While markets remained largely bullish on new-age tech listings in 2025 but maintained a mixed outlook towards such companies that were listed prior to this year
The cumulative market cap of the 18 new-age tech companies which went public this year zoomed 33% from their IPO valuation to $47.36 Bn at the end of trading on December 23
The cumulative market cap of 32 new-age tech companies listed prior to 2025 declined to $95.6 Bn as of December 23, 2025 from $98.6 Bn on December 27, 2024.
Multibagger listings of unicorn startups, along with the inclusion of already listed new-age tech companies in key indices, shaped India’s equity markets this year. The hype around the public issues of companies like Lenskart, Meesho, and Groww translated into hefty investor interest, with market participants eager to gain exposure to high-growth narratives.
A total of 18 new-age tech companies went public this yearwith investors optimistic around their future prospects. The likes of Groww, Ather Energy, Lenskart, and Meesho, which already commanded unicorn valuations at the time of their public listings, saw sustained investor interest for their shares post their public market debuts.
These much-anticipated listings, coupled with the continued enthusiasm for growth-oriented tech companies, ensured that the segment remained in focus for domestic investors.
As a result, the cumulative market capitalisation of the 18 new-age tech companies which went public this year zoomed 33% from their IPO valuation to $47.36 Bn at the end of trading on December 23.
The gains reflect investor confidence and strong public-market narratives, highlighting how well-positioned startups continue to draw attention post-IPO.
Overall, the cumulative market cap of listed new-age tech companies now stands at $143 Bn.
As 2025 nears its end, let’s take a look at the performance of the listed new-age tech companies under Inc42’s annual ‘Year In Review’ series.
What Worked, What Didn’t For The Fresh Batch Of New-Age Tech IPOs
In the list of new additions, electric two-wheeler (E2W) manufacturer Ather Energy’s shares gained big. The stock more than doubled from its listing in May to mid-December. In fact, it zoomed 142% to touch an all-time high of INR 790 towards the end of November.
This growth in share price was driven by consistent expansion in market share in the E2W segment. Despite the presence of legacy players such as TVS Motor, Bajaj Auto and Hero MotoCorp, as well as rival startup Ola Electric, Ather held its own in the segment. During the year, it also overtook Ola Electric in terms of E2W sales.
However, the same wasn’t true for ArisInfra, which was the second new-age tech IPO this year. After a weak market debutthe stock continued to struggle on the bourses. Valuation and profitability concerns continued to weigh on investor sentiment, despite the company showing signs of operational improvement in the year.
Similarly, BlueStone also failed in attracting high interest from investors post its listing in August. Despite improvement in its top line performance in H1 FY26, losses weighed on the stock. Besides, the company’s listed peers offered investors better price-to-sales (P/S) ratios. BlueStone’s P/S ratio for FY25 stood at 4.4X, while Senco and Kalyan commanded more modest 0.9X and 2.4X P/S ratios, which deterred investors.
On the contrary, larger new-age tech companies, Groww and Meesho, which went public in November and December, respectively, saw their stocks surge post listing due to reasonable valuations. Ahead of their listings, brokerage firms highlighted the growth potential of these companies due to reasonable pricing.
However, it was a mixed year on the bourses for the new-age tech companies which got listed before 2025. Let’s take a look at their performance this year.
Momentum Eludes New-Age Tech Stocks Listed Before 2025
The cumulative market cap of 32 new-age tech companies listed prior to 2025 declined to $95.6 Bn as of December 23, 2025 from $98.6 Bn on December 27, 2024.
The movement in share prices of these companies was driven by their financial performance. The new-age tech companies which showed solid growth and maintained consistent financial performance across the year were rewarded by public market investors.
Overall, 16 out of the 32 new-age tech companies saw their market cap rise in the range of 0.1% to over 73%. CarTrade and Yatra were the biggest gainers on the back of strong operational performance. Together, they managed to add about $440 Mn to the overall market cap.
Meanwhile, Nykaa and Paytm were the biggest contributors in terms of increase in absolute market cap, as the two companies saw a major financial turnaround this year. On the back of consistent growth in its beauty and personal care (BPC) vertical and signs of improvement in its fashion vertical, the Falguni Nayar-led company added about $3 Bn to its market cap.
Vijay Shekhar Sharma-led Paytm delivered two profitable quarters during the year, as its focus on the core payments business, AI and cost reduction paid dividends. The company also left its regulatory troubles behind and secured key payment aggregator licences from the RBI. It also added new offerings to its payments stack and continued its international expansion. These factors helped Paytm add $2 Bn to its market capitalisation over the past year.
However, the year was rather lukewarm for the biggest new-age tech company, Eternal. Although the Deepinder Goyal-led company managed to maintain its market cap at $30.66 Bn, profitability concerns amid rapid quick commerce expansion and intensifying competition dampened investor interest. Eternal’s competitor Swiggy also saw an erosion of close to $2 Bn in market cap due to high losses in a highly competitive market.
However, the three biggest losers were MobiKwik, Ola Electric, and DroneAcharya. Losses, regulatory challenges, and operational pressures resulted in the three companies seeing a cumulative decline of over $3 Bn in their market cap.
PB Fintech, EaseMyTrip, and FirstCry were among the other companies which saw a decline in their share price and market cap this year.
The performance of the new-age tech stocks mirrored the broader market this year. The benchmark indices saw big swings throughout 2025, with periods of optimism – driven by macroeconomic stability, strong domestic liquidity, and positive corporate earnings, often followed by corrections. Concerns over valuations, global headwinds, foreign fund outflows, falling rupee, US’ tariffs on India kept investors on their toes.
While broader market performance will continue to influence new-age tech stocks to some extent in 2026, investors will track individual companies’ financial performance and growth narratives. Besides, the startup IPO boom is expected to continue next year as well, with more than 20 companies currently in queue to list on the bourses.
(Edited by: Vinaykumar Rai)
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