They’re reshaping how India shops, pays, and lives. But none of them are on the stock exchange — yet. Here’s what savvy investors need to know.
1. The Unlisted Unicorn Landscape
India’s startup ecosystem has quietly produced some of the most valuable companies in Asia — and most of them aren’t listed on any exchange.
Zepto. Flipkart. PhonePe. These aren’t just brand names you recognise from your phone screen. They’re billion-dollar businesses growing at a pace that would make most public-market companies envious. And right now, before any IPO, a window exists for investors who know where to look.
The unlisted share market has matured significantly in India. It’s no longer a whisper among HNIs in Mumbai boardrooms. Retail investors with conviction and a medium-to-long horizon are actively buying pre-IPO shares through platforms like Altius Investech — getting in before the listing pop that institutional investors have historically enjoyed alone.
So the question isn’t whether these companies are worth watching. It’s which one fits your investment thesis — and what you’re actually getting for your money today.
2. Zepto — The Fastest Growing
If there’s one startup in India that has redefined the meaning of speed — both literally and figuratively — it’s Zepto.
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, two Stanford dropouts barely in their twenties, Zepto built its entire business around a single, audacious promise: groceries delivered in 10 minutes. A promise most people assumed was logistically impossible at scale.
They were wrong.
Zepto now operates across 10+ cities, runs a dark store network of over 350 micro-warehouses, and reportedly crossed ₹15,000 crore in annualised GMV in 2024. It’s gone from zero to one of the top three quick commerce players in India in under three years — a category that didn’t meaningfully exist before the pandemic.
What makes Zepto compelling:
- First-mover advantage in the 10-minute grocery segment
- Rapidly expanding into high-margin categories: electronics, beauty, home essentials
- Backed by marquee investors including Y Combinator, Nexus Venture Partners, Glade Brook, and DST Global
- Valuation has grown from $570 million (2022) to reportedly $5 billion+ in its latest round
- IPO signals have begun — management has publicly discussed a public listing in the coming years
The risk: Quick commerce is a cash-intensive game. Zepto is still investing heavily in infrastructure. Profitability isn’t here yet, and competition from Blinkit (Zomato-backed) and Swiggy Instamart is fierce.
For unlisted market investors, Zepto CCPs are currently available at approximately ₹44,000 per share via Altius Investech. These shares convert into equity at the time of IPO, giving you direct exposure to Zepto’s growth story before it hits the public markets.
3. Flipkart — Walmart’s India Bet
Flipkart doesn’t need an introduction. It’s the company that taught India to trust online shopping — back when most people were still skeptical about entering their card details on a website.
Founded in 2007 by Sachin Bansal and Binny Bansal, Flipkart was acquired by Walmart in 2018 for $16 billion — the largest e-commerce acquisition in history at the time. Today, Walmart holds approximately 75% of the company, with remaining stakes held by Google, Tencent, Tiger Global, and early employees.
Flipkart’s last known valuation stands at around $35 billion, though some internal estimates peg it higher. It commands roughly 48% of India’s e-commerce market, competes directly with Amazon India, and has diversified aggressively — Myntra (fashion), Cleartrip (travel), Flipkart Health+, and Flipkart Wholesale all sit under its umbrella.
What makes Flipkart compelling:
- Market leader in Indian e-commerce with decades of brand trust
- Walmart’s deep pockets provide near-unlimited runway
- Fashion and grocery verticals offer high-margin expansion paths
- IPO has been discussed repeatedly — a US or India listing remains on the table
- Revenue reportedly crossed $8 billion in FY2024
The risk: Flipkart’s IPO timeline has been delayed multiple times. Amazon continues to invest aggressively in India. And at a $35 billion valuation, the upside calculus looks different than it does for earlier-stage plays like Zepto.
Still, for investors who want lower volatility within the unlisted space, Flipkart’s scale and Walmart backing offer a degree of stability that younger startups simply can’t match.
4. PhonePe — UPI Dominance
India processes more real-time digital payments than the rest of the world combined. And PhonePe sits at the center of that infrastructure.
Spun off from Flipkart and now independently valued at $12 billion (following a $850 million fundraise in 2023), PhonePe is India’s largest UPI payment app by transaction volume — processing over 700 crore transactions per month as of late 2024. That’s not a rounding error. That’s a structural dominance of the payments stack that governments and banks have tried — and failed — to dislodge.
But PhonePe is no longer just payments. The company has strategically expanded into:
- PhonePe Insurance — distributing life, health, and motor policies
- Pincode — a hyperlocal shopping app
- Indus Appstore — a homegrown alternative to the Google Play Store
- Mutual funds and stock trading — through its wealth management vertical
Founder Sameer Nigam has been deliberate about building a financial super-app — one that owns not just the transaction, but the entire financial life of the Indian consumer.
What makes PhonePe compelling:
- 550 million+ registered users, with 200 million+ monthly actives
- Dominant market share in UPI (over 48% of all UPI transactions)
- Multiple high-margin verticals now in growth phase
- IPO reportedly being planned for 2025–2026
- Backed by General Atlantic, Tiger Global, TVS Capital, and Walmart
The risk: UPI remains zero-MDR (merchant discount rate) by regulation, meaning PhonePe earns very little from its core transaction volume. Monetisation depends on adjacent verticals growing fast enough — and that’s still a work in progress.
5. Side-by-Side: The Comparison That Matters
6. How to Buy Any of These via Altius Investech
The most common question: how does one actually buy unlisted shares in India?
The process is simpler than most people assume, and Altius Investech is one of the most trusted platforms facilitating these transactions.
Here’s how it works:
- Browse available companies on Altius and check the current ask price per share
- Complete KYC — PAN, Aadhaar, demat account details are required
- Transfer funds via NEFT/RTGS to the seller’s account (managed through Altius)
- Receive shares in your demat account within T+2 days, just like any listed stock
- Hold until IPO or secondary sale — you can exit in the secondary unlisted market before listing if needed
For Zepto specifically, CCPs are currently priced at around ₹44,000 per share on Altius Investech — making it accessible for investors looking to enter before the IPO window closes.
Final Thought
India’s best companies have historically made the most money for investors who got in before the IPO. The challenge has always been access.
That’s changing. Platforms like Altius Investech are democratising the pre-IPO space — and whether you’re drawn to Zepto’s speed, Flipkart’s scale, or PhonePe’s payments dominance, the window to participate in India’s next chapter of wealth creation is open right now.
The question is simply: which story do you want to be part of?
GET IN TOUCH WITH US:
For any query/ personal assistance feel free to reach out at support@Altiusinvestech.com or call us at +91-8240614850.
Learn, more about Unlisted Companies.
Join our Whatsapp Channel: The Market Buzz by Altius
📜 Disclaimer
(Data as of March 14th, 2026, from public sources & altiusinvestech.com. For educational purposes only; not investment advice. Altius Investech is not SEBI-registered; investors should do their own due diligence.)