Eternal, Paytm, Ola Electric, PB Fintech: How new-age tech stocks performed in 2025

India’s new-age tech companies saw strong investor interest in 2025, as evident by the record number of IPOs from the startup ecosystem. Companies like Wakefit, Meesho, BlueStone, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs, PhysicsWallah and others went public this year.

Listed new-age tech companies like Eternal, Ather Energy, Paytm and others also witnessed many significant events this year. Eternal, parent company of Zomato and Blinkit, was officially entered into the benchmark index NIFTY50 after the March rebalancing of the index. The company also undertook a strategic rebranding from Zomato to Eternal Ltd.

Fintech company Paytm overcame regulatory hurdles, and its subsidiary Paytm Payments Services Limited resumed the onboarding of new clients, a process that had been under an RBI freeze since November 2022. The company also reported profitability for two consecutive quarters in FY26.

PB Fintech, which operates an online platform for insurance, reported consistent growth in revenue and profitability. Meanwhile, Swiggy successfully raised ₹10,000 crore via Qualified Institutional Placement (QIP) to strengthen its balance sheet and use funds for future growth.

Overall, new-age listed firms saw mixed trends in 2025, with some companies witnessing a sharp rally aided by strong financial results and market share gains, while others faced sharp corrections.

*YTD return as of December 16 closing

**Ather Energy and Urban Company returns calculated based on IPO issue price

The above table highlights how major new-age tech companies performed so far in 2025. Ather Energy was the top-performing stock among these companies, driven by market share gain in the electric 2-wheeler segment and strong revenue growth of 63% YoY. Meanwhile, the company also managed to narrow down its losses from ₹380 crore in H1FY25 to ₹332 crore in H1FY26. Ather Energy's market cap is now around ₹25,840 crore, which is more than double its IPO market cap of ₹11,955 crore.

Meanwhile, its rival Ola Electric Mobility has been struggling as the shares are down over 60% so far this year and also hit a 52-week low of ₹33.20 apiece amid market share loss to automakers like Bajaj Auto and TVS Motor. Also, the company’s net loss widened during the first two quarters of FY26. Ola Electric Mobility's market capitalisation stood at around ₹15,085 crore.

Strong comeback

Paytm, which went public in 2021, reported strong performance this year. Shares of One 97 Communications, the parent company of Paytm, saw a rise of nearly 26% so far this year as the company managed to reduce its losses and improve its financial performance after it exited some of its non-core businesses and overcame regulatory hurdles.

FSN E-Commerce Ventures (Nykaa) also delivered a strong performance in 2025. Its stock rose over 51% so far this year, backed by a steady rise in revenue and a sharp 111% YoY jump in net profit in H1FY26. As a result, the company’s stock hit a 52-week high of ₹273.2 per share in the previous month. In 2025, the company expanded its physical store presence, added more international brands and focused on growing its private label brands.

Logistics service provider, Delhivery, posted decent stock gains this year, rising over 16%. The company’s stock has gained over 68% from its 52-week low of ₹236.5 in March 2025. The company announced the acquisition of Ecom Express for ₹1,407 crore this year and also reported profitability for consecutive quarters.

Eternal and Swiggy delivered lower returns

Food delivery platforms, Eternal and Swiggy, saw weak stock performance in 2025 as investors' focus shifted to profitability from mere topline growth. Eternal stock delivered a low single-digit return of 2.3% so far in 2025. The stock hit a 52-week high of ₹368.45 per share in October 2025, and the stock is currently down over 22% from its all-time high. In the first two quarters of FY26, Eternal reported a 79% YoY fall in net profit to ₹90 crore, while its revenue rose 130% YoY to ₹20,757 crore during the same period.

Meanwhile, Swiggy shares are down over 26% so far this year as the company is yet to turn profitable and continues to report losses every quarter. Another reason for weak performance is the huge investment by these companies in quick-commerce platforms like Blinkit and Instamart to expand dark store network.

PB Fintech shares are down 13% this year after witnessing a substantial rise of 165.3% in 2024. The company continues to deliver high growth in revenue and profitability. It reported a 36% YoY rise in revenue to ₹2,962 crore in H1FY26, while its net profit nearly doubled to ₹220 crore.

Overall, 2025 was a mixed year for listed new-age tech companies. Companies like Ather Energy, Paytm and Nykaa caught investors' attention amid improving financials, market share gain and improvement in business prospects. Meanwhile, others faced stock corrections due to profitability concerns, high competition.