Investor sentiment towards new-age tech stocks remained divided this week, even as the broader Indian equity market continued to face pressure. Of the 64 stocks tracked by Inc42 until last week, 30 gained between 0.18% and 7.69%, while 34 declined by as much as 13.43%.
Zappfresh was the biggest loser of the week. The stock fell to a record low of ₹54.02 yesterday before closing at ₹55.06, ending the week 13.43% lower. The decline came after CARE Ratings, on September 11 (Friday), flagged deviations of 10% to 25% in the use of proceeds from the company’s ₹59.06 Cr IPO.
ESDS was the second-biggest loser, falling around 10% during the week to close at ₹1,545.15 after rallying sharply in the sessions following its listing. However, the stock continues to trade at more than twice its listing price.
Shiprocket also pared its listing gains, declining 7.39% to ₹121.55. The stock is now trading more than 6% below its listing price.
Besides Zappfresh, Go Digit, IndiaMART, EaseMyTrip, Menhood, Yudiz, and LEAP India touched fresh 52-week lows during the week. In contrast, SEDEMAC, Kissht, and Lenskart hit fresh highs.
BlackBuck topped the gainers’ chart, rising 7.69% to close at ₹632.35. Kissht, ArisInfra, MobiKwik, ixigo, FirstCry, TAC Infosec, Paytm, and Eternal were among the other gainers this week.
RentoMojo became the 65th stock in Inc42’s listed new-age tech universe following its stock market debut on Thursday (September 17). The company listed at a premium of nearly 19% to its IPO price and ended the week at ₹513.10, 6.9% above its listing price.
With RentoMojo’s addition, the combined market capitalisation of the 65 new-age tech stocks stood at $170.2 Bn.
With that, let’s take a look at some of the top developments from India’s listed new-age tech space this week.
New-Age Tech IPO Momentum Continues: SEBI’s approval for Kuku Technologies and Fibe to float their IPOs, RentoMojo’s strong market debut, and Moneyview’s revised listing plans underlined the strength of the new-age tech IPO pipeline. With PhonePe also reviving its listing plansthe momentum could continue into 2027.
CarDekho’s Amit Jain Joins BlueStone’s Board: CarDekho CEO and cofounder Amit Jain joined the listed jewellery company’s board as a non-executive, non-independent director with effect from September 14. Meanwhile, 360 ONE Asset CIO Sameer Nath retired from BlueStone’s board.
Lenskart Doubles Down On AjnaLens: The eyewear major increased its stake in XR startup AjnaLens to 9.01% from 7.21% through an investment of ₹8 Cr. The latest purchase takes Lenskart’s total investment in AjnaLens across three transactions this year to ₹18.5 Cr.
Peak XV’s Groww Windfall: The VC firm sold 9.17 Cr shares of Groww for ₹1,756.2 Cr. The shares sold represented around 9% of Peak XV’s holding in the investment tech company.
Busy Week For PB Fintech: The insurtech major’s board approved the acquisition of the remaining 20% stake in MyLoanCare Ventures, which will become its wholly owned subsidiary. It also approved capital infusions of up to ₹10 Cr into PB Wheels and ₹1 Cr into PB Financial Account Aggregator.
Separately, PB Fintech dismissed speculation about CEO Yashish Dahiya’s resignation as “false and baseless”, saying he would continue as chairman, executive director, and group CEO.
Aye Finance CTO Departs: Aye Finance CTO Jinu Joseph resigned, citing personal reasons, with his departure effective September 30. The lender appointed former Muthoot Fincorp CTO Nishit Shrivastava as his successor from October 1. Shrivastava will also become part of the company’s senior management.
Aequs Winds Down Step-Down Subsidiary: Aequs Toys Hong Kong, a step-down wholly owned subsidiary of Aequs, was voluntarily wound up and dissolved with effect from September 17. The subsidiary contributed nothing to Aequs’ consolidated revenue or net worth in FY26 and was not classified as a material subsidiary.
With that, let’s take a look at the broader market sentiment this week.
Equity Markets Fall For Sixth Straight Week
Indian equities remained under pressure during the holiday-shortened week. After markets remained closed on Monday (September 14) for Ganesh Chaturthi, the benchmark Nifty 50 declined 0.22% to 23,346.40, extending its losing streak to six weeks. The Sensex fell 0.65% to close at 74,294.96.
Persistent foreign investor selling, elevated crude oil prices, and geopolitical uncertainty continued to weigh on market sentiment.
Brent crude remained above $100 a barrel after briefly touching $109.90, adding to concerns about inflation, bond yields, and corporate costs. The US Federal Reserve’s 25-basis-point rate hike and the Bank of Japan’s rate increase also reinforced expectations of interest rates remaining elevated for longer.
The broader market, however, showed relative resilience in the final session of the week. The Nifty Midcap 100 and Nifty Smallcap 100 gained 1.24% and 1.74%, respectively. Among sectoral indices, realty, energy, and financial services advanced, while IT, FMCG, and auto lagged.
Foreign institutional investors remained net sellers for the fifth consecutive week, offloading Indian equities worth ₹7,620 Cr. Domestic institutional investors bought shares worth ₹11,232 Cr, cushioning the decline.
In the coming week, investors will track crude oil prices, US-Iran geopolitical developments, and PMI data for cues on the direction of the market, said Geojit Investments’ research head Vinod Nair.
Now, let’s take a look at the performance of Kissht and MobiKwik this week.
Kissht Gains On Fundraise Plan
Shares of OnEMI Technology Solutions, the parent of digital lending platform Kissht, rose 7.66% across four trading sessions to end the week at ₹355.60 despite weakness in the broader market.
The stock touched a record high of ₹373.30 during yesterday’s session before paring its gains and closing 1.2% lower for the day.
The key trigger was the company’s proposed ₹832 Cr preferential fundraise.
OnEMI’s board approved the issuance of up to 2.65 Cr shares at ₹314.11 apiece to 34 non-promoter investors, including Axis Mutual Fund, HDFC Mutual Fund, Groww Mutual Fund, WhiteOak, 360 ONE, Bandhan Mutual Fund, and the Massachusetts Institute of Technology. The issue remains subject to shareholder and regulatory approvals.
The company informed the exchanges about the proposed fundraise on September 14, ahead of its board meeting on September 17. The stock rose 5.6% on Thursday but slipped yesterday after the terms were announced.
The proposed issue price of ₹314.11 is around 12% below yesterday’s closing price but 84% above Kissht’s IPO price of ₹171 in May.
Around 75% of the proceeds will be infused into Si Creva Capital Services, Kissht’s wholly owned NBFC subsidiary. The remaining capital will be used for technology, AI, and general corporate purposes.
Kissht is also targeting multiple credit-rating upgrades over the next two years, which it expects will reduce borrowing costs, widen its access to capital, and support further growth in its lending business.
The fundraise follows a strong Q1 FY27 for the company. Its operating revenue rose 45% YoY to ₹670 Cr, while net profit climbed 58% to ₹95 Cr. Its assets under management grew 61% to ₹8,001 Cr.
MobiKwik Rebounds As Investors Assess UPI MDR Opportunity
Shares of MobiKwik ended the week 5.81% higher at ₹212.30, recording the strongest gain among listed fintech companies as investors assessed the implications of the new MDR framework for UPI.
The stock initially came under pressure after the government notified an MDR of 0.4% on UPI person-to-merchant transactions above ₹2,000. MobiKwik fell 4.2% on Tuesday and another 1.2% on Wednesday before rebounding 7% yesterday.
The recovery came as investors assessed the revenue opportunity arising from the monetisation of higher-value UPI payments.
From October 15, eligible P2M transactions above ₹2,000 will attract an MDR of 0.4%, capped at ₹300 for transactions of ₹75,000 or more. P2P payments will remain free.
MobiKwik cofounder Upasana Taku described the introduction of MDR as a “very positive step”, arguing that rising infrastructure costs have increased pressure on banks and payments companies. She said the previous government subsidy covered only 10% to 15% of the industry’s total costs.
“The company views this development as a strong enabler of its plans to deepen its presence in UPI and scale its merchant business,” MobiKwik said.
Among the other listed fintech companies, Paytm gained 1.37% during the week, while Pine Labs rose 1.34%.
Edited by Vinaykumar Rai
Creatives by Varshita Srivastava
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