The IPO afterlife for unicorns: How mutual funds are doubling down on next-gen leaders

In a decisive show of conviction, domestic fund managers sharply increased their holdings across a clutch of newly listed new-age companies in the March quarter, pouring crores of rupees into stocks that, not long ago, were greeted with skepticism about valuations, profitability timelines, and business models. The latest shareholding pattern reveals mutual funds raised stakes in 5 new-age companies that got listed in 2025 after achieving unicorn status.