India's Leading 500 Private Sector Firms Valued at ₹324 Lakh Crore, Employing 8.4 Million Individuals
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Synopsis
According to the 2024 Burgundy Private Hurun India 500 report, India's top private sector companies have a combined valuation of $3.8 trillion, surpassing the GDP of India and other major economies. The report highlights significant growth in employment and international expansion, with key sectors like financial services and aerospace leading the way.
Key Takeaways
- Top 500 companies valued at $3.8 trillion.
- 20% increase in workforce to 8.4 million.
- Tata Group leads with 15 companies.
- 296 companies have international operations.
- Aerospace & Defence sector up 74% in valuation.
New Delhi, Feb 18 (NationPress) The 2024 Burgundy Private Hurun India 500 has identified India's top private sector companies, boasting a combined valuation of $3.8 trillion (₹324 lakh crore, a remarkable 40 percent increase), surpassing the GDP of India and the total GDPs of the UAE, Indonesia, and Spain, as reported on Tuesday.
This year, these 500 enterprises marked a 20 percent rise in workforce, adding nearly 1.4 million new positions, leading to a total of 8.4 million employees. They now account for approximately 16 percent of India's overall workforce, underscoring their critical contribution to national employment, according to the report.
In terms of market share, the Tata Group continues to lead the pack, while the Adani Group has also solidified its position. Tata Group maintains its top rank with 15 companies, contributing 10 percent to the overall valuation in the 2024 Burgundy Private Hurun India 500. Meanwhile, Adani Group expanded by adding one more company, totaling 9 companies this year, the report indicates.
The business landscape reflected in the 2024 Burgundy Private Hurun India 500 is evolving. Despite declines in Mumbai and Bangalore, Haryana has made a significant leap, moving up two spots to enter the top three states for the first time since the list's inception. This year, major metropolises like Mumbai and Bangalore saw a reduction in the number of companies, while smaller urban centers such as Hyderabad, Gurugram, and Noida experienced substantial growth, indicating a shift in India’s business environment.
The ranking of these 500 companies is determined by their value, calculated based on market capitalisation for publicly listed entities and valuations for private firms. The list exclusively features companies headquartered in India, excluding state-owned enterprises and foreign company subsidiaries.
For the first time in the history of the list, all companies listed in the 2024 Burgundy Private Hurun India 500 are valued at a minimum of $1 billion, despite a depreciating rupee.
The companies in the 2024 Burgundy Private Hurun India 500 achieved an impressive 11 percent growth in sales, with combined revenues reaching $1 trillion.
A total of 364 companies reported an increase in value compared to 342 last year. Among them, 65 companies saw their valuations double, up from 45 in 2023. Additionally, 17 companies experienced a valuation surge exceeding ₹1 lakh crore, a significant rise from just 2 companies last year.
“A growing number of Indian companies are expanding internationally. According to the 2024 Burgundy Private Hurun India 500, 296 companies — representing 59 percent of the list — have a global footprint, with 31 operating in over 100 countries. As India's economy approaches $3.7 trillion, this international expansion is enhancing foreign exchange earnings, strengthening trade ties, and drawing investments, positioning India as a formidable player in the global economy,” the report elaborates.
The financial services sector leads the 2024 Burgundy Private Hurun India 500 with 63 companies valued at ₹62 lakh crore, contributing 19 percent to the total valuation. This reflects increasing credit penetration, robust investor confidence, and India’s emergence as a global financial hub.
The list highlights the rapid evolution of India's economy. The Aerospace & Defence sector saw a remarkable 74 percent increase in valuation, driven by commercialization, international collaborations, and a focus on cutting-edge technologies and space initiatives, as per the report.
The education sector recorded a Compound Annual Growth Rate (CAGR) of 47 percent in revenue over the last four years. A notable newcomer to the 2024 Burgundy Private Hurun India 500, Physics Wallah, reported the highest growth with a staggering 172 percent increase from the previous year, translating to an absolute value increase of ₹14,900 crore, according to the report.
Startups featured in the 2024 Burgundy Private Hurun India 500 collectively achieved a net value increase of ₹1,09,259 crore, led by Zepto, OYO, and Zerodha.
