India, March 23 -- Since the beginning of the year, India has been  gearing up for one of its busiest years in the public markets. Dozens of high-profile startups were preparing to tap public investors, and the IPO pipeline looked packed. But over the past few weeks, that momentum has cooled noticeably, with several companies choosing to delay their plans.

Fintech giant PhonePe became the most visible example last week when it officially announced a temporary pause to its IPO plans. The company said the decision was driven entirely by volatility in global equity markets and that it intends to revive the process once global conditions stabilise.

This slowdown comes even as several other large-scale startup listings are lined up for ...