Nazara, Ola Electric Lead Gains In A Choppy Week For New-Age Tech Stocks

The year 2025 proved to be a record one for startups, with 18 new-age tech companies getting listed on the bourses and the total market capitalisation of 50 new-age tech companies crossing the $140 Bn mark.

This year promises to be another eventful one for the new-age tech ecosystem, with the IPO momentum expected to continue. However, the past month was dull for the listed new-age tech companies, with their cumulative market cap declining close to $5 Bn over the last couple of weeks.  

Investors continued to remain cautious on new-age tech companies between December 29 and January 2.

While 24 of the 50 companies gained in a range of 0.25% to over 20%, the remaining declined in a range of 0.34% to slightly under 10%. 

Nazara Technologies, Ola Electric and Honasa Consumer led the list of gainers, while Zelio E-Mobility and Meesho were the top two losers. PB Fintech, Groww, ixigo, and Zappfresh were among the other stocks which declined this week. 

Here are some of the key developments at the new-age tech companies from this week: 

• Delhivery’s subsidiary Ecom Express received a tax demand notice of INR 2.6 Cr from tax authorities in Haryana. Ecom Express plans to file an appeal against the order, which was passed under Section 73 of the CGST/ Haryana GST Act, 2017 for the financial year 2021-22 (FY22).
• Recently listed Wakefit’s CFO Navesh Gupta resigned with effect from December 31 due to personal and professional plans. Gupta was with the company for about five years, joining as a plant finance controller in January 2021.
• Nazara completed its acquisition of 1,396 equity shares of subsidiary Next Wave for INR 2.5 Cr. Besides, the company’s investor SBI Mutual Fund sold 45.09 Lakh shares worth INR 108.3 Cr via a block deal this week.
• Zappfresh announced the acquisition of a majority stake in Avyom Foodtech, a promoter owned entity, for INR 7.5 Cr, to enter ready-to-eat (RTE) and ready-to-cook (RTC) categories. 

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

Nifty Touches New Highs 

It was a bullish week for the benchmark indices, which decisively broke out of a five-week consolidation phase to kick off the new year. While Sensex gained about 0.9% to end at 85,762.01, Nifty 50 scaled fresh record levels to settle at 26,328.55. 

While the start of the week was slightly subdued amid mixed cues, a sharp rebound in the latter half enabled the indices to close near the week’s highs. 

As per Religare Broking’s research SVP Ajit Mishra, the market sentiment was supported by robust domestic macro indicators, particularly the sharp rebound in industrial production, which reinforced optimism around economic momentum. 

However, foreign investor selling limited the gains. According to Geojit Investments’ chief investment strategist VK Vijayakumar, 2025 saw record FII selling in India. FIIs sold equity worth INR 30.3K Cr in December, taking the total selling through the exchanges in 2025 to INR 2.4 Lakh Cr. They bought equity worth INR 73.9K Cr through the primary market during the year, taking the total net selling figure for 2025 to INR 1.7 Lakh Cr.

“This is the worst selling by FIIs since they started investing in India. The relatively elevated valuations in India and the ‘AI trade’ were the principal factors that pushed the FIIs to sell mode in India,” Vijayakumar noted.

Moving ahead, the next week will be data-heavy, both domestically and globally, as markets enter the early phase of the earnings season. 

Now, let’s take a closer look at the developments at Ola Electric and Honasa this week.

Ola Electric Rebounds

Ola Electric provided a series of company updates this week showing a picture of cautious recovery and strategic recalibration after a challenging 2025. Subsequently, the stock climbed over 13% to end the week at INR 40.91. 

The company said its vehicle registrations rose to 9,020 units in December 2025. This increased its electric two-wheeler market share to 9.3% from 7.2% in November. 

The company attributed these gains to its focused service programme called Hyperservice, designed to improve after-sales service turnaround and customer satisfaction. It said Hyperservice delivered same-day resolution for 77% of service requests in December, resulting in tangible improvements in service capacity and parts supply nationwide. 

Besides, Ola Electric said that its Roadster X+ electric motorcycle, powered by in-house produced 4680 Bharat Cell battery pack, received official government certification — a key milestone for its advanced product portfolio and domestic innovation roadmap. 

However, it also saw a top-level exit this week, with its business head for cell operations, Vishal Chaturvedi, resigning.

Promoter Confidence Drives Market Interest For Honasa 

Varun Alagh, the cofounder, CEO and promoter of beauty and personal care brand Mamaearth’s parent Honasa Consumer acquired 1.85 Lakh equity shares of the company for INR 50 Cr in a block deal on Monday (December 29) for INR 270 per share. This represented roughly 0.57% of the company’s total share capital. 

Following the purchase, Alagh’s individual shareholding increased to approximately 32.45%, while the total promoter and promoter group stake rose to about 35.54% of the company’s total equity. The deal was executed with Fireside Ventures Investment Fund I as the counterparty. 

Honasa’s shares rallied following the announcement and ended the week 8.93% higher at INR 292.7.