Nandan Nilekani-led venture capital firm Fundamentum is lining up at least four companies in its portfolio for a public listing over the next 12–24 months, co-founder and partner Ashish Kumar said. Online pre-owned cars platform Spinny, e-pharmacy PharmEasy, logistics software startup FarEye, and digital audio platform Kuku FM have initiated discussions with advisors and are actively evaluating potential initial public offerings (IPOs), he said. The move comes as venture capital funds prepare portfolio exits amid plans to raise their next rounds of capital. Venture capital firms have seen the exit path open up as the Indian IPO markets staged a revival over the past couple of years. In June, Mint reported that after Verlinvest SA’s portfolio company Wakefit Innovations Ltd filed for an IPO that month, the Belgium-based investment firm is queuing up beauty products platform Purplle and condiments maker Veeba for public listings. “Our focus has been on management of our portfolio firms. We are not pushing companies to go for an IPO, but with the size and scale of these businesses, they are actively evaluating a public-market debut,” Kumar told Mint.Also Read | Nandan Nilekani-backed bus operator seeks up to $70 mn for an expansion drive Spinny, the full-stack used-car platform, has already begun the groundwork for a public listing, according to a Bloomberg report from September. The company’s fiscal year 2025 (FY25) revenue surged to ₹4,657 crore, while losses narrowed to ₹424 crore. It has also raised nearly $170 million in an extended round from Westbridge Capital, Accel, Fundamentum and other existing investors. API Holdings, the parent of digital health platform PharmEasy, is also moving toward an eventual listing. The company recently appointed Rahul Guha as managing director and chief executive officer, replacing Siddharth Shah—the last remaining co-founder—who has been appointed vice-chairman of the company. PharmEasy’s IPO, first filed in 2021 and withdrawn the following year, remains on the table, according to a Moneycontrol report. Meanwhile, Vernacular audio platform Kuku FM (Mebigo Labs Pvt. Ltd), which recently raised $85 million in a Series C round led by Granite Asia, provided a partial exit to early investor 3one4 Capital. SaaS logistics firm FarEye is also inching toward the public markets. The 11-year-old company posted modest double-digit revenue growth in FY24, and cut its losses sharply by nearly two-thirds. Though still relatively small in scale, FarEye has raised over $152 million across about 10 funding rounds. Both Kuku FM and FarEye are IPO bets for Fundamentum, as both are weighing whether the public markets could support its next stage of expansion.Also Read | What is Nandan Nilekani’s game plan? 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Nilekani’s Fundamentum is getting these four portfolio startups ready for initial public offerings (IPOs).
