Trading in India’s newer listed technology firms experienced significant volatility last week, driven by company-specific earnings, fundraising activities, and regulatory developments, resulting in a wide gap between winners like Turtlemint and laggards like Veefin Solutions amidst a subdued broader market.
Trading in India’s newer listed technology companies was sharply uneven last week, with stock-specific earnings, fundraising updates and regulatory developments driving a wide gap between winners and laggards. According to Inc42, 30 of the 61 tracked names ended higher, 29 fell and Meesho was unchanged, even as the broader market finished lower.
Turtlemint led the pack with a 22.64% rise to ₹137.30, helped by investor interest ahead of its quarterly results. In a press release, Turtlemint said full-year FY26 revenue climbed 57% year on year to ₹1,098 crore, while fourth-quarter operating revenue rose 42% to ₹357.2 crore and the net loss narrowed to ₹37.8 crore from ₹46.7 crore a year earlier. The company also reported its first quarterly profit in the March quarter.
At the other end of the table, Veefin Solutions dropped 13.76% to ₹246.90 after weaker quarterly numbers rattled sentiment. Inc42 said the supply chain financing company posted a 40.5% sequential fall in net profit to ₹9.5 crore in the June quarter, while operating revenue declined 13.2% from the previous quarter to ₹114 crore. EBITDA margin also slipped, underscoring the pressure on profitability after a strong run of earlier periods.
New listings and capital-raising activity added to the churn. Logistics company LEAP India listed at a 4.4% premium on the BSE but ended its first session 12.59% below its issue price at ₹145.10. Inc42 also reported that Shiprocket’s initial public offering was subscribed nearly 100 times, while Zetwerk and Table Space filed draft IPO papers during the week. Elsewhere, WeWork Inc sold 35 lakh shares in WeWork India for ₹244.1 crore, and ixigo said it plans to sell a 17.39% stake in Fresh Bus for ₹36.6 crore.
The broader market backdrop was less supportive. According to Inc42, the Sensex fell 0.62% for the week and the Nifty lost 0.83% as elevated crude prices, geopolitical tension and mixed global cues weighed on sentiment. Brent crude briefly approached $90 a barrel before easing, while India’s retail inflation rose to 4.45% in July. Against that backdrop, investors are likely to stay focused on earnings quality, oil prices and global monetary policy as the new-age tech stock rerating continues to hinge on company-specific execution.
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