Startup funding in India may be holding up, but listed new-age stocks just had a brutal week. New-age tech stocks lost over $11 billion in combined market capitalisation, with Swiggy leading a broad sell-off amid weakness in the wider Indian equity market.
How bad was it
Of the 67 stocks under Inc42's coverage before this week's listings, 63 declined between 1.03% and 24.5%. Only Yudiz, Capillary, ixigo and Tracxn ended the week higher. Twelve stocks, including Yatra, Turtlemint, FirstCry, Unicommerce and IndiaMART InterMESH, hit fresh 52-week lows. The selling extended to Eternal, Ola Electric, Paytm and Lenskart, dragging the combined market capitalisation of the 67 companies to $149.2 billion.
Swiggy at a record low
Swiggy was the biggest loser, falling 24.5% to close at ₹176.70 after its Q2 FY27 results highlighted mounting losses at quick commerce arm Instamart. The stock touched an all-time low intraday and now sits 54.7% below its ₹390 IPO price. Its consolidated Q2 loss narrowed 16% year-on-year to ₹922 crore, but widened sequentially, while Instamart's adjusted EBITDA loss widened to ₹895 crore. Operating revenue still rose 36% to ₹7,571 crore — growth was not the problem; quick-commerce margins were.
New listings could not escape either
Zetwerk and Tonbo Imaging debuted at a premium but came under pressure after listing, closing 13.02% and 2.44% below their respective BSE listing prices. With the two additions, the combined market capitalisation of the 69 tracked stocks stood at $152.32 billion, about 3.2% of total BSE market capitalisation. The Sensex fell 2.15% to 73,123.83 and the Nifty 50 fell 2.63% to 22,600 in the same holiday-shortened week.
Why it matters for founders
Public markets are repricing growth that burns cash — even when revenue grows 36%. If your path leads to a listing, unit economics in your most expensive segment matter more than headline growth. Fix the loss-making engine before the market does it for you.