity. Going forward, the startup plans to build a deeper SKU breadth and foster higher basket sizes. Can Uni Seoul capture India’s K-lifestyle wave before global chains flood the market?

Infographic Of The Day

Same hubs, big money. Bengaluru, Delhi-NCR and Mumbai once again dominated India’s private market funding in 2025.

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