Swiggy Emerges Biggest Winner In A Mixed Week For New-Age Tech Stocks, FirstCry Slumps

In what was a mixed week for the Indian equity market, the market ended with a bang after a sombre start. In line with this, a majority of new-age tech stocks under Inc42’s coverage ended the week in the red.

While shares of 20 new-age tech companies declined in a range of 0.51% to over 10%, 13 companies gained in a range of 0.11% to over 10%. Despite the largely bearish sentiment, the market cap of these companies ended the week at $88.16 Bn, up from $87.32 Bn at the end of last week.

Swiggy emerged as the biggest gainer this week, rising 10.09% to end at INR 390.10. Shares of its competitor Eternal rose 1.71% to end the week at INR 248.70. The Deepinder Goyal-led company’s market cap stood at $24.28 Bn at the end of the week.

Go Digit, Ather Energy, Nykaa, PB Fintech, and IndiaMART were among the other gainers this week.

In the list of gainers, Fino Payments Bank’s shares gained 3.05% to end the week at INR 291.80. On Friday (June 20), the RBI imposed a fine of INR 29.6 Lakh on the bank for non-compliance with certain directions on ‘licensing of payments banks’.

Meanwhile, coworking space provider Awfis saw a bulk deal this week, with early investor QRG Investment & Holdings offloading 3.89 Lakh shares. Despite this, the company’s shares gained 1.68% to end the week at INR 654.95.

ixigo, too, witnessed a bulk deal this week, with VC firm Elevation Capital selling close to 54 Lakh shares for INR 97.44 Cr. The company’s shares plunged 7.97% to end the week at INR 183.75. ixigo was the fourth biggest loser this week.

FirstCry was the biggest loser this week, with its shares slumping 10.18% to end the week at INR 339.85. BSE-SME listed company DroneAcharya saw its shares crash 9.59% to end the week at INR 86.75. The bearish investor sentiment for the company came in the run up to its financial disclosures for H2 FY25 on June 20, which the company deferred once again till July 11.

Trailing DroneAcharya was fintech major MobiKwik, with its shares falling 8.71% to end the week at INR 243.15. MobiKwik’s shares slumped as much as 9.8% to INR 243 intraday on Wednesday (June 18) following the end of the six-month lock-in period for its pre-IPO shareholders.

Other losers this week included the likes of Ola Electric, ideaForge, BlackBuck, Paytm, Delhivery, among others.

New-Age Tech IPOs Pick Pace

While new-age tech companies like Shiprocket, Groww, PhysicsWallah, boAt have taken the confidential route to file their IPO papers, the year 2025 has only seen one such company going public so far — Ather Energy.

Next week, B2B ecommerce player ArisInfra will become the second new-age tech company to list on the bourses this year. Its IPO closed on Friday with an oversubscription of 2.65X, getting bids for 3.47 Cr shares as against 1.31 Cr shares on offer. Its shares are expected to list on the bourses on June 25.

Meanwhile, SaaS company Capillary Technologies made its second attempt at a public listing this week after cancelling the plans in 2021. The company filed its DRHP this week, as per which its IPO will consist of a fresh issue of up to INR 430 Cr and an offer for sale of up to 18.3 Mn shares.

Commenting on the pick up in IPOs in the Indian market, Bajaj Broking said, “Market sentiment remains broadly constructive, driven by improving macroeconomic indicators, favourable liquidity conditions, and increasing participation from both institutional and retail investors.”

Now, let’s take a look at the performance of the broader market this week and the key factors behind it.

Benchmark Indices End In The Green

After a muted start to the week, Sensex and Nifty 50 gained in the latter half of the week. Both the indices rose 1.6% each this week, with Sensex closing at 81,118.60 and Nifty 50 at 25,112.40.

Investors kept a close eye on the conflict between Israel and Iran this week and the possibility of the US’ intervention in favour of Israel. On Friday, the White House said that US president Donald Trump will decide in two weeks about the North American country’s action in the Israel-Iran conflict.

Besides, the week saw consistent buying by FIIs, who turned net buyers in the Indian equity market amid a softer tone in the US bond yields and easing dollar strength. Ajit Mishra, SVP of research at Religare Broking, said that optimism about the US Federal Reserve’s policy outlook and expectations of potential rate cuts in the coming quarters contributed to improved global risk appetite.

The RBI’s relaxation of project financing norms also provided a boost to financial stocks. On Thursday (June 19), the central bank released its final directions on project finance norms, asking lenders to maintain a general provision of 1.25% on commercial real estate (CRE) and 1% each on commercial real estate-residential housing (CRE-RH) and other portfolios during the construction phase.

“The RBI’s continued dovish tone—signalling potential rate cuts on validating subdued inflation—further reinforced market confidence, positioning monetary policy as a key stabilising force amid global uncertainty,” said Vinod Nair, head of research at Geojit Investments.

Moving forward, the market will closely watch the US’ action on tariffs as the 90-day pause nears its end.

With that, let’s take a look at the developments at Swiggy and FirstCry this week.

Swiggy Soars Over 10%

As the foodtech major’s shares jumped, its market cap rose to $11.23 at the end of the week.

Here’re the new developments related to Swiggy this week:

New Concierge Service ‘Crew’: Swiggy is piloting a travel and lifestyle concierge service via a new app ‘Crew’. Aimed at the affluent market segment, ‘Crew’ offers a personalised service designed to manage various daily and special tasks for users.

IIFL Bullish On Swiggy: The stock jumped over 5% on Thursday, following IIFL Capital’s initiation of coverage on the company. The brokerage assigned a ‘buy’ rating to the stock, forecasting a 46% upside from its prior closing price and a price target of INR 535 per share.

IIFL Capital said that Swiggy lags behind Eternal in food delivery by potentially seven to eight quarters and in quick commerce by three to eight quarters, when assessed by gross order value (GOV) and EBITDA margin.

FTSE Russell Index Inclusion: Swiggy, alongside other companies, entered FTSE Russell’s global equity indices on Friday. The FTSE Index additions for June 2025 are anticipated to attract substantial capital inflows.

Insolvency Troubles For FirstCry

FirstCry emerged as the top loser among the new-age tech stocks for the second consecutive week. Its shares dropped over 10% this week, after falling nearly 9% in the previous week.

With this, the stock is down over 45% from its listing price of INR 625.

During the week, the company said that three individuals – Ashutosh Garg, Paritosh Garg and Manju Agarwal – filed a petition to initiate insolvency proceedings against GlobalBees Brands, a subsidiary of FirstCry parent Brainbees Solutions, for a claim amount of INR 65 Cr.

In an exchange filing, Brainbees said that the insolvency petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 and the Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicatory Authority) Rules, 2016.

As per Brainbees’ RHP dated July 30, 2024, the trio were shareholders of a company called Kuber Mart Industries. GlobalBees acquired a 74% stake in Kuber Mart in December 2021. At the time, Kuber Mart was involved in the business of home care products.

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