India to be the most preferred IPO market globally by 2035: Nilekani

Nandan Nilekani predicts India as top IPO market by 2035 with 1 million startups and $8 trillion economy potential.

With many unicorns flipping back to India, by 2035 India would be the most preferred IPO market globally, said Infosys co-founder Nandan Nilekani.

“Already it is the market with the largest number of IPOs, though the value is less compared to the US. In fact, what is happening is people are coming back. Companies that are incorporated in Singapore or the US are actually flipping here, paying more taxes so that they can list in India. Ghar waapsi is happening.’‘ Mr. Nilekani observed.

Technology, capital, entrepreneurship and formalisation were the four great unlocks for an $8 trillion economy for the country, he said while speaking at the Arkam Annual Meet 2025 Bengaluru on Wednesday (March 12, 2025).

Entrepreneurship was very fascinating because the country would have 1 million start-ups by 2035, up from 1,50,000 start-ups currently. These startup would grow at 20% CAGR, he said.

‘’When the economy is growing at 8%, start-ups will grow at 20%, and a million start-ups by 2035. Every time we have an IPO, there are going to be 100 more start-ups,” he said.

Interestingly, more start-ups were happening outside the metros, and they were solving different issues, he observed.

He also highlighted how tokenisation of land assets can unlock $3.3 trillion in land capital. About 50% of the assets owned by Indians was in the form of land which was not tradable. (Tokenisation represents ownership or investment in a property as digital tokens on a blockchain, to increase liquidity through trading).