1 / 10The National Stock Exchange, which is set to go public soon, is the most valuable unlisted company on the 2024 Burgundy Private Hurun India 500 list. NSE broke into the list of the top 10 companies as its valuation tripled over the past year to ₹4.7 lakh crore.
2 / 10Cyrus Poonawalla-led Serum Institute of India, which stood at the top in the previous list, is now the second most valuable unlisted company with a valuation of ₹2.1 lakh crore. (Image: Reuters)
3 / 10Serum is followed by Zoho Corporation, a Chennai-based bootstrapped SaaS company, with a valuation of ₹1.03 lakh crore.
4 / 10With a valuation of ₹87,750 crore, stock brokerage firm Zerodha ranks fourth among the most valuable unlisted companies. The valuations of both Zoho & Zerodha rose by more than 50% over the year.
5 / 10Meanwhile, Megha Engineering, which went viral last year after it emerged as the second biggest buyer of electoral bonds, is at the fifth position, with a valuation of ₹77,860 crore.
6 / 10With valuations exceeding ₹68,000 crore each, Parle Products and Intas Pharmaceuticals trail Megha Engineering on the list. Parle Products holds the sixth position with a valuation of ₹68,640 crore, while Intas Pharmaceuticals ranks seventh at ₹68,150 crore. (Image: Reuters)
7 / 10Fantasy sports platform Dream11 and fintech company Razorpay also rank among the top 10, with valuations of ₹67,860 crore and ₹63,620 crore, respectively.
8 / 10Chennai-based Amalgamations Group ranks tenth with a valuation of ₹56,660 crore. As per Hurun India, six of the top 10 unlisted companies are bootstrapped.
9 / 10Though quick commerce player Zepto is not among the top 10, its valuation saw a notable growth of 297% as it raised funds via three rounds in 2024. Edtech startup Physics Wallah, which raised $210 million in series B funding round, recorded a value growth of 172% during the year.
10 / 10Unlisted companies make up about 22% of the 2024 list. As per Hurun India, the valuation for these companies is based on a comparison with their listed peers using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, and EV to EBITDA.
