India’s burgeoning tech ecosystem experienced a historic rise in market capitalisation in 2024, driven by improved fundamentals and a robust equity market rally.
Key Highlights
Massive Growth in Market Capitalisation
The cumulative market capitalisation of 19 new-age tech stocks surged by 67%, growing from $40.6 Bn in 2023 to $67.6 Bn by the end of 2024.
Companies like Zomato, Paytm, PB Fintech, Zaggle, and CarTrade Technologies were instrumental in driving this growth.
New Entrants in Public Markets
In addition to the 19 pre-existing tech stocks, 13 startups debuted on the bourses in 2024, marking a transformative year for India’s startup IPO landscape.
These 32 new-age tech stocks collectively closed the year with an impressive $101.22 Bn in market capitalisation, showcasing the strength of India’s innovative enterprises.
Key Drivers of Growth
Improved financial performance and operational fundamentals across companies contributed to the surge.
Broader equity market momentum also played a significant role in boosting investor confidence and valuations.
Notable Players
Leading names like Nykaa, Nazara Technologies, ideaForge, Yatra, and EaseMyTrip were among the 19 legacy stocks contributing to the sector’s success.
Conclusion
2024 marked a pivotal year for India’s new-age tech industry, achieving a cumulative market cap of over $100 Bn. This growth underscores the increasing maturity and resilience of the country’s startup ecosystem, with strong performances across sectors like fintech, travel, and e-commerce.
As we step into 2025, the momentum is expected to continue, driven by innovation, improved investor sentiment, and India’s robust position in the global equity market
