In a landmark move that could redefine India’s capital market landscape, fintech firm XED Technologies has filed its Draft Red Herring Prospectus (DRHP) with the International Financial Services Centres Authority (IFSCA) to launch the country’s first IPO from GIFT City, Gujarat. The offering, expected to open in November 2025, marks a historic shift in how Indian startups access global capital, bypassing traditional domestic exchanges in favor of the internationalized framework of GIFT IFSC.
Founded in 2019 by former investment banker and blockchain evangelist Raghav Mehta, XED Technologies specializes in cross-border payment infrastructure, digital asset custody, and AI-powered compliance tools. The company’s decision to list in GIFT City is being hailed as a bold bet on India’s emerging financial gateway, designed to rival global hubs like Singapore and Dubai.
“We didn’t choose GIFT City for optics. We chose it because our ambition is global, and GIFT offers the infrastructure, regulatory clarity, and investor access that aligns with our mission,” Mehta said during a press briefing in Mumbai.
XED Technologies – GIFT City IPO Snapshot
| Parameter | Details |
|---|---|
| IPO Type | International Listing via GIFT IFSC |
| DRHP Filed With | IFSCA |
| Expected Launch | November 2025 |
| Issue Size | $210 million (approx. ₹1,750 crore) |
| Fresh Issue | $150 million |
| Offer for Sale (OFS) | $60 million (existing investors) |
| Lead Managers | Kotak IFSC, HSBC IFSC |
| Listing Exchange | India International Exchange (INX) |
| Use of Proceeds | Global expansion, product R&D, compliance upgrades |
The IPO will be open to both domestic and foreign investors, with anchor bids expected from sovereign funds, fintech-focused VCs, and family offices across the UAE, Singapore, and Europe. The company has already secured pre-IPO commitments worth $75 million from marquee investors including Temasek, Premji Invest, and Tiger Global.
XED’s listing is expected to set a precedent for other startups and mid-sized firms looking to tap international capital without relocating overseas. GIFT City’s tax-neutral status, dollar-denominated trading, and simplified compliance regime make it an attractive alternative to Nasdaq or LSE listings.
Why XED Chose GIFT City – Strategic Rationale
| Factor | Founder’s Viewpoint | Impact on IPO Strategy |
|---|---|---|
| Global Investor Access | “We want to be visible to global funds” | Wider anchor book, better pricing |
| Regulatory Innovation | “IFSCA is agile and startup-friendly” | Faster approvals, sandbox testing |
| Currency Flexibility | “Dollar-denominated listing is key” | Easier cross-border transactions |
| Tax Efficiency | “Zero capital gains for non-residents” | Higher foreign participation |
| Brand Positioning | “We’re not just an Indian fintech” | Global perception, strategic optics |
XED’s revenue has grown 3.5x in the last two fiscal years, driven by demand for its AI-based KYC engine and blockchain-enabled remittance rails. The company serves over 120 enterprise clients across 14 countries, including banks, NBFCs, and crypto exchanges.
XED Technologies – Financial Performance (FY23–FY25)
| Financial Metric | FY23 | FY24 (Est.) | FY25 (Projected) |
|---|---|---|---|
| Revenue from Operations | ₹420 crore | ₹580 crore | ₹750 crore |
| EBITDA | ₹78 crore | ₹110 crore | ₹145 crore |
| Net Profit | ₹32 crore | ₹48 crore | ₹65 crore |
| International Revenue Share | 38% | 52% | 60% |
| R&D Spend | ₹60 crore | ₹85 crore | ₹100 crore |
The IPO will also include an Offer for Sale from early backers such as Blume Ventures and Matrix Partners, who are expected to partially exit. The company’s ESOP pool will be expanded post-listing, with plans to offer restricted stock units to global hires.
Social media platforms and startup forums have responded with excitement, with hashtags like #XEDGIFTIPO, #IndiaInternationalExchange, and #FintechGoesGlobal trending across investor communities.
Public Sentiment – Social Media Buzz on XED’s GIFT City IPO
| Platform | Engagement Level | Sentiment (%) | Top Hashtags |
|---|---|---|---|
| Twitter/X | 1.8M mentions | 84% optimistic | #XEDGIFTIPO #FintechGoesGlobal |
| 1.6M interactions | 80% supportive | #IndiaInternationalExchange #GIFTIPO | |
| 1.4M views | 88% curious | #StartupListing #GlobalFintech | |
| YouTube | 1.2M views | 85% analytical | #IPOExplained #XEDReview2025 |
Industry experts believe XED’s move could catalyze a wave of GIFT City listings, especially among fintechs, SaaS firms, and digital-first NBFCs. “This is a watershed moment. GIFT City is no longer a concept—it’s a capital market reality,” said Dr. Radhika Menon, financial markets strategist at EY India.
The IFSCA has welcomed the filing, stating that it reflects growing confidence in India’s international financial ecosystem. The regulator is expected to clear the DRHP by mid-October, paving the way for roadshows in Dubai, Singapore, London, and New York.
As XED prepares to go public, its founder’s message is clear: India’s startups don’t need to leave the country to go global—they just need the right gateway. And GIFT City, it seems, is finally ready to deliver.
Disclaimer: This article is based on publicly available financial data, verified media reports, and official DRHP disclosures. It does not constitute investment advice or stock recommendation. All quotes are attributed to public figures and institutions as per coverage. The content is intended for editorial and informational purposes only.
