Riot Labz plans IPO in 2027, fundraise from pre-IPO placement in FY26: CEO Shishir Gupta

New Delhi: Homegrown original design manufacturer Riot Labz is planning to list on the Indian stock exchanges in FY2026-27, the preparations for which will begin by March, chief executive Shishir Gupta said in an interaction. Within the next financial year it is planning to raise funding through a pre-IPO equity route.

“We’re looking to raise capital in FY26 through a pre-IPO equity funding, and after that in FY27 we’re planning to list. We’re yet to decide on the bankers, the process will begin next in FY26 when we’re preparing for the stake sale. It will depend on market dynamics and company performance,” Gupta said. He added that the quantum of the equity sale will be decided in due course. Presently 70% of the equity is with promoters including co-founders Gupta, Nithin David and Varun Gupta. The rest is with start-up investment firm India Quotient, which has funded companies like cosmetics brand Sugar and jewelry brand Giva, and some individual investors.

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The Noida-based IoT electronics manufacturer which sells its products under the Oakter brand, said it planned to grow its electronics manufacturing services (EMS) division for making laptop and tablets for which it has received approval to participate in the Centre’s production linked incentive (PLI) scheme for IT hardware. Gupta said that the company was talking to more brands for orders.

Business from EMS is expected to see revenues of ₹130 crore in FY25 with growth projection of 30% for next year, even as the bulk of ₹800 crore revenue for the company in FY25, gets generated by making Paytm soundboxes used in retail shops for UPI payments. The company will use third party manufacturing for scaling up EMS operations, Gupta said.

As an original design manufacturer (ODM), Riot Labz is also developing a 4G chipset specifically for providing a high scale connectivity solution for Chinese fiber optics solutions maker Fibicon. For the designing of the chip, the company has applied for assistance under the design linked incentive (DLI) scheme, Gupta added.

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While the centre’s PLI scheme has moved at a faster pace in some segments like mobile phones and telecom equipment, the one for IT hardware had to be revised, with more flexibility made available for players to avail incentives, for the scheme to take off. IT hardware PLI 2.0 allowed brands to sub-contract manufacturing to EMS players who could, in turn, avail the incentives on production. Riot Labz was one of the 27 companies, including largescale laptop makers Acer, Asus, Dell, HP and Lenovo, that were approved under the scheme in November last year.