Serum is followed by Zoho Corporation, a Chennai-based bootstrapped SaaS company, with a valuation of ₹1.03 lakh crore.

With a valuation of ₹87,750 crore, stock brokerage firm Zerodha ranks fourth among the most valuable unlisted companies. The valuations of both Zoho & Zerodha rose by more than 50% over the year.

Meanwhile, Megha Engineering, which went viral last year after it emerged as the second biggest buyer of electoral bonds, is at the fifth position, with a valuation of ₹77,860 crore.

With valuations exceeding ₹68,000 crore each, Parle Products and Intas Pharmaceuticals trail Megha Engineering on the list. Parle Products holds the sixth position with a valuation of ₹68,640 crore, while Intas Pharmaceuticals ranks seventh at ₹68,150 crore. (Image: Reuters)

Fantasy sports platform Dream11 and fintech company Razorpay also rank among the top 10, with valuations of ₹67,860 crore and ₹63,620 crore, respectively.

Chennai-based Amalgamations Group ranks tenth with a valuation of ₹56,660 crore. As per Hurun India, six of the top 10 unlisted companies are bootstrapped.

Though quick commerce player Zepto is not among the top 10, its valuation saw a notable growth of 297% as it raised funds via three rounds in 2024. Edtech startup Physics Wallah, which raised $210 million in series B funding round, recorded a value growth of 172% during the year.

Unlisted companies make up about 22% of the 2024 list. As per Hurun India, the valuation for these companies is based on a comparison with their listed peers using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, and EV to EBITDA.

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