Razorpay, Ola Cabs, Swiggy, and Parle Products were among the top ten unlisted companies that witnessed a massive rise in their valuation last year, as per the Burgundy Private Hurun India 500 – Special Report. Stock exchange, National Stock Exchange of India (NSE) outpaced Serum Institute of India in becoming the most valued unlisted firm.
In percentage terms, Razorpay‘s market valuation rose by a whopping 155.1% to ₹57,400 crore, as per the Burgundy Hurun’s list.
Ola Cabs‘ market valuation increased by 148% to ₹55,800 crore in 2021, while food and groceries delivery major Swiggy
also made notable gains in market cap by 98.3% totalling a valuation of ₹81,800 crore, and Parle Products’ valuation jumped by 93% to ₹49,800 crore compared to the previous year.
The list said, “National Stock Exchange of India overtakes Serum Institute of India to become the most valuable unlisted company in India.”
NSE’s valuation climbed by 35.6% to ₹2,28,100 crore in 2021 compared to the previous year, meanwhile, Serum Institute of India’s valuation declined by 4.6% to ₹1,75,000 crore holding the second most valued unlisted firm title.
BYJU’S market cap increased by 24.7% to ₹1,68,300 crore, OYO rose by 4.1% to ₹73,400 crore, and Indian fantasy sports platform Dream11 saw market valuation advance by 2% to ₹61,200 crore in 2021 over the previous year.
Ahmedabad-based Intas Pharmaceuticals’ valuation remain unchanged at ₹53,300 crore in 2021 over the previous year.
Among the top ten unlisted firms, 4 companies are headquartered in Bengaluru, 3 firms are based in Mumbai, and one each is based in Pune, Gurugram, and Ahmedabad.
The top ten unlisted companies ranked in Hurun’s list this year are – NSE followed by Serum, BYJU’S, Swiggy, OYO, Dream11, Razorpay, Ola cabs, Intas Pharmaceuticals, and Parle Products.
Anas Rahman Junaid MD and Chief Researcher, Hurun India said, “We have not benchmarked and made corrections to the value of the unlisted tech companies in the current list. However, we are actively considering devaluing some companies in the next list if the macro concerns get prolonged.”
For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, and EV to EBITDA. Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. In certain cases of early-stage companies, Hurun used the First Chicago Method for valuation. Financial information used is from the latest available annual reports or audited financial statements.
Read More: Burgundy Hurun’s list: Razorpay, Ola top gainers, NSE most valued unlisted firm