New-age stocks take off; Swiggy goes Indian

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

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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:

• More listed peers are giving investors benchmarks for growth, profitability and valuation before companies reach IPO.
• Venture funds are creating late-stage and secondary vehicles as public markets become a more established exit route.
• PhonePe and Zepto’s IPO deferments underline how institutional investors are increasingly setting the valuation bar for large private companies.

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

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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:

• Swiggy’s shareholders also approved a proposal to cap foreign shareholding in the company at the current 49.5%.
• The proposal passed with 93.96% shareholder support after missing the required supermajority in a previous May vote.
• Swiggy plans to complete the operational transition to the inventory model within two to four quarters without disrupting service.

Leadership restructuring:

• Himavant Kurnala was named chief growth and product officer, and Nitesh Garg was appointed chief technology officer for Instamart.
• Saurav Goyal stepped up as chief operating officer for the core food marketplace business.
• The appointments come weeks after former Myntra CEO Nandita Sinha joined quick commerce platform Instamart as its chief executive officer, succeeding Amitesh Kumar Jha.

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

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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.

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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.

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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)