Groww, ArisInfra Shine Amid Bearish Week For New-Age Tech Stocks

It was a bearish week for listed new-age tech companies amid the ongoing earnings season. During January 12-16, 33 of the 50 new-age tech stocks under Inc42’s coverage declined in a range of 0.59% to about 10%. 

Eight companies – Pine Labs, EaseMyTrip, Tracxn, FirstCry, Zappfresh, Awfis, BlueStone and MapmyIndia – touched fresh lows during the week. 

BSE SME-listed EV company Zelio E-Mobility was the biggest loser, with its shares declining 9.62% to end the week at INR 337.2. MapmyIndia and BlueStone were the second and third biggest losers this week, respectively, with their shares tanking close to 8%.

Meanwhile, 17 new-age tech companies gained in a range of 0.02% to over 13% this week. NSE SME-listed TAC Infosec topped the list of gainers, with its shares surging 13.33% to end the week at INR 765. ArisInfra was the second biggest gainer this week, rising 9.55% to end at INR 127.9. 

The cumulative market cap of the 50 companies stood at $136.55 Bn at the end of the week, down nearly 3% from $140 Bn at the beginning of the year. 

With that, here’s a look at some of the key developments at these companies over the past few days: 

• Coworking space provider Smartworks turned profitable in Q3 FY26, posting a net profit of INR 1.2 Cr against a loss of INR 16 Cr in the previous year’s quarter. Its top line grew 34% to INR 472.1 Cr during the period under review.
• Delhivery’s subsidiary Spoton Logistics  received a GST appeal from Haryana tax authorities, raising a demand of over INR 32.78 Cr for FY18-FY22 over alleged short payment under reverse charge. Spoton plans to file an appeal against the order with the appellate authority.
• FirstCry received a customs adjudication order demanding INR 6.56 Cr, including duty, penalty and redemption fine, over alleged procedural lapses in availing concessional import duty under the APTA framework. The company said it has a strong case on merits and is seeking legal advice to appeal the order.
• MapmyIndia acquired a minority stake in Iwayplus, investing around INR 2 Cr through the purchase of 3,500 compulsorily convertible preference shares. The investment marks MapmyIndia’s entry in the indoor mapping and navigation business. 
• Urban Company incorporated a new step-down wholly owned subsidiary, Urban Essentials General Trading LLC, in the UAE through its overseas arm Urban Home Experts Pte Limited. The company intends to sell its ‘Native’ product line in the UAE market through the subsidiary.
• Zelio E-Mobility said it saw a 67% YoY revenue uptick in Q3 FY26, driven by strong festive demand, higher dispatch volumes and an expanding dealer network across tier II & III markets.
• BlackBuck’s chief people officer Shilpi Pandey tendered her resignation with immediate effect after a close to 10-year stint with the company to pursue other interests.
• Arisinfra reconstituted its audit and nomination & remuneration committees following the exit of independent director ex-Mahindra CFO Ravi Venkatraman. Edelweiss Alternative Asset Advisor’s executive VP Renganathan Bashyam has now been appointed audit committee chairman.
• Amid the raging controversy around quick commerce and the government’s order to remove the 10-minute delivery promise tagline, Zomato parent Eternal clarified that there is no material development or change in Blinkit’s business model. 

Now, let’s take a look at the broader market trends this week.

Market Ends Flat as Q3 Earnings Optimism Offsets Global Uncertainty

The Indian equities market largely consolidated through the week amid mixed global and domestic cues, ending almost flat. After a volatile start, benchmark indices moved within a narrow range for most sessions, with the Nifty and Sensex closing at 25,694.35 and 83,570.35, respectively.

Positive sentiment from better-than-expected Q3 earnings by select large cap IT companies was tempered by tariff-related uncertainties, ongoing geopolitical tensions, and continued foreign fund outflows. Ajit Mishra, SVP of research at Religare Broking, said domestic macro indicators remained mixed, with rising retail and wholesale inflation exerting pressure on overall sentiment. 

FIIs continued to remain net sellers this week. “The prolonging geopolitical tensions turned FIIs more risk averse in emerging markets and added upward pressure on bond yields,” Geojit Investments’ research head Vinod Nair noted.

Looking ahead, market sentiment is likely to be shaped by key global macro indicators, including US PCE inflation, GDP prints, and jobless claims data, which will offer cues on the Federal Reserve’s rate outlook. “Domestically, PMI readings and progress in earnings season and management commentary will be closely watched for near-term direction for the market,” Nair added.

Amid all these, Amagi’s IPO closed this week, and the media SaaS major will become the first new-age tech company next week to list on the bourses in 2026. Its public offering closed with a strong investor interest after a muted start, receiving bids for 82.4 Cr shares against 2.7 Cr shares on offer, translating to 30.2X oversubscription. 

While Amagi’s shares are expected to list on the bourses on Wednesday (January 21), Shadowfax’s IPO is set to open on Tuesday (January 20). The logistics company is looking to raise over INR 1,900 Cr via its public issue, which comprises a fresh issue of INR 1,000 Cr and an offer for sale (OFS) of INR 900 Cr. 

Now, let’s take a detailed look at the performance of Groww and Ola Electric this week.

Groww’s Strong Results Draw Investor Attention

Online brokerage platform Groww’s shares rallied as much as 9.19% this week to end at INR 173.55, buoyed by strong investor interest after it declared its Q3 numbers on Wednesday (January 14).

Groww reported a 28% YoY decline in consolidated PAT to INR 546.9 Cr in Q3 FY26, largely due to a one-time boost in the year-ago quarter. Excluding this impact, the company’s operational PAT grew 24% YoY during the December 2025 quarter.

Operating revenue rose 25% YoY and 18% QoQ to INR 1,216.1 Cr in Q3 FY26.

Alongside its earnings, Groww announced that global asset manager State Street Global Advisors will acquire a 23% stake in its asset management arm, Groww AMC, for INR 580 Cr.

Post the results, Citi initiated coverage on Groww with a buy rating and a target price of INR 195, while Jefferies reiterated its buy call and raised the target price to INR 195 as well. 

Citi cited strong momentum in the margin trading facility (MTF) business, gradual revenue realisation from newer segments such as commodities trading, and a pickup in client activity levels as the key growth drivers. The brokerage also highlighted that Groww continued to gain market share across segments, including active NSE clients, SIP flows, retail cash and F&O segments, as well as MTF.

Echoing similar optimism, Jefferies noted that newer businesses, including MTF, commodities trading, and wealth management, contributed 12% of Groww’s revenue in Q3 FY26, up sharply from just 1% in the year-ago quarter. 

Notably, Groww entered the commodities trading market last year and acquired Fisdom to scale its wealth management offerings.

Jefferies added that it expects Groww’s earnings per share to be 1-4% higher over FY26-FY28 than its earlier estimates, driven by the company’s rising share in the commodities trading market.

Ola Electric Continues To Sink

Ola Electric’s shares remained under pressure this week even as the company delivered a series of strategic updates. The stock slid 5.67% to end the week at INR 37.25. 

On Monday (January 12), the stock crashed as much as 3.9%, after SoftBank trimmed its stake in the company to 13.53% on January 9 from 15.68% earlier.

The following session brought a brief respite after the EV maker announced the rollout of its first residential battery energy storage system (BESS), Ola Shakti, from its gigafactory, lifting the stock about 2.8% intraday. The company also said that it has expanded its 4680 Bharat Cell and battery pack beyond EVs, opening sales for enterprises across energy, healthcare, defence and robotics.

However, this optimism was short-lived. Ola Electric’s shares slid in the remaining sessions of the week, despite the company securing government approval to sell ‘Ola Shakti’. This reflected investor scepticism around the company’s fundamentals. High losses, intense market competition, and regulatory headwinds continue to weigh on the stock.