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Business News›Tech›Newsletters›Morning Dispatch›New-age stocks take off; Swiggy goes Indian

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Happy Wednesday! India’s new-age companies are gaining ground in public markets as more startups go public. This and more in today’s ETtech Morning Dispatch.



Also in the letter:



■ YC’s Groww windfall

■ Amazon India revenue rises

■ Byju’s seeks insolvency extension



India’s listed new-age companies hit $165 billion market cap as IPO wave expands universe

India’s 50 listed, institutionally backed new-age companies are now worth about $165 billion, according to a new index launched by Trifecta Capital, called the New Economy Index (NEI) Top 50. This tally is up from the $100-billion milestone crossed two years ago.



IPOs from Swiggy, Ather Energy, Urban Company, Groww, Lenskart and Meesho have widened the public-market universe, but the headline number masks a sharp divergence in stock performance.




Winners pull away

• Ather Energy trades at nearly four times its issue price, and Groww is about 80% higher, while FirstCry and Ola Electric are around 55% below their IPO prices.
• Among 33 companies with at least a year of trading history, 16 have declined, and only eight have outperformed the NEI Top 50.
• The ten largest companies account for about 69% of the cohort’s market value, making headline performance heavily dependent on a relatively small group.

Public markets reshape private valuations:



Also Read: New-age IPOs: Listing-day performance proves poor guide to long-term gains



Swiggy shareholders approve proposal to become Indian-owned and controlled





Sriharsha Majety, founder, Swiggy



Swiggy shareholders approved a proposal to transition the platform into an Indian-owned and controlled company (IOCC) on Tuesday, enabling its quick commerce arm, Instamart, to move to a higher-margin inventory model and directly manage stock.



Tell me more:



Leadership restructuring:



Also Read: Swiggy agrees to refund unauthorised campaign fees; Bengaluru hotels to wait till September 1



Y Combinator pockets another Rs 1,435 crore from Groww stake sale





Lalit Keshre, CEO, Groww



Y Combinator has partially exited its investment in Groww-parent Billionbrains Garage Ventures, selling shares worth Rs 1,434.5 crore on Tuesday.



By the numbers:

• Y Combinator sold about 7.73 crore shares at Rs 185.50 each, BSE bulk deal data showed.
• The sale gives it about 54x returns, based on its weighted average acquisition cost of Rs 3.45 per share.
• Its total proceeds from Groww share sales now stand at about Rs 4,132 crore. This includes Rs 1,054.8 crore from Groww’s initial public offering (IPO) last year and Rs 1,642 crore from block deals in May, after the IPO lock-in expired.

Tell me more: Y Combinator would still hold about 46.4 crore Groww shares, assuming it makes no further sales. At Groww’s Tuesday closing price of Rs 193.7 on the BSE, this stake would be worth about Rs 8,990 crore.



Including the proceeds already realised and the value of its remaining stake, Y Combinator’s Groww investment is worth about Rs 13,120 crore. That is nearly 52x its implied acquisition cost of about Rs 255 crore.



Other Top Stories By Our Reporters

Amazon India marketplace FY26 revenue grows: Amazon India’s marketplace entity Amazon Seller Services reported a 15% increase in operating revenue to Rs 34,966.8 crore in fiscal 2026, according to documents filed with the Registrar of Companies (RoC).



Byju’s resolution professional seeks more time to resolve insolvency: The resolution professional overseeing the insolvency proceedings of Byju’s parent Think & Learn has sought another 90 days to complete the process, which has been hindered by multiple court battles and delays in monetising the edtech firm’s assets.



Global Picks We Are Reading




■ Meta ran ads for an app promising to nudify female politicians (Wired)



■ Chinese carmakers now sell one EV abroad for every two at home (Rest of World)



■ AI’s recursive self-improvement might not come so quickly after all (MIT Technology Review)

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