Healthcare IT company Infinx has appointed Kotak Mahindra, Nomura and Avendus for a proposed $300 million IPO, according to reporting on 29 October 2026 — the latest sign that startup funding in India is increasingly flowing through public-market preparations as well as private rounds.
Infinx works in healthcare revenue cycle management, and the company has raised a total of $186 million to support expansion and fund acquisitions, including the $96 million acquisition of i3 Verticals' healthcare revenue cycle management business in May 2025.
The appointment of bankers is an early but meaningful step: it signals that a company believes its numbers, governance and growth story are ready for public-market scrutiny, even though pricing, timing and issue size remain to be finalised. Infinx joins several healthcare peers — including ASG Hospital, Eclat Health Solutions, Knack RCM and AGS Health — that are also reportedly planning share sales.
Healthcare IT is a natural IPO candidate in India: it combines software margins with a large, growing and relatively recession-resistant customer base in hospitals and providers, and its revenue is often contracted and recurring rather than transactional.
For founders considering the IPO path, the Infinx move is a checklist in miniature: acquisitions that build scale, a total funding base that supports growth without desperation, and banker appointments that come when the story is ready — not when cash is running out.
Why it matters for founders
An IPO is a funding round with an audience of millions. Appoint bankers when your numbers can survive that scrutiny, not when you need the money — the companies that list best are the ones that could have waited.