Zomato Poised For Bigger Nifty Share As New-Age Digital Companies May Dominate By 2030, Says Hiren Ved

In the second quarter new-age companies' year-on-year topline was 84% higher in comparison to Nifty or NSE 500 topline companies that normally range between 8-10%, said Hiren Ved, Director and CIO of Alchemy Capital Management.

He also believes India’s equity market is on the verge of a structural shift, one driven by the rapid rise of digital-first businesses and the slow growth of many traditional companies. According to him, the coming years will see a significant churn across the Nifty 50, Nifty 200 and Nifty 500, as fast-growing tech-enabled platforms gain a larger share of India’s profit pool and market capitalisation by 2030.

Ved points out that a powerful digital stack has enabled a new wave of companies to scale rapidly. Whether it is broking, quick commerce, home services, or insurance distribution, digital-led players are growing much faster than legacy incumbents.

Examples include Urban Company in services, policy platforms like PB Fintech, and new-age consumer internet firms. “These businesses are disrupting the older players,” he told NDTV Profit, highlighting how technology has accelerated customer acquisition and improved operational efficiency.

What makes the trend even more striking is the contrast with the growth trajectory of the current heavyweight constituents of the Nifty. Ved notes that among the 50 companies in the index, only three which include Trent, Bajaj Finance, and Zomato are delivering profit growth above 18%.

“Most of the others are in single digits or early teens,” he says. Occasional spikes in pharma or metals don’t change the broader picture, as those swings are often base-led or cyclical. Sustainable high growth is rare.

Meanwhile, the so-called new-age technology companies still form a very small slice of India’s market capitalisation just about 1.5% of the Nifty’s Rs 200 lakh crore market cap. Yet, the pace at which they are expanding suggests that this could change dramatically. Zomato alone is nearing a Rs 3 lakh crore market cap. Ved believes that by 2030, the share of tech-driven, high-growth businesses in major indices could rise to 10–15%.

This shift, he explains, will not just be about rising stock prices. It will be about winning revenue share, Ebitda share, and overall profitability within the corporate universe.

In an economy where nominal GDP grows at 9–10%, it becomes difficult for most established businesses to outpace that benchmark. However, digital-first platforms, asset-light models, and consumer technology companies have been consistently growing well above that rate.

As these companies continue to scale, Ved expects them to become far more influential in India’s market landscape. The result, he says, will be a major reshaping of index constituents over the next five to seven years, with high-growth disruptors taking a larger share at the expense of slower-growing incumbents.