In recent years, offers-for-sale (OFS) by investors have increasingly dominated startup IPOs in India, indicating a trend where investors seek liquidity as they near the end of their fund lifecycles. In FY25, OFS represented 64% of startup IPO sales, a rise from 48% in 2021-22. This shift means startups are raising less capital for growth, but it benefits new investors in a booming market. Companies like Swiggy and Mamaearth are expected to follow this trend, emphasizing the importance of OFS in providing exits for early investors while also indicating a potential normalization towards a balanced approach between OFS and fresh capital in the future.