MFs lap up these 3 new-age technology stocks in May; have fortunes changed?

New-age technology companies such as Zomato, FSN E-Commerce, and PB Fintech were among the top investment picks for mutual funds in May. Despite criticism of these companies’ lumpy valuations in the past, they have re-focused on improving profitability which has led to institutional interest in them. Zomato’s net consolidated loss narrowed to INR 971 crore, and its revenue surged 69% to INR 7,079 crore in FY23. PB Fintech’s losses also decreased to INR 487 crore, and revenue increased by 80% to INR 2,558 crore in the same period. Analysts are bullish on Zomato’s steady recovery in earnings and growth prospects, while PB Fintech has an oligopoly position in the sector.