In the quarter ending March 2023, domestic mutual funds have significantly increased their stakes in new-age companies, such as Eternal (parent of Zomato and Blinkit) and PB Fintech (parent of Policybazaar), despite a broader sell-off by foreign portfolio investors due to global economic challenges. For instance, mutual fund ownership in Eternal rose from 28.3% to 30.3%, while PB Fintech's stake increased to 28% from 20%. However, the value of these holdings fell, with Eternal's market value dropping to ₹63,889 crore amid a 17% decline in its stock price. This trend highlights a shift in investor confidence towards established companies, as new entrants face challenges in a volatile market. The increase in mutual fund holdings indicates a long-term view on the business models of these firms, with SIP inflows also hitting a record ₹32,087 crore in March. Analysts suggest that the decline in share prices may impact upcoming IPOs, as investors prefer established firms with proven performance.