India's Top 500 Private Companies Surpass National GDP with $3.8 Trillion Valuation

India’s 500 most valuable private companies had a combined worth of ₹324 trillion ($3.8 trillion) in 2024, surpassing the country’s estimated GDP of $3.5 trillion for 2023, according to a report by Axis Bank’s Burgundy Private and Hurun India.

The 2024 Burgundy Private Hurun India 500 list highlights India’s top non-state-run enterprises, which collectively hold a valuation of $3.8 trillion—40% higher than the previous year. This figure not only exceeds India's GDP but also surpasses the combined GDPs of the UAE, Indonesia, and Spain.

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The qualification threshold for inclusion in the 2024 list rose to ₹9,580 crore, marking a 43% jump from last year’s benchmark of ₹6,700 crore. Notably, for the first time since the list's inception, every company featured is valued at a minimum of $1 billion, despite the rupee’s depreciation.

“These companies form the backbone of India’s private sector, exerting significant economic influence. Collectively valued at $3.8 trillion, they employ 8.4 million individuals. To truly grasp India’s economic trajectory, one must examine the companies on this list,” stated Anas Rahman Junaid, Founder and Chief Researcher of Hurun India.

Leading Companies

Reliance Industries Limited (RIL), led by Mukesh Ambani, retained its position as India’s most valuable company, with a valuation of ₹17.5 trillion—an increase of 12%. Tata Consultancy Services followed at ₹16.1 trillion, up 30%, while HDFC Bank secured the third spot at ₹14.2 trillion, growing by 26%.

Biggest Gainers

Motilal Oswal Financial Services emerged as the fastest-growing company in the 2024 Burgundy Private Hurun India 500, recording a remarkable 297% year-on-year valuation surge. Inox Wind and Zepto also saw nearly threefold increases in their valuations over the past year.

Interestingly, around 60% of the companies featured in the Burgundy Private Hurun India 500 do not appear in the Fortune India 500, which ranks firms based on revenue rather than future profit potential.

Since the list excludes state-owned enterprises, major government-controlled companies like the State Bank of India (valued at ₹7.7 trillion), LIC, NTPC, and ONGC were not included, despite their significant valuations.

Notable Newcomers

Bharti Airtel made a breakthrough into the top five for the first time, reaching a valuation of ₹9.74 trillion, reflecting a 75% rise and moving up two spots. Similarly, the National Stock Exchange (NSE) secured its place in the top 10 for the first time, with a valuation of ₹4.7 trillion—an impressive 201% increase.

Among unlisted firms, logistics startup Zepto (269%), NSE (201%), and edtech company Physics Wallah (172%) experienced the highest percentage growth in value.