The 2024 Burgundy Private Hurun India 500 list demonstrates soaring growth in private sector companies. They now possess a $3.8 trillion (₹324 lakh crore) combined valuation, which represents a 40% increase from 2023. The 2023 estimated GDP for India amounts to $3.5 trillion, but the 2024 Burgundy Private Hurun India 500 list reports combined company values that exceed this figure by $300 billion.
The entry requirement for the Burgundy Private Hurun India 500 list this year has increased by 43% to ₹9,580 crore compared to last year’s threshold of ₹6,700 crore. Since its foundation, the list has never included businesses worth more than $1 billion, but this year, each organization surpassed this value despite depreciating currencies.
The entry threshold exceeded the previous record by reaching ₹9,580 crore this year, reflecting substantial growth compared to last year’s threshold of ₹6,700 crore. All companies listed this year have achieved a minimum valuation of US$1 billion, marking the first time in the history of the list. A total of 100 companies have experienced growth exceeding 200% in valuation. Let’s check out:
Reliance Industries Leads The List
Reliance Industries holds the top position with a ₹17.5 lakh crore valuation, while Tata Consultancy Services follows with ₹16.1 lakh crore, and HDFC Bank ranks third at ₹14.2 lakh crore. Bharti Airtel makes its debut among the top five companies this year with a total valuation of ₹9.74 lakh crore, representing a 75% increase from its previous year’s performance.
National Stock Exchange
The National Stock Exchange (NSE) successfully entered the top ten on the Hurun India list at a valuation of ₹4.7 lakh crore, representing a 201% increase, earning the title of India’s most valuable unlisted company.
Motilal Oswal Financial Services
The highest growth rate belongs to Motilal Oswal Financial Services, whose valuation surged 297% to reach ₹59,740 crore. Meanwhile, Inox Wind demonstrated strong business growth with a 273% increase over the year, bringing its valuation to ₹27,220 crore. Similarly, new-age tech startup Zepto recorded a 269% increase, bringing its valuation to ₹42,410 crore.
A total of 500 companies now collectively hold ₹324 lakh crore (US$3.8 trillion) in value, exceeding India’s projected GDP for 2023 of $3.5 trillion. Every business on Forbes India’s ranking achieved a valuation of US$1 billion this cycle, with an entry threshold set at ₹9,580 crore, which exceeded last year’s threshold of ₹6,700 crore.
According to this year’s analysis, 82 new companies from India entered the rankings, adding a collective market value of ₹18.8 lakh crore. The Financial Services sector holds the top position, with its 63 companies contributing 19% of the total list value, while the Healthcare sector follows closely with 59 companies.
Top 10 Fastest-Growing Companies
Several companies experienced exceptional growth in valuation at Hurun India’s recent list, exceeding 200%:
- Motilal Oswal Financial Services – 297% increase, reaching ₹59,740 crore
- Inox Wind – 273% increase, reaching ₹27,220 crore
- Zepto – 269% increase, reaching ₹42,410 crore
- Dixon Technologies – 241% increase, reaching ₹1,03,730 crore
- Trent – 228% increase, reaching ₹2,46,910 crore
- Anant Raj – 225% increase, reaching ₹25,300 crore
- Policy Bazaar – 206% increase, reaching ₹97,170 crore
- National Stock Exchange (NSE) – 201% increase, reaching ₹4,70,250 crore (ahead of its IPO)
- Multi Commodity Exchange (MCX) – 201% increase, reaching ₹34,930 crore
- Piramal Pharma – 198% increase, reaching ₹33,910 crore
This year’s Hurun India 500 list underscores the rapid expansion of India’s corporate sector, with companies across diverse industries achieving record-breaking valuations.
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