Paytm leads $6 billion rally as new-age tech stocks seek redemption

India’s dream of developing a market for consumer-focused technology startups has gotten back on track as digital payments leader Paytm leads a $6 billion rally among peers so far this year.

Shares of Paytm parent One 97 Communications Ltd. have surged 69%, adding more than $2.7 billion in market value, after it improved its profitability ahead of schedule. Food delivery platform Zomato Ltd. and Policybazaar operator PB Fintech Ltd. have surged 28% and 47%, respectively, adding over $1 billion each to their market valuations.