Hurun India 500: NSE Leads, Zerodha Rises, and Dream11 Scores Big in the Unlisted League!

India’s financial landscape is buzzing as the latest Burgundy Private Hurun India 500 list names the National Stock Exchange (NSE) as the country’s most valuable unlisted company. NSE’s valuation has skyrocketed by a staggering 201% to ₹4.7 lakh crore, outpacing Serum Institute of India (SII) and Zoho Corporation. With NSE actively working towards its much-anticipated IPO, its massive surge in value signals a major shift in the pre-IPO market.

The top 10 unlisted companies showcase a mix of industries, from pharmaceuticals to fintech and fantasy sports. While Serum Institute of India (₹2.11 lakh crore) and Zoho Corporation (₹1.03 lakh crore) secured second and third spots, fintech giant Zerodha (₹87,750 crore) and sports-tech platform Dream11 (₹67,860 crore) also made a strong impact. Other key names on the list include Megha Engineering, Parle Products, Intas Pharmaceuticals, Razorpay, and Amalgamations—highlighting the diversity of India’s booming private sector.

This year’s list reveals that unlisted companies now make up 22% of the top 500, a 4% decline from last year. However, the combined strength of these firms remains undeniable, contributing to an impressive $1 trillion in revenue and growing sales by 11%. The data indicates that, despite economic shifts, India’s private companies continue to thrive, with many actively gearing up for IPOs.

Meanwhile, in the broader corporate world, Reliance Industries continues to dominate as India’s most valuable company, followed by Tata Consultancy Services (TCS) and HDFC Bank. The total market value of the top 10 listed firms surpassed Saudi Arabia’s GDP, further proving India’s growing economic clout. Notably, Bharti Airtel recorded the biggest absolute value jump, adding over ₹4 lakh crore to its worth.

With the IPO frenzy heating up and major firms like NSE resuming their listing process, investors are keeping a close watch on the pre-IPO space. As India’s top unlisted companies continue to expand and innovate, the race to public markets promises to be nothing short of thrilling. Will NSE finally go public in 2025? Stay tuned!