MobiKwik surged nearly 25% and PhysicsWallah gained 19.68% during the week, leading gains among new-age tech stocks
The gains came despite an RBI rate hike and persistent foreign investor selling, which kept the broader market under pressure
AceVector became the 67th stock in Inc42’s listed new-age tech universe, taking the combined market capitalisation to $154.71 Bn
Most new-age tech stocks gained this week, as benchmark indices snapped an eight-week losing streak despite a midweek sell-off. Among the 66 stocks tracked until last week, 36 rose 0.1% to nearly 25%, while 30 fell in the range of 0.23% to 13.93%.
MobiKwik led gains, rising nearly 25% to ₹245.40, followed by PhysicsWallah (19.68%), Fino Payments Bank (8.9%), Nykaa (5.97%), and Eternal (3.14%).
E2E Networks, Shadowfax, SEDEMAC, Zelio E-Mobility, Aequs, and Kissht touched fresh highs. IndiaMART, Fractal, Turtlemint, PB Fintech, Klassroom, and Yudiz hit fresh lows.
NSE SME-listed Yudiz led declines, falling 13.93% to ₹20.70, followed by BSE SME-listed Zappfresh, down 9.24% at ₹54.90.
Snapdeal parent AceVector became the 67th stock under Inc42’s coverage after listing on Monday (October 5). It closed the week at ₹30.61, up 8.16% from its ₹28.30 BSE listing price but 4.3% below its ₹32 IPO price.
Including AceVector, the 67 companies’ combined market capitalisation stood at $154.71 Bn, against $153.61 Bn for 66 companies last week.
Key company developments this week included business updates, founder share pledges, and institutional stake sales.
Nykaa projected Q2 FY27 net revenue growth in the high-twenties percentage range, while Honasa expects net sales value growth in the low-thirties percentage range. Both stocks gained.
Aye Finance’s Q2 AUM rose 26% YoY to ₹7,604 Cr, and disbursements increased 10% to ₹1,403 Cr. Its shares declined.
Fino reported September loan referral disbursals of ₹278 Cr, up 223% YoY, while renewal income rose 20% to ₹28 Cr and average deposits increased 13% to ₹2,794 Cr.
ideaForge CEO and promoter Ankit Mehta pledged 2.8 Lakh shares worth ₹20.56 Cr to Infina Finance for personal financial requirements, taking shares pledged to the lender to 6.5 Lakh (1.3%).
Separately, ideaForge signed a ₹151 Cr Technology Development Board loan agreement for its YETI heavy-lift, long-range autonomous aerial logistics vehicle project, with disbursement in tranches.
Ola Electric founder and CMD Bhavish Aggarwal pledged a 4.32% stake to participate in its ₹1,000 Cr rights issue. Open from October 22-30, the issue is priced at ₹27. The stock closed the week at ₹35.13 on the BSE.
Peak XV sold 12.2 Lakh Awfis shares for ₹29.8 Cr at ₹245 apiece, cutting its holding by more than half. Awfis has fallen nearly 59% in a year, despite Q1 FY27 profit rising 140% YoY to ₹24 Cr.
TPG sold 40 Lakh Shadowfax shares for ₹114.8 Cr, its fourth sale in three months, taking cumulative sales to over ₹729 Cr. Notably, Shadowfax has rallied over 144% in six months.
Meesho approved investing up to ₹50 Cr more in Kirana Club parent Retail Pulse Labs, in tranches over a year after the first acquisition tranche closes. Its proposed ₹202 Cr acquisition remains incomplete, with the acquisition consideration unchanged.
Fractal’s Board Change, Qatar Expansion
Fractal appointed TPG MD Vivek Mohan as chairman. Outgoing chairman and Apax Foundation co-CEO Rohan Haldea remains a director.
It also incorporated a wholly owned step-down subsidiary FRACTAL AI QFZ LLC in Qatar Free Zones with QAR 1 Lakh capital for software development, IT consulting, network support, and AI services.
GlobalBees’ Mush Exit
FirstCry subsidiary GlobalBees signed an MoU to sell its entire 51.54% stake in Mush Textile for ₹5.69 Cr, with completion expected by October 15.
The transaction covers Mush and BePlush, which generated ₹16.12 Cr turnover across GlobalBees subsidiaries in FY26. Mush Textile contributed ₹11.34 Cr revenue and ₹2.09 Cr net worth to FirstCry’s consolidated financials.
Existing shareholders Nihar Gosalia and Vaishvik Brahmbhatt will acquire 13.45% and 38.09% stake, respectively.
Aequs’ Aerospace Investment
Aequs invested ₹15.75 Cr in JV Ajna Aerospace & Defence, receiving 45 Lakh partly paid-up rights shares priced at ₹100, with ₹35 paid upfront. Its stake remains unchanged. The UAV and autonomous aerial systems maker will fund capex, operations, and general business requirements.
Now, let’s take a look at the performance of the broader market this week.
The Sensex rose 0.78% to 72,472.33 and the Nifty gained 0.44% to 22,520.45, recovering after the latter hit a 52-week low of 22,180.
The RBI raised the repo rate by 25 basis points to 5.50% and shifted to “calibrated tightening” during the week. It also raised FY27 growth and inflation forecasts.
InvestorAi cofounder and CEO Bruce Keith said the hike was expected amid geopolitical tensions, rupee weakness, inflation, and Brent above $100. He said the RBI’s stance signals further hikes as El Nion’s impact becomes clearer.
FIIs sold ₹30,294 Cr of equities, their eighth consecutive week of selling, while DIIs bought ₹30,313 Cr, supporting yesterday’s recovery.
Meanwhile, the GST Council on Thursday (October 8) recommended withdrawing arrest powers and raising the prosecution threshold from ₹1 Cr to ₹5 Cr.
Next week, CPI and WPI data for September will be in focus. Religare Broking’s SVP of research, Ajit Mishra, said Nifty has support at 22,200-22,400, with recovery potential towards 23,000-23,300 or downside to 21,700-22,000 on a breakdown.
He flagged crude, geopolitics, and global bond yields as key influences. Rising oil prices could pressure inflation, the rupee, and margins, while progress in Iran-US negotiations could offer relief.
Now, let’s take a look at MobiKwik and RentoMojo weekly performance.
Shares of MobiKwik hit the 20% upper circuit at ₹242.14 on Tuesday (October 6) amid a technical breakout, heavy volumes, and expectations around UPI MDR.
The proposed framework envisages fees of up to 0.4% on eligible person-to-merchant transactions above ₹2,000 from October 15, potentially adding revenue depending on eligible volumes and fee-sharing arrangements.
However, reports of a possible postponement to January 2027 sent MobiKwik down 4.5% on Thursday.
MobiKwik posted Q1 FY27 profit of ₹7.6 Cr against a ₹41.9 Cr loss a year earlier. EBITDA turned positive at ₹15.8 Cr, GMV rose 50% YoY to ₹58,700 Cr, and UPI volumes increased around 2.3 times.
From a technical perspective, the stock is facing resistance at ₹240-₹260 after the breakout. A sustained move above this range could open the way towards ₹275-280 and, subsequently, ₹300, as per analyst commentary reported by Mint.
RentoMojo gained 12.34% to ₹590.50 as it disclosed its first quarterly results since listing.
Its Q1 FY27 consolidated profit fell 38.7% to ₹7.8 Cr from ₹12.8 Cr a year earlier. Sequentially, it declined 53% from ₹16.8 Cr.
Operating revenue rose 51.1% to ₹126.3 Cr from ₹83.6 Cr in Q1 FY26, and 15.2% sequentially from ₹109.5 Cr, driven by more live products and orders.
EBITDA rose 17.5% YoY to ₹40.9 Cr, but its margin narrowed to 32.2% from 41%. Results included ₹11.4 Cr in exceptional costs from a fire at its sub-leased warehouse in Noida in June.
Live products rose 41% YoY to 9.2 Lakh and active users increased 36.3% to 2.8 Lakh. Average revenue per product grew 6.8% YoY to ₹1,662.6, while occupancy improved to 86.8% from 84.8%.
RentoMojo operated 23 warehouses and 89 offline stores across India at June-end.
Edited by Vinaykumar Rai
Creatives by Varshita Shrivastava
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Source: Inc42
