The Innovators Growth Platform (IGP) is a dedicated stock exchange platform introduced by the Securities and Exchange Board of India (SEBI) to facilitate the listing and trading of securities for startups and innovative companies in India. This platform aims to provide startups with easier access to capital, enhance their visibility and credibility, and offer new investment opportunities for investors. The IGP caters to companies that are intensive in the use of technology, information technology, intellectual property, data analytics, biotechnology, or nanotechnology.


The Need for IGP in the Indian Market

The Indian market has witnessed a significant rise in the number of startups and innovative companies in recent years. These companies play a crucial role in driving economic growth, creating employment opportunities, and fostering innovation. However, traditional stock exchange platforms often have stringent listing requirements and compliance burdens that may not be suitable for startups. The introduction of the IGP addresses this gap by providing a tailored framework that aligns with the unique needs and growth trajectory of startups.

Objective of IGP

The primary objective of the Innovators Growth Platform is to facilitate startups and innovative companies in raising funds and listing their securities. This platform aims to provide a simplified and streamlined mechanism for startups to access capital markets and achieve their growth potential. By creating a separate platform exclusively for startups, SEBI aims to foster a culture of innovation and entrepreneurship in India.

Eligibility Criteria

To be eligible for listing on the IGP, companies must meet certain criteria. These criteria include being intensive in the use of technology, information technology, intellectual property, data analytics, biotechnology, or nanotechnology. Additionally, at least 25% of the pre-issue capital of the company should be held by Qualified Institutional Buyers (QIBs). This requirement ensures that the company has a strong investor base, which adds credibility and stability to the listing.

Listing Process

The listing process on the Innovators Growth Platform involves several steps and requirements. Companies interested in listing on the IGP must adhere to the following process:

  1. Preparation and Documentation: The company needs to prepare a draft offer document, which includes details about the company, its business operations, financials, and future plans. This document should comply with the regulations and guidelines set by SEBI.

  2. Appointment of Intermediaries: The company must appoint various intermediaries to assist in the listing process, such as merchant bankers, registrars, legal advisors, and auditors. These intermediaries play a crucial role in ensuring compliance with the regulatory framework.

  3. Due Diligence and Approval: The company needs to undergo a thorough due diligence process, where SEBI and other regulatory authorities review the offer document and financials to ensure compliance with the necessary regulations. Upon successful completion of due diligence, SEBI grants approval for the listing.

  4. IPO or Direct Listing: Companies have the option to go for an Initial Public Offering (IPO) or a direct listing on the IGP. An IPO involves offering securities to the public, while a direct listing allows companies to list their securities without an IPO.

  5. Post-Listing Compliance: Companies listed on the IGP are required to comply with certain ongoing disclosure and compliance requirements. These include regular financial reporting, disclosure of material events, and adherence to corporate governance norms.

Trading and Investor Participation

Once listed on the Innovators Growth Platform, companies can trade their securities through registered stockbrokers. The trading process on the IGP follows the same principles as other stock exchanges, where buyers and sellers place orders through their brokers. The platform allows a wide range of investors to participate, including institutional investors, foreign portfolio investors (FPIs), and non-resident Indians (NRIs). This increased investor participation provides startups with a larger pool of potential investors and diverse sources of funding.

Benefits of IGP

The Innovators Growth Platform offers several benefits for startups and investors:

  1. Easier Access to Capital: Startups often face challenges in raising funds due to their early-stage nature and unique business models. The IGP provides startups with a dedicated platform to access capital markets and raise funds from a wide range of investors.

  2. Enhanced Visibility and Credibility: Listing on the IGP enhances the visibility and credibility of startups. It provides them with a platform to showcase their business model, achievements, and growth potential to a broader audience, including potential customers, partners, and investors.

  3. Diversified Investment Opportunities: The IGP opens up new investment opportunities for investors. It allows them to invest in startups and innovative companies at an early stage, potentially offering higher returns on investment. This diversification of the investment portfolio can help investors mitigate risks and explore new growth avenues.

Challenges and Concerns

While the Innovators Growth Platform offers several advantages, there are also potential challenges and concerns that need to be addressed:

  1. Volatility and Risk: Startups are inherently more volatile and risky compared to established companies. Investors need to carefully assess the risks associated with investing in startups and have a clear understanding of the potential returns and exit strategies.

  2. Liquidity: Startups listed on the IGP may face challenges in maintaining liquidity in their securities. The trading volume and liquidity of these securities may be lower compared to larger, more established companies. This can impact the ease of buying and selling securities on the platform.

  3. Investor Education: Investors need to have a good understanding of the startup ecosystem, including the risks and rewards associated with investing in startups. Adequate investor education and awareness programs are crucial to ensure informed investment decisions.


The Innovators Growth Platform launched by SEBI is a significant step towards supporting and promoting startups and innovative companies in India. This dedicated platform provides startups with easier access to capital, enhances their visibility and credibility, and offers new investment opportunities for investors. While there are challenges and concerns associated with investing in startups, the IGP serves as a valuable avenue for startups to raise funds and achieve their growth potential. With the right support, regulations, and investor education, the IGP has the potential to contribute significantly to the growth of the startup ecosystem in India.


  • SEBI notification on the Innovators Growth Platform.
  • Interviews and insights from industry experts in the field of startup funding and capital markets.