Burgundy Private, the private banking division of Axis Bank, in partnership with Hurun India, has released the fourth edition of the Burgundy Private Hurun India 500 for 2024. This ranking highlights the 500 most valuable non-state-run companies in India, based on their market capitalization for listed entities and valuations for privately held firms.
To qualify for the 2024 list, companies needed to have a minimum valuation of INR 9,580 crore (approximately USD 1.1 billion) as of December 13, 2024. The combined value of these companies has reached INR 324 lakh crore (USD 3.8 trillion), surpassing India’s GDP as well as the combined GDPs of UAE, Indonesia, and Spain. The average age of the companies on the list is 43 years.
Amitabh Chaudhry, MD & CEO of Axis Bank, commented, “The Burgundy Private Hurun India 500 reflects the remarkable transformation of India’s corporate landscape. The companies on this list have demonstrated vision, resilience, and agility, creating immense value for stakeholders while fueling India’s economic growth. At Axis Bank, we are committed to empowering businesses and investors through our ‘One Axis’ ecosystem, offering tailored wealth management solutions.”
Anas Rahman Junaid, Founder & Chief Researcher, Hurun India, added, “The companies featured in the 2024 Burgundy Private Hurun India 500 form the backbone of India’s private sector, collectively valued at USD 3.8 trillion. Their influence extends beyond revenue figures, shaping India’s economy and global positioning. The increasing entry threshold underscores the impressive financial growth of Indian enterprises.”
The global expansion of Indian companies continues to grow, with 296 firms (59%) having an international presence, and 31 operating in over 100 countries. The financial services sector dominates the landscape, leading with 63 companies valued at INR 62 lakh crore, contributing 19% of the total valuation.
The defense and aerospace sector experienced a remarkable 74% increase in valuation, driven by commercialization and technological advancements. The education sector also saw significant growth, recording a 47% CAGR in revenue over four years, with Physics Wallah emerging as the fastest-growing company, increasing in value by 172% YoY.
Additionally, regional business dynamics are shifting—while Mumbai and Bangalore saw a decline in listed companies, Haryana moved up in rankings, and smaller cities like Hyderabad, Gurugram, and Noida gained traction. Among India’s major business groups, Tata Group leads the way with 15 companies, contributing 10% of the total valuation. Adani Group expanded further by adding another company, bringing its total to 9. Meanwhile, Reliance Group, despite having only 3 companies, secured the second position in cumulative value, highlighting its strong financial standing and market influence. Employment in Indian companies witnessed a positive surge, with 1.4 million new jobs added, bringing total employment to 8.4 million.
Women’s representation in leadership has improved, with 17% of board seats now occupied by women, and 13 women stepping into key leadership roles in 2024. Additionally, the startup ecosystem rebounded strongly, reversing last year’s valuation decline. Indian startups added INR 4.4 lakh crore in value, with Zomato alone contributing INR 1.7 lakh crore, signaling renewed investor confidence and market strength.The 2024 Burgundy Private Hurun India 500 showcases India’s corporate strength and economic evolution, with emerging sectors, startups, and established enterprises driving national and global growth. As India approaches its USD 5 trillion economy milestone, this list offers a lens into the future of Indian business and wealth creation.
