Loss-making startups slash OFS share as IPO scrutiny tightens; Zepto, PWA, Curefoods load up on fresh issue
Zepto (Rs 8,010 cr), Curefoods (Rs 800 cr) and others are anchoring IPOs on fresh issues, with OFS shrinking to 10-11% at Ola Electric and PhysicsWallah versus a ~80% median in the 2021-22 cohort. Signal: capital is for growth, not early exits, as public-market patience for cash-burning consumer plays thins.
Young loss-making Indian consumer startups like Zepto, PhysicsWallah and Curefoods are keeping OFS portions lean and fresh issues large, signalling IPO proceeds will fund growth rather than early-investor exits, reflecting heightened public-market scrutiny since 2021-22.