At least 25 new-age companies will have IPOs in 2025, according to a list compiled by Moneycontrol. The list includes Ather Energy, BoAt, Zepto, BlueStone, CarDekho, Captain Fresh, DevX, Ecom Express, Aye Finance, Fractal, Physics Wallah, PayU, Pine Labs, Shadowfax, Smartworks, Zetwerk and others. Last year, 13 startup IPOs including Swiggy and Ola Electric collectively raised over $3.4 billion.