Top 15 Unlisted Shares to Invest in 2025

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In this article, we will explore the top unlisted shares in India that are in high demand and that every smart investor should keep an eye on in 2025. Also, we will tell you a simple and safe way of investing in unlisted shares. So, read till the end.

What Are Unlisted Shares?

Before we begin, let us understand what unlisted shares are, from the following points:

  • Unlisted shares are the equity shares of a company that is not publicly traded on any stock exchange.
  • Instead, these shares are bought and sold in the private market through platforms like UnlistedKraft, intermediaries, or directly from existing shareholders.

High Demand Unlisted Shares in India in October 2025

The following table shows the top unlisted shares in India in October 2025:

CompanySectorLatest News (October 2025)IPO Date
(Expected)
National Stock Exchange (NSE)Financial ServicesNSE reapplied to SEBI for IPO 'no objection' certificate, aiming for a public offering.Q4 FY26 (Jan-Mar 2026)
Serum Institute of IndiaHealthcareMaintained position as world's largest vaccine manufacturer amid rising global demand.2026
Zoho CorporationTechnology (SaaS)Partnered with NVIDIA for AI-driven business solutions, focusing on enterprise LLMs.2026
GrowwFinTechUnlisted shares surge amid preparations for Rs 6,000-7,000 crore IPO at $7-9 billion valuation.Q4 2025 (Nov 2025)
BYJU'sEdTechRestructuring operations to address financial challenges and improve profitability.2026
OYO RoomsHospitalityAcquired Motel 6 chain in USA to bolster global expansion efforts.H2 2025
RazorpayFinTechEnhanced payment gateway services, targeting SMEs and e-commerce growth.H2 2025
Intas PharmaceuticalsPharmaceuticalsExpanded generics portfolio and global manufacturing capabilities.2026
Physics WallahEdtechFocusing on content expansion for students.2026
Chennai Super Kings (CSK)SportsBoosted revenues through media rights and sponsorships in IPL ecosystem.2026
Cochin International Airport (CIAL)InfrastructureReported steady passenger traffic growth as India's first PPP airport.2026
Indofil IndustriesChemicalsScaled agrochemical production to meet rising crop protection demand.2026
boAt (Imagine Marketing)Consumer ElectronicsLaunched new audio and wearable products, gaining traction in consumer tech.To be announced
PharmEasyHealthcare (Pharma Retail)Focused on diagnostics and e-pharmacy expansion for operational efficiency.2026
Orbis Financial ServicesFinancial ServicesExpanded custodial and financial services with strong market performance.2026
Hero FinCorpNBFCEnhanced retail lending portfolio; aligning with RBI listing requirements.H2 2025
Vivriti CapitalNBFCScaled MSME and rural financing, emphasising financial inclusion initiatives.2026

Disclaimer: Information may not be accurate/up-to-date. Kindly check the official website of the company for more information. If you are interested in buying/selling unlisted shares, please visit www.unlistedkraft.in

Important Details about Popular Unlisted Shares

Now, let us check some important details about the above-mentioned unlisted shares:

National Stock Exchange (NSE)

The National Stock Exchange (NSE) is India's leading stock exchange, established in 1992, and the world's fifth-largest by market capitalisation, exceeding $5 trillion as of May 2024. It pioneered electronic trading in India and plays a pivotal role in the country's capital markets, facilitating equity, derivatives, and debt trading while promoting financial innovation.

  • Key Investors: Life Insurance Corporation (10.72%), State Bank of India (3.23%), SBI Capital Markets (4.33%), Stock Holding Corporation of India (4.40%), Aranda Investments, Radhakishan Damani (1.58%).
  • Why Gaining Attention: Anticipation of its Q1 2026 IPO, following a proposed ₹1,600 Cr SEBI settlement, has driven a fourfold surge in retail investors to over 146,000 in mid-2025, fueled by strong fundamentals and NSE's critical infrastructure role amid India's booming equity market.

Serum Institute of India

Serum Institute of India (SII), founded in 1966, is the world's largest vaccine manufacturer by volume, producing over 1.5 billion doses annually for diseases like polio, diphtheria, and COVID-19. Headquartered in Pune, it focuses on affordable immunobiologicals and has supplied vaccines to 170+ countries via WHO and UNICEF programs.

  • Key Investors: Primarily family-owned by Cyrus Poonawalla and family; limited external funding from Global Health Investment Fund and Department of Biotechnology (grant in 2012).
  • Why Gaining Attention: Its pivotal role in global vaccination efforts, including producing 60% of the world's vaccines and recent expansions like a 20% stake in needle-free tech firm IntegriMedical, highlights its innovation in accessible healthcare amid rising demand for affordable biologics.

Zoho Corporation

Zoho Corporation, founded in 1996 by Sridhar Vembu, is a bootstrapped cloud software company offering over 45 integrated applications for CRM, productivity, and analytics, serving 80+ million users worldwide without external funding. Headquartered in Chennai, it emphasises privacy-focused, ad-free tools and rural talent development.

  • Key Investors: Largely bootstrapped; early Series A from Intel Capital ($50M in 2000); no major ongoing institutional backers, with founders holding majority control.
  • Why Gaining Attention: As a profitable, debt-free unicorn rejecting VC pressures for rapid growth, Zoho's focus on R&D (e.g., recent launches like Zoho RPA and TrainerCentral) and independence appeals to investors seeking sustainable tech models in a hype-driven market.

Groww

Groww, launched in 2016 by ex-Flipkart engineers, is India's largest retail investment platform by active users, offering zero-commission trading in stocks, mutual funds, IPOs, and gold to over 40 million users. It emphasises simplicity and education to democratize wealth creation for first-time investors.

  • Key Investors: ICONIQ Growth, Alkeon Capital, Lone Pine Capital, Sequoia Capital India, Ribbit Capital, Tiger Global, YC Continuity, Propel Venture Partners.
  • Why Gaining Attention: Confidential SEBI filing for a ₹7,000 Cr IPO at $7-8B valuation, driven by 40% market share in new NSE users and profitability, positions it as a fintech leader amid India's retail investing boom.

BYJU's

BYJU's, founded in 2011 by Byju Raveendran, is an edtech giant offering personalised K-12 learning apps and test prep for exams like JEE/NEET, serving 150 million+ students across 21 countries. It expanded via acquisitions like WhiteHat Jr. and Aakash, but faced challenges post-pandemic.

  • Key Investors: Prosus (12.04%), TPG Growth, Chan Zuckerberg Initiative, General Atlantic, Sequoia Capital India, BlackRock, Qatar Investment Authority, and Lightspeed Venture Partners.
  • Why Gaining Attention: Amid 2025 insolvency proceedings and valuation drop from $22B to near-zero due to debt and governance issues, scrutiny from major investors' exits highlights risks in edtech, drawing focus on potential restructuring or asset sales.

OYO Rooms

OYO Rooms, founded in 2013 by Ritesh Agarwal, is a global hospitality chain with 150,000+ properties in 80 countries, offering budget hotels via franchising and tech-enabled standardisation. It achieved profitability in FY24 after aggressive international expansion.

  • Key Investors: SoftBank Vision Fund (largest), Lightspeed India, Airbnb, Hero Enterprise, Didi Chuxing, Greenoaks Capital, Sequoia India.
  • Why Gaining Attention: H2 2025 IPO plans at $7-8B valuation, post-FY24 ₹141 Cr PAT and 700 new hotels in Europe/US, signal recovery from past losses, attracting investors to its scalable model in the rebounding travel sector.

Razorpay

Razorpay, founded in 2014 by Harshil Mathur and Shashank Kumar, is a leading payments gateway processing $100B+ annually for 8 million+ businesses, offering tools for UPI, cards, and lending via APIs. It expanded into banking and payroll amid India's digital payments surge.

  • Key Investors: Sequoia Capital India (Peak XV), Tiger Global, Y Combinator, GIC, Lone Pine Capital, Alkeon Capital, and TCV.
  • Why Gaining Attention: Board approval for mid-2027 IPO post-US reverse flip, with ₹2,500 Cr FY24 revenue and diversification beyond payments (15-20% non-payments), positions it as a fintech growth story in UPI-dominated markets.

Intas Pharmaceuticals

Intas Pharmaceuticals, founded in 1977 by Nirma's founders, is a top Indian generics maker with 22 plants, exporting to 85+ countries and focusing on biosimilars and complex generics like injectables. It ranks among India's top-10 pharma firms by revenue.

  • Key Investors: Privately held by promoters; Temasek and ChrysCapital as key financial backers.
  • Why Gaining Attention: Strong revenue growth from global generics expansion and acquisitions like Actavis UK (2017), amid India's pharma export boom (8% CAGR), draws focus despite no IPO plans, with unlisted shares trading at premiums.

Physics Wallah

Physics Wallah, founded in 2016 by Alakh Pandey, is an edtech platform offering affordable JEE/NEET prep via live classes and apps, serving 6M+ students with 13,000+ employees. It bootstrapped initially before scaling offline centres.

  • Key Investors: WestBridge Capital, Lightspeed Venture Partners, Hornbill Capital, GSV Ventures.
  • Why Gaining Attention: $210M Series B at $2.8B valuation in 2024, up 2.5x from prior, amid edtech recovery; focus on affordability and 82% founder ownership appeals as a sustainable model post-BYJU's turmoil.

Chennai Super Kings (CSK)

Chennai Super Kings (CSK), founded in 2008 as an IPL franchise owned by India Cements, is India's most successful T20 team with 5 titles and $231M brand value. It expanded into SA20 (Joburg Super Kings) and MLC (Texas Super Kings).

  • Key Investors: India Cements Shareholders Trust (30%), Sri Saradha Logistics (7%), LIC (6%), N. Srinivasan family.
  • Why Gaining Attention: FY24 PAT surge to ₹201 Cr (13x YoY) from fan revenues and global expansions, plus demerger for potential IPO, fuels unlisted share demand amid IPL's $12B valuation rise.

Cochin International Airport (CIAL)

Cochin International Airport (CIAL), India's first PPP airport since 1999, handles 10.5M passengers annually as Kerala's key gateway, pioneering solar-powered operations (world's first green airport). It focuses on cargo and tourism growth.

  • Key Investors: Government of Kerala (33.36%), HUDCO (3.37%), Federal Bank/SBI/Canara Bank (5.91%), 10,000+ NRIs (38.03%).
  • Why Gaining Attention: Passenger traffic doubled in FY24, and the ₹478 Cr rights issue success signals IPO potential; solar innovations and NRI remittances hub status boost unlisted shares to ₹475 amid the aviation boom.

Indofil Industries

Indofil Industries, founded in 1962 as part of the K.K. Modi Group, is a global agrochemical leader producing fungicides and speciality chemicals, exporting to 120+ countries with backwards-integrated facilities in Gujarat. It emphasises sustainable crop protection.

  • Key Investors: Privately held by K.K. Modi Group; limited external investors like Analah Ventures and LIC (2009 unattributed round).
  • Why Gaining Attention: FY24 net profit up to ₹361 Cr (121% returns) from agro focus amid global food demand; undervalued unlisted status with zero debt and Godfrey Phillips stake attracts value investors in an 8.6% CAGR sector.

boAt (Imagine Marketing)

boAt (Imagine Marketing), founded in 2013 by Aman Gupta and Sameer Mehta, is India's top wearables brand with ₹5,300 Cr FY24 revenue from audio and smart devices, emphasising "Indianness" and 100M+ users via D2C channels.

  • Key Investors: Warburg Pincus (largest), Qualcomm Ventures, InnoVen Capital, Fireside Ventures, Malabar Investments.
  • Why Gaining Attention: SEBI-approved late-2025 IPO ($300-500M raise) post-FY24 EBITDA profitability; 32% CAGR and Shark Tank fame drive hype in consumer tech amid premiumization trends.

PharmEasy

PharmEasy, founded in 2015 under API Holdings, is India's leading online pharmacy with 10M+ users, offering medicine delivery, diagnostics (via Thyrocare merger), and telehealth in 1,200+ cities. It pivoted to profitability post-2023 restructuring.

  • Key Investors: TPG Growth (largest), Prosus Ventures, Temasek, ADQ, Manipal Group (Ranjan Pai), Goldman Sachs.
  • Why Gaining Attention: H1 2025 IPO relaunch at $1B+ valuation after FY24 cash flow improvements and debt reduction; merger synergies and 14.7% revenue dip recovery spotlight its healthtech turnaround.

Orbis Financial Services

Orbis Financial Services, founded in 2006 by Atul Gupta and Vijay Kelkar, is a securities services provider offering custody, fund accounting, and trustee solutions to FIIs, corporates, and HNIs. It manages ₹81,160 Cr AUM with a zero-conflict model.

  • Key Investors: Plutus Wealth Management (largest), A D Holdings, RC Jain Family Trust, Ashish Kacholia, IDFC.
  • Why Gaining Attention: 20% AUM growth to ₹81,160 Cr in FY23 and 76% share rise to ₹475 reflect robust demand in India's capital markets; niche focus on FPIs and AIFs amid rising institutional flows.

Hero FinCorp

Hero FinCorp, founded in 1991 as part of Hero MotoCorp Group, is a diversified NBFC offering two-wheeler loans, MSME credit, and CIF to 10M+ customers, with ₹50,000 Cr+ AUM focused on underserved retail segments.

  • Key Investors: Hero MotoCorp (41%), Bahadur Chand Investments (15.72%), Brijmohan Lal Om Parkash (8.24%), Shahi Exports, RVG Jatropha.
  • Why Gaining Attention: ₹3,668 Cr IPO (SEBI-approved May 2025) with ₹2,100 Cr fresh issue for expansion; pre-IPO ₹260 Cr raise and 80% loan book growth highlight NBFC resurgence post-RBI easing.

Vivriti Capital

Vivriti Capital, founded in 2017 by Vineet Sukumar et al., is an NBFC providing debt solutions like supply chain finance and leasing to mid-market enterprises across 55 sectors, managing $900M+ AUM with 90% retention.

  • Key Investors: Creation Investments, TVS Capital Funds, Lightstone Ventures, Asian Development Bank, Axis Bank.
  • Why Gaining Attention: Q3FY25 PAT up 17% to ₹48 Cr and 28.6% AUM growth to ₹14,100 Cr valuation; $25M debt raise amid India's MSME credit gap underscores its role in inclusive financing.

How to Buy Unlisted Shares in India (Step-by-Step)

Now that you know which companies are popular and in high demand, let us see how you can buy unlisted shares safely and easily.

Here is how to do it through UnlistedKraft.in - India’s trusted platform for buying and selling unlisted shares.

Search for the company’s unlisted shares in which you want to invest. For example, we have taken Oyo Rooms Ltd.

  • Step-2 Enter the quantity of shares you want to buy

After entering, click on “Invest Now

  • Step 3: Input your mobile number for verification

You have to enter the OTP received on your mobile device.

  • Step 4: Read the risk disclosure document

Click on “I Understand.” and then click on “Proceed”, once you are done reading the risk disclosure document. We recommend that you read that document carefully.

  • Step 5: Pay the final amount

The settlement period is 5 working days from the transaction date. However, we do our best to transfer as early as possible.

For updated prices of unlisted shares, you can check on the UnlistedKraft website.

Why Buy Unlisted Shares from UnlistedKraft?

Let us understand from the following table why you should trust UnlistedKraft when it comes to buying and selling unlisted shares.

FeatureUnlistedKraft Advantage
Verified SellersEvery transaction goes through KYC-verified sellers
Zero Hidden FeesTransparent pricing and no brokerage surprises
Quick TransferShares delivered in 2–5 business days
Expert AssistanceDedicated support from investment experts
Wide RangeFrom blue-chip giants to upcoming startups

With UnlistedKraft, there is safety, transparency, and reliability.

Quick Overview on Taxation on Unlisted Shares

Before you start investing in unlisted shares, it is important that you understand the taxation system in India related to unlisted shares. The following table explains it:

Holding PeriodTax TypeRate
Less than 24 monthsShort-Term Capital GainsAs per the income tax slab
More than 24 monthsLong-Term Capital Gains20% with indexation

If you are interested in knowing more about unlisted shares and other details related to unlisted shares, please read our detailed article on Everything About Unlisted Shares in India.

Conclusion

With the possibility of high returns, expected growth and convenient platforms like UnlistedKraft, unlisted shares have become a mainstream investment opportunity for those seeking early access to India’s next big companies.

Examples like OYO Rooms, Groww, PharmEasy, CSK and Lava International, each of these companies represents a unique growth story that can deliver solid long-term returns. But always remember that the key is to transact unlisted shares from trusted, verified sources only.

So, if you are ready to explore this exciting market safely, visit UnlistedKraft today.

Frequently Asked Questions About Unlisted Shares

Are unlisted shares legal to buy in India?

Yes. Buying unlisted shares is completely legal when done through verified intermediaries like UnlistedKraft, following SEBI and RBI guidelines.

How do I know if a company will go for an IPO soon?

Keep track of DRHP filings and market news. UnlistedKraft also updates its listings regularly with the latest IPO pipeline information.

What is the minimum investment amount?

It varies by company - some start from ₹10,000, while others like NSE or Reliance Retail may require ₹50,000 or more.Can I sell unlisted shares before IPO?
Yes. You can sell them anytime through UnlistedKraft’s resale network, subject to buyer availability.

Is there any risk in buying unlisted shares?

Yes, like any investment. Risks include low liquidity and price volatility.

 

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Author: Diwakar Singh

Diwakar Singh is a seasoned financial content strategist with over six years of experience in analysing and writing about financial instruments and markets.

 

An MBA gold medalist from IMT, he blends academic excellence with practical insight to craft clear and actionable content. His expertise spans banking, investments, insurance, capital markets, and emerging financial technologies.

Known for his research-driven approach and engaging style, Diwakar is recognised as a trusted voice helping readers and businesses navigate the evolving financial landscape with confidence.

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