New-age tech stocks lost over $11 Bn in combined market capitalisation this week, with Swiggy leading a broad sell-off amid weakness in the wider Indian equity market.
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.
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 during intraday trade yesterday.
Twelve other stocks, including Yatra, Turtlemint, FirstCry, Unicommerce, and IndiaMART InterMESH, hit fresh 52-week lows during the holiday-shortened week.
The selling extended to Eternal, Ola Electric, Paytm, and Lenskart, dragging the combined market capitalisation of the 67 companies to $149.2 Bn.
Meanwhile, B2B manufacturing company Zetwerk and defence tech company Tonbo Imaging made their public market debuts at a premium yesterday. Both came under pressure after listing, closing 13.02% and 2.44% below their respective BSE listing prices.
The two additions took the combined market capitalisation of the 69 new-age tech stocks tracked by Inc42 to $152.32 Bn, equivalent to about 3.2% of the total market capitalisation of BSE-listed companies.
Here are some of the key developments at listed new-age tech companies during the week.
Eternal Reports Profit Jump
Eternal reported a nearly 92% YoY jump in Q2 FY27 net profit and unveiled Dark, an end-to-end encrypted AI platform for advanced AI users. Founder Deepinder Goyal said a global launch is planned before the end of 2026.
Eternal also announced a proposed merger between portfolio company AdOnMo and gated-community management platform Mygate. It expects to hold a 4.4% stake in the merged entity.
Ecommerce Platforms Face Action
The Central Consumer Protection Authority (CCPA) took action against seven ecommerce platforms, including IndiaMART and Justdial, over listings and sales of unauthorised hazardous explosives.
The action led to the removal of 3,940 sellers and product listings across the platforms.
ideaForge Terminates US Agreement
Drone maker ideaForge’s wholly owned US subsidiary terminated its joint venture agreement with US-based First Breach Inc, citing the failure to complete the transaction within the agreed deadline and discussions between the parties.
Signed on September 23, 2025, the agreement envisaged a joint venture to license, source, design, engineer, manufacture, and distribute unmanned aerial vehicles in the US.
Unicommerce Logs Profit Growth
Ecommerce SaaS company Unicommerce’s consolidated net profit rose 11% YoY to ₹6.4 Cr in Q2 FY27, while operating revenue grew 15% to ₹59.1 Cr. Expenses increased 19%, outpacing revenue growth, with a lower tax expense supporting profit growth. The company expects profitability to improve in H2 as incremental investments moderate.
With that, here’s a look at the broader market trend this week.
Markets End Winning Streak
The Sensex declined 2.15% to 73,123.83, while the Nifty 50 fell 2.63% to 22,600 during the week.
Both indices declined across all four trading sessions, with markets closed on Tuesday for Dussehra. Rising crude prices, geopolitical tensions in West Asia, and sustained FII outflows weighed on sentiment.
Broader markets saw steeper falls. The Nifty Midcap 100 and Nifty Smallcap 100 declined 5.6% and 7.3%, respectively, while the Nifty Bank lost 2.8%.
Brent crude approaching $115 per barrel heightened concerns over inflation, rupee depreciation, and corporate margins. Investors also scrutinised Q2 earnings, valuations, and management guidance. IT stocks remained relatively resilient, while metals, realty, and consumer durables faced selling pressure.
Foreign investors sold equities worth ₹2,697 Cr, their tenth consecutive week of net selling, although outflows moderated from ₹8,991 Cr. Domestic institutional investors bought ₹10,942 Cr.
“Going ahead, the steady moderation in FII selling offers some comfort, though elevated crude and sharp broader-market weakness keep the downside risk alive,” said Vinod Nair, head of research at Geojit Investments.
Next week, investors will track Federal Reserve and Bank of Japan rate decisions, US GDP, India’s industrial production, and corporate earnings. West Asia developments, crude prices, US treasury yields, and India-US trade negotiations will also remain in focus.
Now, let’s take a look at the performance of Swiggy and ixigo.
ixigo Defies Market Sell-Off
ixigo rose 1.45% during the week following its Q2 results on October 17.
The online travel aggregator swung to a consolidated net profit of ₹63.4 Cr from a ₹3.5 Cr loss a year earlier. This included a ₹40.7 Cr exceptional gain from the partial sale of its Freshbus stake and remeasurement of its remaining investment.
Operating revenue grew 12.9% YoY to ₹321 Cr, while gross transaction value (GTV) rose 22% to ₹5,304.5 Cr. However, adjusted EBITDA fell 17.2% to ₹23.6 Cr, with the margin narrowing to 7.3% from 10%.
Hotel GTV surged 158.7% to ₹111.3 Cr, while revenue increased to ₹8.1 Cr from ₹1.3 Cr. Room nights exceeded 4.7 Lakh, and inventory topped 70,000 properties. However, the segment’s contribution loss widened to ₹1.2 Cr from ₹71 Lakh.
Train revenue increased 16.4% to ₹149.1 Cr, while bus revenue rose 23.8% to ₹81 Cr. Flight revenue fell 7.5% to ₹82.7 Cr despite 37.2% GTV growth, with the gross take rate declining to 7% from 9.38%.
Choice Equity retained its ‘ADD’ rating and ₹190 target, citing hotel growth but flagging margin pressure from planned investments of ₹10-12 Cr over the next couple of quarters.
Swiggy Hits Record Low
Swiggy’s 24.5% weekly fall left it 54.7% below its ₹390 IPO price, with widening Instamart losses weighing on sentiment.
Its consolidated Q2 FY27 loss narrowed 16% YoY to ₹922 Cr but widened 17% sequentially from ₹791 Cr. Operating revenue rose 36% YoY to ₹7,571 Cr, while consumer-facing businesses’ gross order value (GOV) increased 25% to ₹20,793 Cr.
Instamart’s adjusted EBITDA loss widened to ₹895 Cr from ₹849 Cr a year earlier and ₹778 Cr in Q1, despite GOV rising 31% YoY to ₹9,230 Cr.
Swiggy cited pricing investments, customer and category mix changes, and new dark-store costs for contribution-margin pressure. It expects Q2 to mark peak adjusted EBITDA losses and anticipates around 100 basis points of margin improvement in Q3.
Food delivery’s adjusted EBITDA rose to a record ₹341 Cr from ₹240 Cr, while revenue grew 22% to ₹2,338 Cr. Segment profit increased 39% to ₹349 Cr.
Swiggy plans to shift Instamart to an inventory-led model over two to three quarters, targeting an 80-basis-point contribution-margin improvement.
Brokerages largely retained ratings but cut targets over quick commerce losses and execution concerns. HSBC lowered its target to ₹240 from ₹315, while CLSA cut its target to ₹262.
Edited by Vinaykumar Rai
Creatives by Varshita Srivastava
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