MobiKwik shares jumped 25% last week, leading a broad rally in new-age tech stocks. This rebound came despite the RBI's rate hike and persistent foreign investor selling pressure on the broader market. For founders eyeing public markets, this signals a potential shift in investor sentiment for growth-focused plays.
How We Got Here
The rally snapped an eight-week losing streak for benchmark indices, offering a reprieve to India's tech listings. Snapdeal parent AceVector became the 67th stock under Inc42's coverage just this Monday.
The Numbers
- 36 out of 66 tracked new-age tech stocks gained this week, with 30 seeing declines up to 13.93%.
- AceVector, Snapdeal's parent, became the 67th listed new-age tech company, closing its first week up 8.16% from its ₹28.30 BSE listing price.
- The collective market cap of these 67 companies reached $154.71 billion, an increase from $153.61 billion for 66 companies last week.
- Ola Electric founder Bhavish Aggarwal pledged 4.32% of his stake to participate in its ₹1,000 crore rights issue, set from October 22-30 at ₹27 per share.
What Happens Next
🇮🇳 Why This Matters for India
For early-stage founders in Bangalore considering public market exits, this rally indicates a possible thaw in investor sentiment for proven growth stories in the tech sector.
The Take
This rally highlights a sharper investor focus on unit economics. Expect continued bifurcation in public tech: companies showing clear path to profitability will be rewarded, while those without a strong balance sheet will struggle to hold gains.
Source:
Inc42 ↗