New-age tech stocks regained some momentum in a holiday-shortened week. Thirty one out of the 55 new-age tech companies under Inc42’s coverage gained in a range of 0.26% to close to 17% this week.
Broader market movement heavily impacted performance of new-age tech stocks during the three trading sessions of the week. After heavy selling on March 30 (Monday), stock momentum regained on April 1 (Wednesday) and April 2 (Thursday).
On Monday, 11 new-age tech stocks – Wakefit, MobiKwik, FirstCry, Awfis, DroneAcharya, DevX, EaseMyTrip, Unicommerce, IndiQube, Tracxn, Zappfresh – touched fresh lows. However, a majority of these companies ended the week in the green.
The top three gainers of the week – Ola Electric (up 16.81%), Zaggle (up 16.69%) and Veefin Solutions (up 16.05%) – were stocks which plunged in 2026. Other gainers of the week included Zappfresh, Urban Company, Zelio, RateGain, MapmyIndia, Swiggy, Nykaa, among others.
Meanwhile, 24 new-age tech stocks declined in a range of 0.04% to over 12% this week. BlueStone emerged as the biggest loser, sliding 12.33% to end the week at ₹428.35. In the list of losers, Ather Energy’s shares touched an all-time high of ₹804.4 before sliding 4.29% across the next two sessions to end the week at ₹762.25. Bigger companies like Eternal, Go Digit, Lenskart, and PB Fintech also ended the week in the red.
Overall, the cumulative market capitalisation of 55 new-age tech companies rose to $119.04 Bn at the end of the week from $116.31 Bn at the end of last week.
Now, let’s take a look at some of the key developments at new-age tech companies this week:
- The NCLT approved the merger of Veefin’s acquired businesses Estorifi and GlobeTF Solutions within its listed entity.
- MapmyIndia invested ₹2 Cr for a 20% stake in 3D geospatial solution provider Prashant Surveys.
- In a significant relief to Yatra from a long-running indirect tax dispute, the CESTAT Chandigarh ruled in its favour by setting aside tax demands raised by the revenue department. The Tribunal quashed ₹111.25 Cr in tax demand and ₹39.47 Cr penalty against Yatra Online, along with about ₹2 Cr tax demand and ₹2 Cr penalty on subsidiary TSI Yatra.
- Nazara Technologies’ board approved raising over ₹500 Cr via a preferential issue to support acquisitions. The company plans to issue up to 1.92 Cr warrants at an issue price of ₹260.
- WeWork India received a GST demand order worth ₹26.9 Cr over alleged excess utilisation of input tax credit for the period between April 2019 and March 2023. The company plans to challenge the order before the Commissioner (Appeals), CGST Gurugram.
- Amid ongoing troubles, Fino Payments Bank’s chief compliance officer, principal officer and principal node officer Aashish Pathak stepped down.
With that, here’s a look at broader market trends this week.
West Asia Conflict Keep Investors On Edge
Bears tightened their grip on Indian equity markets for the sixth consecutive week, with the Sensex slipping 0.4% to 73,319.55 and the Nifty 50 falling 0.5% to 22,713.1. The stock exchanges were closed on March 31 (Tuesday) on account of Mahavir Jayanti and April 3 (Friday) on Good Friday.
The week began on a weak footing as escalating US-Iran tensions and a spike in crude oil prices dampened investor sentiment and triggered broad-based selling. Although markets saw a mid-week recovery on easing geopolitical concerns and softer oil prices, volatility persisted amid global uncertainties, sustained FII outflows and inflation worries.
“Global developments continued to dictate market direction, particularly the evolving US-Iran conflict, which kept crude oil prices volatile and elevated. This, in turn, raised concerns over inflation and fiscal stability for import-dependent economies like India,” Ajit Mishra, senior vice president – Research, Religare Broking, noted.
The RBI’s recent regulatory steps – capping banks’ net open rupee positions and restricting NDF offerings to corporates – prompted dollar unwinding and helped support the rupee. The move also triggered a short-covering-led intraday rebound in equities, though the recovery lacked strong conviction. With tensions persisting in West Asia, markets are likely to remain headline-driven, keeping volatility elevated.
The next week will be packed with key triggers on global and domestic fronts. The RBI’s MPC meeting will be closely watched – while a rate pause is widely expected, the central bank faces a delicate balance between crude oil-driven inflation risks and signs of slowing growth, as reflected in a four-year low manufacturing PMI.
“The governor’s commentary on the rate cycle trajectory and FY27 projections will be closely monitored. Globally, the US March CPI print carries outsized weight – a hotter-than-expected reading could bury residual Fed’s rate cut hopes, strengthen the dollar and tighten financial conditions for emerging markets, including India,” Geojit Investments’ research head Vinod Nair said.
Now, let’s take a look at the performance of Ola Electric and Zaggle this week.
Ola Electric Zooms As Registrations Surge
After weeks of sustained decline, shares of Ola Electric rebounded 16.81% to close at ₹28.35, aided by a pickup in electric two-wheeler (E2W) registrations.
The company climbed back to the fifth spot in E2W registrations in March, with volumes jumping 139% to 9,496 units from 3,973 in February, according to Vahan data, giving it a 5.3% market share.
Ola Electric said registrations crossed 1,000 units per day in the last week of March, coinciding with a discount campaign offering price cuts of up to ₹50,000, with some models priced as low as ₹49,999. The company added that its cumulative registrations have crossed 1 Mn units.
During the week, it also cut the price of its Roadster X+ 9.1 kWh electric bike by over 31% and introduced a limited purchase window model, citing demand exceeding supply capacity. In addition, the Roadster X+ 4.5 kWh received PLI certification, making the model eligible for incentives.
Despite the uptick this week, shares of Ola Electric remain about 63% below their IPO price.
Zaggle Jumps On Strong FY27 Revenue Forecast
Shares of Zaggle zoomed over 16% in an eventful week for the company. The stock surged over 19% during the intraday trading on Wednesday after the company shared strong projections for its business growth in FY27.
It projected a standalone revenue growth of 25-30% and a consolidated revenue growth of approximately 40% for FY27, citing strong business momentum across its segments.
During the week, the SaaS company also said that it completed 100% acquisition of stake in UPI provider Rio.Money. Its board also approved an investment of ₹50 Cr in the wholly owned subsidiary subsequently.
Yesterday, Zaggle said its CFO Venkata Aditya Kumar Grandhi resigned with immediate effect due to personal reasons. The company appointed ex-Head Digital Works’ finance VP Rajesh Tummalaganti as its interim CFO.
Tummalaganti joined Zaggle in December 2025 after an over 13 year stint at Head Digital Works.
The company also cancelled its plans to acquire a majority stake in SaaS firm Effiasoft. Zaggle intended to buy a 51% stake in Effiasoft from its promoters for ₹41.31 Cr.
Edited by Vinaykumar Rai
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