Nilekani’s Fundamentum preps these four portfolio startups for IPOs

Online used car platform Spinny, e-pharmacy PharmEasy, logistics software startup FarEye and digital audio platform Kuku FM said they have initiated discussions with advisors and are actively evaluating potential initial public offerings (IPOs).

The move comes as venture capital funds prepare for portfolio exits amid plans to raise their next round of capital. Venture capital firms have seen the exit path open as Indian IPO markets have boomed in the last few years. In June, Mint reported that the Belgium-based investment firm had lined up beauty products platform Purplle and condiment maker Veeba for public listings, after Verlinvest SA’s portfolio company Wakefit Innovations Ltd filed for an IPO that month.

“Our focus has been on the management of our portfolio companies. We are not pushing companies to go for an IPO, but given the size and scale of these businesses, they are actively considering a public market launch,” Kumar said. Mint.

According to a report, full-fledged used car platform Spinny has already initiated the foundations of a public listing. Bloomberg September report. Company’s fiscal year 2025 (FY25) revenue ₹4,657 crore while losses narrowed ₹424 crore. It also raised approximately $170 million in an extended round from Westbridge Capital, Accel, Fundamentum and other existing investors.

API Holdings, the parent company of digital health platform PharmEasy, is also moving towards a final listing. The company recently appointed Rahul Guha as its managing director and chief executive officer, replacing Siddharth Shah (the last remaining co-founder) who was appointed as the company’s vice chairman. PharmEasy’s IPO, first filed in 2021 and withdrawn the following year, is still on the table, according to a report. money control report.

Meanwhile, Vernacular audio platform Kuku FM (Mebigo Labs Pvt. Ltd), which recently raised $85 million in a Series C round led by Granite Asia, has secured a partial exit to early investor 3one4 Capital.

SaaS logistics company FarEye is also stepping into public markets. The 11-year-old company posted modest double-digit revenue growth in FY24 and sharply reduced its losses by almost two-thirds. Although still small in scale, FarEye has raised over $152 million across nearly 10 funding rounds. Both Kuku FM and FarEye are IPO bets for Fundamentum as both weigh whether public markets can support the next phase of expansion.

Corporate lawyers say startups must demonstrate management strength beyond scale and a sustainable path to profitability to win the trust of investors in public markets.

“Tech startups will need to demonstrate sound corporate governance as well as a clear path to sustainable profitability,” said Anupam Shukla, partner at Pioneer Legal. “Historically, a successful IPO was strictly based on a multi-year track record of profitability and net tangible assets, but in recent years Sebi has pragmatically enhanced regulations with the introduction of platforms such as SME Exchange to facilitate listing of high growth, asset-light technology companies.”

Kumar said the firm’s technology investments have performed better than non-technology investments. “Going forward, we will focus on technology-focused and operationally leaner businesses,” he said.

Founded in 2017, Fundamentum currently manages two funds with approximately $90 million and $227 million, respectively, and distributes from the second fund. Its portfolio has a total of 19 companies, including MSME lending startup Flexiloans, wealth technology company Stable Money and spiritual platform AppsForBharat in two funds.

The fund’s investment focus has increasingly shifted to artificial intelligence (AI) and deeptech. Fundamentum also plans to hire more experts in these areas, including energy and orchestration layer technologies.

Mint recently highlighted how investment firms are hiring domain experts to deepen expertise and compete with thematic funds that dominate sector-focused deals.