India’s startup IPO curse is real: a study of 25 tech IPOs (May 2020–June 2025) shows only 36% of investors gained in the long term. Swiggy fell 20% from its ₹420 listing, Delhivery trades 50% lower, and Paytm lost 70% in year one. Only outliers like Zaggle (+169%) show that profits, governance, and realistic valuations drive success.