Twenty-three of 57 new-age tech stocks gained this week, led by Meesho and Smartworks. ideaForge fell 12% and Swiggy dropped 5% on quick commerce competition and leadership exits.
The week ended mixed for India's new-age tech stocks. Twenty-three of 57 names gained between 0.01% and roughly 15%, while 34 fell 0.15% to 11.75%. The cumulative market cap of the group rose to $135.92 billion from $134.52 billion a week earlier.
Shares of Amagi, Aequs, Nykaa, Kissht, Shadowfax and SEDEMAC all touched fresh highs during the week. None of the 57 stocks recorded new lows.
Meesho and Smartworks led the gainers.
Meesho rose 7.37%. Smartworks gained 5.65% to close at ₹489.2 after the coworking space provider announced it would acquire Singapore-based flex workspace startup WorkStudio through a wholly owned subsidiary. The deal, financial terms undisclosed, expands Smartworks' Singapore portfolio to four centres spanning roughly 76,000 square feet, up from 50,000 square feet. The move follows the company's third managed office in Singapore's Central Business District announced two weeks ago.
Smartworks also leased 400 seats to a Japanese NBFC subsidiary in Mumbai under a five-year contract expected to generate ₹35 crore in revenue. It expanded its Bengaluru footprint with a 4.92 lakh square foot managed campus. The company now operates 66 centres across 16.1 million square feet in India and Singapore, serving more than 770 enterprise clients.
Yudiz jumped 14.46% to ₹28.10 on the NSE SME platform after an extended period of bearish sentiment.
ideaForge topped the losers, falling 11.75% to ₹822.35.
Swiggy dropped 5.31% to ₹240.70 amid intensifying competition in quick commerce and senior leadership exits. Flipkart said it plans to expand its quick commerce arm Flipkart Minutes to 1,500 centres across 180 cities, claiming volume has grown five-fold since the network expansion began. Amazon also announced plans to expand Amazon Now's fulfilment network to 300 cities, up from 100 cities targeted earlier this year, with ₹2,800 crore earmarked for the push.
Swiggy Instamart's COO Ankit Jain and CBO Hari Kumar stepped down. The exits came as Swiggy seeks to become an Indian-owned and controlled company, a step required to move Instamart toward an inventory-led model. Shareholders rejected a special resolution enabling that transition last month.
Nykaa, Kissht, Shadowfax and SEDEMAC all touched fresh highs during the week but ended in the red on profit booking.
Broader market context. The Sensex rose 0.39% to 77,100.47. The Nifty 50 gained 0.18% to 24,056. The Nifty Midcap declined about 1.15% as investors booked profits after a strong rally. The smallcap index ended flat.
The biggest tailwind for domestic equities was a sharp correction in crude oil prices as West Asia tensions eased and shipping through the Strait of Hormuz normalised. Lower oil prices eased concerns over imported inflation, India's current account deficit, and corporate cost pressures. Sentiment also benefited from optimism around a possible India-US trade agreement and selective buying by foreign institutional investors. Softer domestic macroeconomic data, including weaker core sector growth and moderating PMI readings, suggested economic activity lost some momentum in June.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.