India, Jan. 20 -- A clear resurgence of new-age, digital-first companies defined the year 2025 for India's primary markets, with at least 18 companies collectively mopping up more than INR 41,283 Cr from public listings, significantly exceeding the INR 29,070 Cr garnered the year before.

Unlike the listing frenzy of 2021, last year's wave was more selective, with investors homing in on startups that crossed the critical scale thresholds and showed improving unit economics, even if they were making losses at the net level.

Public markets rewarded companies that showed tighter unit economics, clearer profitability roadmap and wider market share, while those struggling with deeper losses, eroding market share and leadership shakeups saw th...