New-Age Tech Stocks Extend Rally, CarTrade Leads With 23.3% Gain

New-age tech stocks extended their rally this week, with 54 of the 69 companies under Inc42’s coverage posting gains ranging from 0.4% to 23.3%.

CarTrade led the gainers, rebounding 23.3% after last week’s steep decline to close at ₹2,699.30. Awfis followed with a 20.4% rise to ₹281.65, while ixigo climbed 19.1%.

Recently listed Tonbo Imaging and Zetwerk touched fresh highs during the week. Lenskart, Ather Energy, Eternal, and Nykaa were also among the stocks that hit 52-week highs.

The gains lifted the combined market capitalisation of the 69 companies to $169.3 Bn from $160.9 Bn last week, an increase of 5.2%.

Among the losers, RateGain fell the highest by 9.19% to close the week at ₹725.90.

Here are some key developments from listed new-age tech companies during the week: 

Kissht’s AUM Crosses ₹10,000 Cr: Kissht’s assets under management (AUM) crossed ₹10,000 Cr, driven by growth in personal loans and its expansion into loans against property. The company attributed the growth to its AI-led underwriting and digital collections infrastructure, adding that its recent ₹832.2 Cr preferential issue strengthened its capital base.

MobiKwik Secures NBFC Licence: MobiKwik received an RBI licence to operate as an NBFC, following in-principle approval in April 2026. It plans to begin operations within three to six months and disburse ₹5,000 Cr in consumer and MSME loans over three to four years through an asset-light co-lending model.

Pine Labs Partners With Stripe: Pine Labs partnered with Stripe to offer Singapore retailers a unified platform for online and in-store payments, combining Stripe’s online infrastructure with Pine Labs’ terminals and merchant tools. The companies plan to expand the offering to other Southeast Asian markets in 2027. Pine Labs served 11.6 Lakh merchants across more than 22 markets at the end of Q2 FY27.

Here’s a look at the performance of the broader markets this week.

Benchmarks Jump Over 8%

Indian equities recorded a sharp weekly recovery, with the Nifty 50 gaining 8.6%, or 1,977 points, to close at 25,030.35. The Sensex rose 8.8%, or 6,568 points, to 81,028.02. Both benchmarks advanced in all five sessions, with the Nifty ending at its weekly high.

The broader market’s gains were smaller, with the Nifty Midcap 100 and Nifty Smallcap 100 rising 5.8% and 2.8%, respectively.

Renewed foreign investor buying, strong Q2 FY27 earnings, easing geopolitical concerns, and lower crude oil prices supported sentiment. Lower bond yields and a softer dollar also helped.

Foreign institutional investors (FIIs) bought a net ₹45,960 Cr of equities across the five sessions, marking their second consecutive week of buying after a 10-week selling streak. The inflows exceeded the ₹45,162 Cr they sold during October.

Domestic institutional investors (DIIs) sold a net ₹24,197 Cr, ending an 11-week buying streak. Together, the two investor groups remained net buyers of approximately ₹21,763 Cr.

Geojit Investments’ head of research Vinod Nair attributed the improved sentiment to strong Q2 earnings, healthy October auto sales, and firm GST collections, alongside easing concerns around the Iran conflict and tariffs following the US midterm election verdict.

He also pointed to foreign investors rotating out of crowded AI trades. The Indian market’s rally coincided with a selloff in global AI and semiconductor stocks.

Private banks led the gains following renewed foreign investor interest in a segment previously weighed down by concerns over net interest margins. Automobile and consumption stocks benefited from festive demand, while IT and PSU banks recorded relatively modest gains.

The sustainability of foreign inflows, crude oil prices, and developments in West Asia will remain key market triggers. Remaining Q2 results, US inflation and jobs data, and India’s inflation print will also influence trading.

Nair cautioned that intermittent profit booking could follow the sharp gains, although the near-term outlook remains constructive. He favours large-cap companies with earnings visibility and a buy-on-dips approach.

Meanwhile, the stock market will open for a special Muhurat trading session tomorrow, from 14:20 IST to 15:30 IST, on the occasion of Diwali. 

Now, let’s take a detailed look at the performance of Awifs and RateGain this week.

Awfis Rallies After Q2 Results

Awfis shares gained 20.4% this week to close at ₹281.65, following a near-doubling of its consolidated net profit in Q2 FY27. Net profit rose 92.8% to ₹30.8 Cr from ₹16 Cr a year ago and increased 28.5% from ₹24 Cr in the preceding quarter.

Operating revenue grew 19.6% YoY and 3.2% QoQ to ₹438.7 Cr. Awfis reported normalised revenue of ₹451 Cr, including an adjustment of around ₹13 Cr for actual rent received under finance lease arrangements. On this basis, coworking and allied services contributed approximately ₹376 Cr, while construction and fit-out projects under its Transform vertical generated ₹75 Cr.

Awfis added six centres during the quarter, taking its network to 254 centres with approximately 1.74 Lakh seats across 18 cities. Portfolio occupancy stood at 76.2%, rising to 84.1% at centres operational for more than 12 months.

Its premium portfolio comprised 29 Gold and 10 Elite centres. The company said incremental premium seats were being signed at prices around 35% higher than its flagship offerings.

Awfis plans to prioritise occupancy, client renewals, and capital-efficient expansion, while adding premium workspaces in Pune, Bengaluru, Mumbai, and Delhi NCR.

RateGain Falls Despite Growth

RateGain shares declined 9.2% this week to close at ₹725.90, despite reporting a 46.5% YoY increase in consolidated net profit to ₹74.7 Cr in Q2 FY27. The company’s stock plunged by over 11% on Friday, the next trading session after its quarterly disclosures. 

Operating revenue surged 152.6% YoY to ₹745.4 Cr, largely reflecting the consolidation of travel marketing platform Sojern, acquired for $250 Mn in November 2025.

Sequentially, however, revenue fell 5% from ₹785 Cr, while net profit declined 21.3% from ₹94.9 Cr.

Excluding expenses related to deferred deal consideration for Sojern, adjusted net profit rose 78% YoY to ₹90.8 Cr. Adjusted EBITDA more than tripled to ₹169.1 Cr.

The acquisition has reshaped RateGain’s business mix. Marketing technology accounted for 80.2% of revenue, followed by data-as-a-service at 13.2% and distribution at 6.6%.

Its customer base stood at 14,538 at September-end, around 4.5 times the 3,224 customers reported at the end of FY25. Customers include hotel chains, online travel agencies, airlines, car rental companies, and destination marketing organisations.

RateGain’s UK subsidiary repaid another $46.3 Mn of acquisition-related debt during the quarter. Cumulative repayments reached $93.8 Mn, or 75% of the original $125 Mn facility from HSBC and Citibank, leaving outstanding debt of $31.3 Mn.

The company reported a sales pipeline of ₹660 Cr and new contract wins worth ₹277.7 Cr. Chairman and MD Bhanu Chopra said its second-half priorities included expanding the combined RateGain-Sojern offering and increasing customer adoption of its AI products.

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