India is on track to break its record for capital raised through initial public offerings (IPOs). As of August 18, according to Bloomberg, the Asian country had raised US$8.8 billion, compared with the US$11.8 billion raised in all of 2017, when the record was set.

The successful IPO of Zoomato, a food that went public in July and whose shares had risen 70% by mid-August, is one of the catalysts behind the boom. That, combined with the Chinese government’s regulations on tech companies in China, has driven international investors toward the Indian market.

Several startups, such as the ride-hailing app Ola, the hotel booking company Oyo, and the fintech firm Pine Labs, are preparing their documents to go public this year, as are established companies such as Flipkart—an e-commerce firm controlled by Walmart—and Paytm, the country’s largest digital payments company, which has already filed the paperwork for its IPO, through which it hopes to raise US$2.2 billion.

The IPO boom in India is occurring alongside growing interest from in Indian startups. in Indian startups. In July, VC investments in India totaled US$7.9 billion, surpassing China for the first time.