India, Dec. 2 -- November turned out to be one of the most action-packed months in recent memory for the Indian startup ecosystem. A record five listings, strong financial disclosures and a steady flow of private capital kept the ecosystem buzzing.

At the centre of this frenzy were late stage champions - Groww, Pine Labs, Lenskart, PhysicsWallah and Capillary Technologies - all of which closed heavily oversubscribed IPOs before making their debuts on the bourses.

The momentum didn't stop there. Companies like InCred, Meritto and SEDEMAC also filed their draft papers with SEBI, signalling that the pipeline for 2026 is already taking shape.

Funding activity gained pace as well. Large late stage rounds returned, while early stage funding ...