India's IPO market has completely lost its mind. Groww is worth more than the Bombay Stock Exchange (as of 18th Nov '25 the date of recording).

PhysicsWallah is losing ₹243 crore but got a 33% listing pop. And companies are literally moving their headquarters from the US to India just to IPO here. What's going on?

In this deep dive, we expose the wild world of Indian startup IPOs. You'll discover how companies magically become profitable right before going public, why retail investors are gambling billions on unprofitable startups, and the shocking "reverse flip" trend where unicorns are abandoning Silicon Valley for Mumbai's markets.

This is the untold story of the biggest IPO boom and potential bubble in the world right now.

Note- The video was recorded on 18th Nov '25, all numbers and stock prices are true to that date.

Disclaimer: This video is for educational and informational purposes only and is not financial advice. Please do your own research or consult a registered financial advisor before making investment decisions. The creator is not responsible for any profits or losses resulting from investment decisions.

KEY TAKEAWAYS:

✅ How Groww became worth more than the 150-year-old Bombay Stock Exchange

✅ Why PhysicsWallah got a 33% listing gain despite losing ₹243 crore

✅ The accounting tricks companies use to become "profitable" before IPOs

✅ Why 70+ startups are moving from US/Singapore to India (reverse flipping)

✅ India vs USA IPO markets: lower requirements, higher valuations, unlimited appetite

FEATURED COMPANIES:

Groww: ₹1.1 lakh crore valuation (more than BSE itself on 18th Nov '25)

Lenskart: Years of losses, then ₹297 crore profit in FY25—just before IPO

PhysicsWallah: Loss-making but 33% listing gains

Pine Labs: 2.5x oversubscribed despite unclear profitability

Zomato, Paytm, Nykaa, Ola Electric: The cautionary tales

TIMESTAMPS:

(0:00) Introduction

(0:33) Groww IPO

(1:54) Lenskart IPO

(2:36) Pine Labs IPO

(3:15) Physicswallah

(4:51) Why & how do companies turn profitable just before the IPO?

(6:51) Class of '21 - Zomato, Paytm, Nykaa

(9:45) India vs USA IPO Markets

(10:46) Reverse Flipping

(12:04) Why are companies reverse flipping to India?

(13:11) Is indian IPO market visionary or plain crazy?

(13:58) Closing

SUBSCRIBE FOR MORE VC & STARTUP STRATEGY

VC10X breaks down the most important stories in tech, startups, and investing every week. If you want actionable insights to help you build or invest in the next great company, subscribe now.

LET'S CONNECT

Website: https://VC10X.com

X / Twitter: https://x.com/choubeysahab

LinkedIn: https://linkedin.com/in/choubeysahab

COMMENT BELOW

Is India's IPO market the future or a bubble waiting to pop? Have you invested in any of these companies? Let us know in the comments.

#IndiaIPO #Groww #PhysicsWallah #Lenskart #StartupIndia #VentureCapital #IPOMarket #RetailInvesting #ZomatoIPO #PaytmIPO

VC10X Micro - The Land of Crazy Startup IPOs

VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management

VC10X Micro - The Land of Crazy Startup IPOs