During February 16-20, 36 out of the 52 new-age tech companies under Inc42’s coverage fell in a range of 0.02% to nearly 20%
Shares of seven companies – FirstCry, Zaggle, Capillary Technologies, WeWork India, BlueStone, Awfis and MapmyIndia – touched new lows this week
With the additions of Fractal and Aye Finance, the cumulative market cap of 54 new-age tech companies stood at $143.18 Bn at the end of the week
New-age tech stocks saw a bearish week amid the fanfare around tech innovations showcased at the ‘India AI Impact Summit 2026’. During February 16-20, 36 out of the 52 new-age tech companies under Inc42’s coverage fell in a range of 0.02% to nearly 20%.
FirstCry and Zaggle emerged the biggest losers this week, with their shares plunging to new lows. While shares of FirstCry fell 18.59% to end at ₹219.60, Zaggle plunged 18.06% to close at ₹234.55.
Besides, shares of five companies – Capillary Technologies, WeWork India, BlueStone, Awfis and MapmyIndia – touched new lows this week.
Investors also showed muted sentiment towards the two new-age tech companies which listed on the exchanges this week – Aye Finance and Fractal. After discounted listings on Monday, shares of both the companies fell in the subsequent sessions. While shares of Fractal ended nearly 5% lower below the IPO price at ₹858.95, Aye Finance closed 2.7% below the issue price at ₹125.50.
With the additions of Fractal and Aye Finance, the cumulative market cap of 54 new-age tech companies stood at $143.18 Bn at the end of the week. Excluding the two, the market cap of 52 new-age tech companies decline to $132.14 Bn from $134.06 Bn at the end of the previous week.
Meanwhile, 16 companies gained in a range of 0.15% to over 40% this week. Shares of EaseMyTrip soared 40.7% to ₹9.3. Shares of Amagi touched a fresh high of ₹438 on Thursday (February 19), before settling at ₹410.95 at the end of the week. This was up 8.77% from a week ago.
Now, let’s take a look at some of the key updates from new-age tech companies this week:
— The Bombay HC stayed the bailable arrest warrant issued by the District Consumer Disputes Redressal Commission of South Goa against Ola Electric founder and CEO Bhavish Aggarwal. The HC said that the Commission exceeded its jurisdiction. Meanwhile, the stock continued to be under pressure and tanked nearly 14% this week.
— Mamaearth parent Honasa Consumer said Dubai’s Court of Appeal reduced the damages awarded to the BPC major in its ongoing commercial dispute with RSM General Trading LLC from about AED 25 Mn to AED 1.7 Mn. The case relates to a contractual disagreement between the two parties in the UAE market. It plans on moving the Cassation Court in Dubai within 30 days to challenge the ruling.
— Logistics major Blackbuck said that SBI Mutual Funds offloaded 4.98 Lakh shares or 0.3% stake in the company, worth about ₹31 Cr, via open market transactions on February 12.
— Swiggy shut its 15-minute food delivery app SNACCnearly a year after launching it, as the vertical struggled to turn profitable. Sources told Inc42 that the employees of the vertical will be absorbed into other parts of the business.
— Pine Labs received the RBI’s approval to complete the acquisition of its NBFC account aggregator step-down subsidiary, Agya Technologies. As part of the transaction, Pine Labs’ subsidiary Setu acquired the remaining 26.4% stake – or 10,000 shares – in Agya for ₹13.9 Cr. With this, Agya has become a wholly owned subsidiary of Setu’s parent entity, BrokenTusk Technologies Private Limited.
— Yatra’s promoter entity, THCL Travel Holding Cyprus Ltd, sold 28.33 Lakh shares through a bulk deal at a price of ₹158.05 per share. The promoter entity, which held 57.4% stake, or 9.01 Cr shares, in the company at the end of the December quarter, netted ₹44.8 Cr from the deal.
— Edtech startup Klassroom filed its DRHP with the BSE for an SME IPO. The startup’s public issue will comprise a fresh issue of up to 19.89 Lakh equity shares and an offer-for-sale (OFS) component of up to 4.66 Lakh equity shares.
With that, here’s a look at the broader market trends this week.
IT Sell-Off Caps Weekly Gains After Early Recovery
The broader Indian equities market ended the week with modest gains amid volatile sentiment. While Sensex gained 0.2% to end the week at 82,814.71, Nifty 50 gained 0.3% to end at 25,571.25.
After a sharp fall last week, the benchmark indices recovered in the first three trading sessions this week. However, persistent selling in IT stocks amid renewed concerns over AI-led disruption capped the gains, Religare’s SVP-Research Ajit Mishra said.
Notably, the Nifty IT index declined 2.07% this week amid global technology uncertainty and concerns about AI-led disruption. Other factors like escalating US-Iran tensions, sharp rise in crude oil prices, and persistent FII selling also soured sentiment.
“Although volatility may stay elevated, strong domestic macro fundamentals and a supportive demand environment are expected to provide a cushion. The release of India’s GDP data next week will be keenly watched for its implications on earnings momentum and broader market positioning. Overall, markets are likely to trade within a range, with liquidity flows and global developments shaping short-term movements,” Geojit Investments’ research head Vinod Nair said.
Now, let’s look at the performance of the week’s top gainer EaseMyTrip and biggest loser FirstCry.
EaseMyTrip’s Fundraise Plans
After seeing a steady decline over the past year, shares of EasyMyTrip soared this week. After hitting the upper circuit in two trading sessions this week, the stock ended 40.70% higher at ₹9.3 – marking one of its strongest weekly performances in recent months.
Investor sentiment improved after the company announced its plans to undertake a fresh fundraise.
In a statement on Monday (February 16), the company said it plans to raise ₹500 Cr to expand its presence across non-core segments, particularly in hotels and holidays. The funding will also aid its international expansion plans.
On February 14 (Saturday), the company reported a net profit of ₹3.4 Cr in Q3 FY26 after incurring a net loss of ₹36 Cr. However, its net profit declined over 90% YoY in the December quarter.
Operating revenue inched up 0.7% YoY and jumped 28% QoQ to ₹151.7 Cr, while EBITDA rose 18% from ₹11.8 Cr in Q2 FY26 — suggesting that operational tightening is beginning to reflect in the numbers.
The rebound also came amid renewed interest in beaten-down small- and mid-cap stocks, with traders betting on technical bounce after the prolonged correction.
FirstCry Comes Under Pressure After Q3 Loss Off
Shares of omnichannel kidswear retailer FirstCry remained under pressure this week after the company reported its Q3 FY26 results after the close of the market on February 13 (Friday).
FirstCry’s net loss ballooned 161% YoY to ₹38.4 Cr in Q3 FY26 from ₹14.7 Cr a year ago, though loss narrowed 24% sequentially from ₹50.5 Cr. The stock ended every trading session in the red this week, hitting a fresh 52-week low of ₹207.20 before closing at ₹219.6.
On the operational front, the company’s revenue rose 12% YoY and 16% QoQ to ₹2,423.6 Cr in Q3, while consolidated GMV grew 10% YoY to ₹3,424.7 Cr. Annual unique transacting customers stood at 11.3 Mn, with average order value inching up to ₹2,684.
Segment-wise, the India multi-channel business reported 9% YoY revenue growth to ₹1,645.8 Cr, with adjusted EBITDA at ₹163.8 Cr (10% margin). The company said the India business remained PAT and free cash flow positive during 9M FY26 despite muted demand.
Meanwhile, its UAE and KSA operations posted 7% YoY revenue growth to ₹279.6 Cr, with adjusted EBITDA loss narrowing 25% YoY and margin improving to -11%.
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