Axis Bank’s Burgundy Private and Hurun India release the third edition of the 500 Most Valuable Private Companies in India

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Axis BankBengaluru, February 13th, 2024: Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India launched the ‘2023 Burgundy Private Hurun India 500’. This is the third edition of the list of the 500 most valuable companies in India. These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. Hurun India and Burgundy Private launched a further analysis of the most valuable non-state-controlled companies from Karnataka in the 2023 Burgundy Private Hurun India 500 List. The cut-off date to arrive at this list was 30th October 2023. This list refers to companies headquartered in India only; state-owned companies and subsidiaries of foreign as well as Indian companies are not included.

Commenting on the launch, Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said:

“Burgundy Private is delighted to partner with Hurun India again, in celebrating India’s 500 most valuable companies. The 3rd edition of the report encapsulates the resilience, dynamism, and competitive spirit ingrained in Indian businesses in a growth-challenged world. Despite headwinds – that of continuing fiscal consolidation, higher domestic interest rates, tightening liquidity conditions, as well as slowing exports; India’s economic growth has been impressive. Indian companies and their leadership deserve great acclamation for their contribution to the country’s unique positioning today. As India heads towards a $5 trillion economy, it will be critical to leverage emerging trends like China plus 1, MSME, and ‘Bharat’ that will act as engines of growth for the country.”

“The companies featuring in the ‘2023 Burgundy Private Hurun India 500’ list have collectively created a value of INR 231 lakh crore for their stakeholders. As India’s leading wealth management franchise, Burgundy Private has closely witnessed this value creation. The India 500 companies have made significant contributions towards nation-building, representing 28% of India’s GDP and employing 1.3% of the country’s workforce. What is noteworthy in the report is that 52 companies on the list are less than a decade old, promising to shape the next decade with their entrepreneurial spirit and digital innovations. The presence of women on the boards of 437 companies is another commendable highlight that underscores commitment towards diversity and inclusivity.”

“At Axis Bank, our commitment to building an institution capable of withstanding the challenges of time remains steadfast. Having successfully concluded the acquisition of Citibank’s India consumer business, the Bank has etched out a unique position for itself in the Indian banking space. The Bank’s wealth management business, which is among the largest in India grew by 78% YOY. Burgundy Private now advises 35 of the Forbes list of 100 richest Indians. Besides, our ability to deliver ‘One Axis’ as a full-service bank, offering varied solutions across all financial services is a key area of distinctiveness. With India entering its most important decade, we look forward to partnering with the companies on the 2023 Burgundy Private Hurun India 500 list, as they move towards the next milestone in their growth journey.”

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said: “Hurun India, in collaboration with Burgundy Private, the Private Banking Business of Axis Bank, proudly announces the release of the 2023 Burgundy Private Hurun India 500 report. This prestigious list includes prominent Karnataka-based companies, featuring innovative startups like Zerodha, Razorpay, Swiggy, CRED, Meesho, and Ola Electric, alongside IT giants such as Infosys, Wipro, and Mindtree. The report not only showcases Karnataka’s vibrant entrepreneurial ecosystem but also highlights Bengaluru’s role as a magnet for investment and a hotbed for high-growth potential. With its world-class startup environment, particularly in fintech, and the highest growth rate in VC/PE investments, Karnataka is making significant strides.”


The 2023 Burgundy Private Hurun India 500 is a list of the 500 most valuable companies that are headquartered in India. Government/ State-owned companies and subsidiaries of foreign as well as Indian companies are excluded. Although the cut-off date for the list is 30th October 2023, we have taken an exception for Global Health, Bikaji Foods International, and Five-Star Business Finance for which we have considered the closing market cap of the listing day. The aforementioned companies were in the process of going public/ getting listed during the cut-off date.

Valuing private companies is as much an art as it is a science. Surely, Hurun India may have missed some companies, but we endeavor to develop the most comprehensive report of its kind to identify and acknowledge India’s top businesses. Hurun Report’s team of researchers has traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers, and other sources of publicly available data.

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.