BBC | India's start-up listing rush has shown no signs of slowing down recently - and this week has been no different.
One unicorn - a tech start-up valued at more than $1bn - has made its debut on the country's stock markets, and two more are in the offing.
The $821m (£623m) share offering of eyewear solutions firm Lenskart, founded by a flamboyant Shark Tank India judge, was sold out in less than a few hours despite mind-boggling valuations. It had a shaky market debut on Monday.
The other big company debuting on the exchanges on Wednesday is Groww - the country's largest retail brokerage backed by Microsoft CEO Satya Nadella. Its issue got 17 times more demand from investors than the number of shares available for sale. Pine Labs, a fintech unicorn, will list later in the week.
These listings come amid an already hectic start-up IPO (initial public offering) season that's seen a diverse range of once fledgling tech businesses - from home services platform Urban Company to YouTube channel turned ed-tech unicorn Physics Wallah - tapping the stock market for investor dollars.
The dizzy fundraising frenzy has raised several uncomfortable questions about the expensive valuations commanded by these often-unprofitable newbie companies.
But experts say it also signals a maturing of India's start-up ecosystem after a painful funding winter where money had all but dried up and early-stage venture capitalists were finding it difficult to cash out.
The new wave of IPOs is finally giving many funds a chance to exit their early bets.
"Exiting our investments was one of the prominent concerns when we were raising our fund in 2015-16, so these are really encouraging times for us," Anil Joshi, an angel investor who's funded around 100 early-stage startups, told the BBC.
Shailendra Singh, managing director of PeakXV Partners - a global venture capital firm which has some $9bn invested across several high-profile Indian start-ups including Groww and Pine Labs - attributes the robust demand for these IPOs to better regulation and a wider diversity of participants, including small mom-and-pop investors, mutual funds and insurers, pumping money into India's equity markets.
"Historically there was no appetite for these high growth companies. This has now changed," Shailendra Singh said. "Because with more market participants, a more diverse set of companies are hitting the market."
A flush of money from these new investors has fired up some 43 start-up IPOs this year till the beginning of November. That's five times the number of start-ups that went public in 2020 and a doubling since 2023, according to data shared by market intelligence firm Tracxn.
But there is growing concern that while many of these IPOs are delivering substantial profits to early investors who are cashing out, new investors - ordinary people buying the shares for the first time - have little chance of making a profit afterward.
While admitting that valuations are "structurally high" in India, Shailendra Singh says tech companies with very high operating margins tend to trade richly, not just in India, but across the world.
He believes start-up founders should be sensible when pricing their shares for the public, since they owe a duty to protect small investors' money. But he doesn't think every start-up IPO is overpriced or unfair.
Several start-up IPOs like Zomato, Nykaa, Ixigo and others have generated terrific returns for investors, said Shailendra Singh.
What has also changed is that "today's listings are grounded in profitability and good governance", Anand Daniel, partner at venture capital firm Accel, told the BBC.
"Strong businesses with clear fundamentals are going public, while some start-ups go back to the drawing board and reassess the future."