Top Foreign Investors Backing India’s New-Age Tech IPOs

Foreign investors are doubling down on India’s new-age tech ecosystem, with their presence becoming more visible in anchor rounds. 

As per Inc42 analysis, about 40% of the total capital raised by 18 new-age tech companies via IPOs since the start of 2025 came from foreign investors. While participation from firms like Goldman Sachs and Fidelity in anchor rounds has become increasingly common, others like Government of Singapore, Abu Dhabi Investment Authority as well as Massachusetts Institute of Technology have also been investing in mature Indian new-age tech companies. 

According to Axis Capital’s MD and equity capital markets (ECM) head Pratik Loonker, FII participation in Indian IPOs has shifted from “opportunistic to structurally deliberate”.

“Despite being large net sellers in Indian cash equities in recent times, FPIs participated with an average share of over 55% in primary market IPO anchor tranches in 2025 alone. This bifurcation — selling secondary, buying primary — signals that global investors are using IPO anchor rounds as a cleaner, valuation-disciplined entry point,” he said.

In 2025, FPIs invested ₹26,508 Cr in IPO anchor books, marking over 40% growth from the previous year, Loonker shared.

While five new-age tech companies — Aye Finance, Fractal Analytics, Amagi, Shadowfax and SEDEMAC — made their public market debut in the first three months of 2026, the startup IPO pipeline for the remainder of the year also looks sturdy. 

Besides, the startup IPO pipeline remains strong for 2026, with unicorns like Zepto, PhonePe, among others, at various stages of the IPO process. So, will the foreign investors continue to back new-age tech IPOs this year as well? 

What’s Driving FII Interest In New-Age Tech IPOs?

Loonker said three structural factors are driving global investor interest in India’s new-age tech IPOs.

First, India’s digital economy is now demonstrating profitability at scale, with most new-age tech companies that listed in 2025 either already profitable or on a clear path to profitability, addressing concerns that weighed on the 2021 startup listing cycle.

Second, India ranked fourth globally in IPO fundraising in 2025 by amount raised, making it increasingly difficult for global investors to ignore the market within emerging market allocations.

Third, a strong domestic liquidity base led by SIP inflows, domestic institutional investors (DIIs), and retail participation provides valuation support, a diversified investor base, and reliable exit visibility for overseas investors.

“Together, these factors create a risk-return profile that now competes credibly with US and Southeast Asian tech listings,” he said.

Loonker also noted that foreign investors are becoming more selective rather than broad-based in their investments. He said FPI participation is now concentrated among sovereign funds and global asset managers, with investors preferring companies that have differentiated business models, proven unit economics, and large addressable markets.

Echoing a similar view, Gaja Alternative Asset Management MD and CEO Gopal Jain said that foreign investor participation reflects selective conviction rather than a broad-based India trade.

According to Jain, three broader shifts are drawing global investors to India’s IPOs. The country’s fiscal discipline, monetary prudence, and S&P’s upgrade of India’s credit rating to BBB last year have reduced the risk premium applied by long-term investors. At the same time, SEBI’s reforms around disclosure, anchor allocations, and lock-ins have improved price discovery and post-listing stability. 

He added that profitability has become central to investor evaluation, with around 60% of companies that listed in Q1 2025 being profitable, a sharp jump from 2024.

For long-term global LPs evaluating India over decade-long cycles, Jain said these changes are expanding exit pathways and making the country harder to ignore in a global tech allocation. This explains their high participation in new-age tech IPOs, which is expected to continue in the coming years. 

Among foreign investors, several global names have been active in anchor rounds of India’s new-age tech IPOs. These include Goldman Sachs, Franklin Templeton, Amundi, Fidelity Investments, and BlackRock.

Sovereign-backed investors such as GIC, Monetary Authority of Singapore, Government Pension Fund Global, and Abu Dhabi Investment Authority have also participated, along with firms like Nomura and Amansa Capital. Let’s take a look at some of the most active foreign anchor investors for Indian startup IPOs. 

Most Active Foreign Investors In Indian Startups

Goldman Sachs

Goldman Sachs has emerged as the most active foreign anchor investor in new age tech IPOs since 2025, deploying ₹632.19 Cr across nine anchor rounds. Its investments span fintech, edtech, D2C, SaaS, analytics and coworking, backing companies such as BlueStone, Fractal, Groww, Lenskart, Meesho, PhysicsWallah, SEDEMAC, Urban Company and WeWork India.

The Wall Street major has maintained a long presence in India, serving clients since the 1980s and setting up its wholly owned onshore operations in Mumbai in December 2006 after a decade-long joint venture. 

Over the years, Goldman Sachs has reportedly deployed more than $8.5 Bn in India across private equity, infrastructure and credit strategies, reinforcing its role as both an investor and advisor.

The firm had identified the IPO opportunity early. In a September 2021 report, it noted that Indian startups had raised about $10 Bn through public listings that year, exceeding the previous three years combined. It also projected that up to 150 companies could go public over the next two to three years, potentially adding about $400 Bn in market value.

Beyond anchor investments, Goldman Sachs has also been active in secondary transactions and late stage funding. It exited its stake in Eternal through multiple block deals in September and October 2025, netting over ₹900 Cr.

Its bankers have described India’s IPO cycle as a convergence of maturing startups, private equity exits and a deepening domestic investor base.

Franklin Templeton 

Franklin Templeton has invested ₹662.81 Cr in anchor rounds of new-age tech IPOs, becoming the second most active foreign anchor investors. Its portfolio includes companies like Ather Energy, PhysicsWallah, Pine Labs and Meesho, along with investments in Groww and Lenskart, across sectors such as clean mobility, edtech, fintech and consumer internet.

Beyond public markets, it is also expanding its private credit business. In April 2025, it raised over ₹205 Cr in the first close of its India-focused credit AIF, which is targeting a corpus of ₹1,000 Cr, and has already provided debt funding to Varthana Finance.

Globally, Franklin Templeton oversees $1.68 Tn in assets covering equity, fixed income, and alternatives, as per data available till March, 2026.

Amundi

Amundi has been actively backing India’s new age tech IPOs across sectors through anchor rounds. Since 2025, it has invested about ₹582.74 Cr across companies such as Ather Energy, Urban Company, WeWork India, Pine Labs, Lenskart, Meesho, Groww, Capillary, Wakefit and Fractal. 

Beyond direct investments, a key part of Amundi’s India strategy is its 37% stake in SBI Mutual Fund, the country’s largest asset manager, in partnership with State Bank of India. This gives Amundi access to domestic capital markets and institutional investor flows.

As of March, 2026, Amundi manages assets worth $2.8 Tn (about $2,798.5 Bn) globally, and continues to expand its focus on Asia, with India identified as a key growth market. 

Last year, it had also launched India focused investment products in partnership with SBI Mutual Fund to tap global investor demand.

Fidelity Investments

Known for its large global asset base and institutional investing approach, Fidelity Investments has been building exposure to India’s new age tech IPOs through anchor investments. Since 2025, it has invested about ₹451.52 Cr across multiple listings through its global funds. Its anchor bets include Lenskart, Meesho, PhysicsWallah and Urban Company.

While Fidelity exited its mutual fund business in India, it continues to invest in public markets through its international funds as a foreign portfolio investor.

Beyond IPOs, Fidelity has also participated selectively in late stage and pre-IPO rounds, including investments in companies such as Lenskart. Fidelity, along with Temasek, bought shares worth $200 Mn in the eyewear giant in a secondary transaction in June 2024.

Globally, Fidelity Investments manages assets under administration of about $18 Tn, with managed assets of $7.1 Tn, serving clients across retail, institutional, and workplace segments in 2025.

Government of Singapore

Between January 2025 and March 2026, Government of Singapore invested about ₹409.1 Cr across four anchor rounds in Groww, Lenskart, Meesho and Urban Company.

GIC has maintained a presence in India since the 1990s and invests across public equities, private equity, infrastructure, real estate and technology. As of early 2026, its disclosed public equity holdings in India stood at over ₹8,290.4 Cr across listed companies, per data hosted on Trendlyne. 

Globally, GIC manages Singapore’s foreign reserves with a focus on long term returns, investing across asset classes and geographies as part of a diversified portfolio strategy.

Government Pension Fund Global

In India’s new age tech IPO space, Norway’s Government Pension Fund Global is a relatively new participant, extending beyond its traditional bias towards large, established listed companies.

Between January 2025 and March 2026, it invested about ₹351 Cr across anchor rounds in Aequs, Groww, Lenskart, Shadowfax and Urban Company, spanning sectors such as fintech, logistics, consumer services and manufacturing.

Historically, the fund has built its India exposure through public equities, with holdings in over 100 listed companies including Infosys, Reliance Industries, TCS, SBI, Bajaj Auto and Bharti Airtel. Its move into new age tech IPOs suggests a calibrated expansion into digitally native and consumer facing businesses.

Globally, the fund, often referred to as the Oil Fund, manages assets of over $2.2 Tn and is operated by Norges Bank Investment Management under Norway’s central bank. It follows a long horizon investment strategy across asset classes and geographies.

Nomura

Since 2025, Nomura has deployed about ₹311 Cr across anchor rounds of IPOs of Lenskart, Pine Labs and Urban Company.

Nomura’s engagement with India dates back nearly two decades and gained scale after its 2008 acquisition of Lehman Brothers’ Asia Pacific operations, which strengthened its presence in equities, investment banking and research. Today, it operates across multiple entities offering services in equity capital markets, IPO advisory, institutional broking and structured finance.

Alongside its anchor investments, Nomura continues to be active in public markets and advisory roles, working on IPOs and block deals while also running India focused equity strategies. This allows it to channel global capital into Indian companies while maintaining a strong on-ground presence.

Nomura is Japan’s largest investment bank and brokerage, with operations across investment banking, global markets and asset management. Its acquisition of Macquarie’s international public asset management business in 2025 expanded its investment management assets to around $770 Bn.

Abu Dhabi Investment Authority

Tapping into India’s fast growing digital and consumer markets, Abu Dhabi Investment Authority has been stepping up its presence in the country’s new age tech IPOs.

Between January 2025 and March 2026, it invested about ₹277 Cr across anchor rounds of Ather Energy, Groww, Meesho and SEDEMAC, spanning sectors such as electric mobility, fintech, social commerce and advanced manufacturing. It was among the larger sovereign participants in Groww’s IPO, committing around ₹140 Cr, and also backed Ather Energy, aligning with India’s push towards EV adoption and digital financial services.

ADIA’s India exposure extends well beyond IPOs. It has made significant investments in companies such as Lenskart and Jio Platforms, while also building positions in infrastructure and renewable energy. Its public equity portfolio in India spans over two dozen listed companies, valued over ₹4,000 Cr.

The fund often invests alongside other sovereign investors such as GIC and Norway’s Government Pension Fund Global. Globally, ADIA manages assets estimated at over $1.1 Tn and follows a diversified investment approach across asset classes. Its increasing participation in India’s new age tech IPOs highlights a broader strategy to deepen exposure to high growth emerging markets like India.

BlackRock

Since 2025, BlackRock has invested about ₹220 Cr across a few anchor rounds, backing companies such as Aequs, Lenskart and Meesho. The picks cut across manufacturing, consumer retail and digital commerce, reflecting where it sees long term growth in India.

These investments tie into BlackRock’s broader view of the country, driven by rising consumption, increasing digital adoption and a renewed push towards manufacturing. Its presence alongside other large global and domestic investors in these IPOs also adds to overall market confidence.

Beyond IPOs, BlackRock has been steadily building its footprint in India. In 2023, it partnered with Jio Financial Services to launch a digital first asset management venture aimed at India’s growing base of retail investors.

The firm also has offices in Gurugram, Mumbai and Bengaluru, supporting global technology, operations and investment functions, while continuing to run India focused strategies. Globally, BlackRock reportedly manages about $14 Tn in assets, making it the world’s largest asset manager.

Amansa Capital

Smaller in scale but sharply focused on India, Amansa Capital has been selectively participating in the country’s new age tech IPOs through anchor investments. Between January 2025 and March 2026, it deployed about ₹217.16 Cr across two anchor rounds in BlueStone and Meesho, focusing on digital commerce and the formalisation of retail. 

Founded in 2006 by former Temasek executive Akash Prakash, the Singapore based hedge fund manages an estimated $3-4 Bn in assets, with a significant portion allocated to India focused strategies.

Its investment approach is centred on concentrated, high conviction bets backed by deep research, with a strong tilt towards sectors such as consumer, financial services and technology.

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