Biggest Unlisted Companies in India


While investors predominantly focus on primary and secondary markets, unlisted enterprises signify what can be termed as a pre-primary market in the language of the stock market. In general, companies find it necessary to go public at some point, either to secure growth capital or to enhance visibility, although there are a few exceptions. Certain private entities emerge as significant unlisted corporations not only within India but also on a global scale. Depending on their size and developmental stage, unlisted firms can present substantial opportunities. In this context, we take a look at the biggest unlisted companies in India.

Biggest Unlisted Companies in India

#1 Serum Institute of India (SII) – Most Valuable Unlisted Company in India

Serum Institute of India

The Serum Institute of India, promoted by Adar Poonawalla, currently holds the title of being the largest vaccine manufacturer globally and the most significant unlisted corporation in India. The institute is responsible for producing and distributing a range of vaccines, including Polio, Diphtheria, Tetanus, Pertussis, Hib, BCG, r-hepatitis B, Measles, Mumps, Rubella, as well as Pneumococcal and Covid-19 vaccines.

According to certain assessments, vaccines manufactured by SII are administered to a minimum of 65% of children worldwide, leading to the preservation of countless lives across the globe. The institute’s vaccines have played a pivotal role in this achievement. Given its impressive track record, it’s entirely reasonable for the Serum Institute of India to claim the position of the biggest unlisted company in India.

Value – INR 2,19,700 crore (up 19.8% y/y)*
Revenue – INR 25,646 crore
Net Income – INR 11,116 crore
ROE – 15.93%


BYJU'S 2023

Byju’s, headquartered in Bangalore, Karnataka, India, is a multinational educational technology company. Its establishment dates back to 2011, and it operates through a freemium model. The platform was introduced in August 2015, initially offering educational resources for students in classes 4 to 12, and subsequently expanding in 2019 to include an early learning program for classes 1 to 3. The company’s scope also encompasses preparation for notable Indian exams such as IIT-JEE, NEET, CAT, and IAS, as well as international assessments like GRE and GMAT. While it primarily functions as an online entity, Byju’s has ventured into establishing offline learning centers to complement its digital presence.

Value – INR 1,82,200 crore (up 35% y/y)*
Revenue – INR 15,000 crore
Learning Centers – 200+
Learners – 150+ million
Services – 120+ countries

Read Also: Top Paint Companies in India

#3 National Stock Exchange of India (NSE)

NSE 2023

In recent times, the volumes of derivatives and stock trading have experienced remarkable growth, particularly following the Covid-19 pandemic, leading to a substantial increase in revenues. The business model of the National Stock Exchange (NSE) is structured to provide revenue predictability and commendable return ratios. These factors contribute to its position as one of the biggest unlisted companies in India. However, its counterpart, the Bombay Stock Exchange (BSE), is already a publicly listed entity. It’s possible that the NSE might also exit the list of top unlisted companies within the next few years due to these dynamics.

Value – INR 1,39,300 crore (down 17.2% y/y)*
Revenue – INR 11,856 crore
Net Income – INR 7,356 crore
ROE – 51%
Total Listed Companies on NSE in FY 2023 – 2,138

#4 Swiggy

Swiggy 2023

Swiggy, headquartered in Bangalore, holds a position among the largest privately-held companies in India. Functioning as a top player in the online food ordering and delivery sector within the domestic market, Swiggy engages in competition with Zomato. Established in 2014, the company has significantly expanded its operations, extending its services across more than 500 cities. Swiggy enjoys the support of noteworthy venture capital firms, including Naspers, Accel India, SAIF Partners, and Norwest Venture Partners.

Value – INR 88,600 crore (up 114.80% y/y)*
Revenue – INR 5,704.90 crore
Employees – 10,000+
Funding/Investment raised so far – INR 5,705 crore

Read Also: All-time largest IPOs in India at a glance

#5 OYO

OYO 2023

OYO’s platform offers a comprehensive technology solution aimed at enhancing earnings and operational efficiency for small enterprises encompassing hotels and residences. Concurrently, it furnishes dependable and affordable accommodations for travelers. Established in 2013, the company has risen to prominence as the largest hospitality player in India, extending its presence internationally as well. OYO’s network encompasses residences in over 800 cities spanning over 80 countries.

However, the platform has encountered its share of challenges, with notable issues including elevated cancellation rates and partner dissatisfaction. Additionally, OYO’s intention to initiate its Initial Public Offering (IPO) has faced setbacks, as its draft papers were returned by the market regulator.

Value – INR 77,800 crore (up 10.40% y/y)*
Revenue – INR 5,700 crore

#6 Dream11 – Only Sports Venture Among Top Unlisted Companies

Dream11 2023

Dream11 serves as a fantasy sports gaming platform, enabling users to engage in fantasy leagues centered around cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football, and baseball. Participants have the opportunity to construct their own fantasy teams based on real-world matches. Within the realm of sports gaming, Dream11 has sustained robust growth rates and achieved a significant milestone by becoming the first Indian fantasy sports company to attain unicorn status in April 2019.

Value – INR 66,200 crore (up 10.30% y/y)*
Active Users – 15 crore+
Revenue – INR 4,065.03 crore (up 50% y/y)*
ROCE – 6.08%

#7 Parle Products

Parle Products 2023

Parle Products stands as a notable Fast-Moving Consumer Goods (FMCG) player and ranks among the largest unlisted companies in India. Interestingly, it also holds the distinction of being one of the earliest entities on the roster of the largest unlisted companies. With its origins dating back to 1929, the company’s evolution shifted from a bakery establishment to a predominant biscuit manufacturer, initially catering to the British Army’s requirements. Notably, its biscuit brand, Parle-G, secured the distinction of being the world’s highest-selling biscuit brand in 2020, as reported by Nielsen.

Value – INR 62,600 crore (up 142.60% y/y)*
Revenue – INR 16,202 crore
Product – 150+

#8 Razorpay

Razorpay 2023

In light of the shift towards online modes of services and commerce, it’s only natural that new entrants emerge in the field of payment processing. Razorpay fits this role perfectly, positioned as one of the select few comprehensive payment solution companies in India. Its platform empowers businesses to seamlessly accept, process, and distribute payments across a diverse range of methods, encompassing credit and debit cards, UPI, and popular mobile wallets.

Founded by Harshil Mathur and Shashank Kumar, and bolstered by investments from prominent entities such as GIC, Sequoia, Tiger Global, and Y Combinator, among others, RazorPay has achieved impressive revenue growth in recent times. Like several other players among the largest unlisted companies, RazorPay is planning to launch its IPO in the coming years.

Value – INR 62,100 crore (up 176% y/y)*
Revenue – INR 1,486 crore
ROE – 2.77%
Users – 50 lakh+

#9 Ola

OLA 2023

Owned by ANI Technologies, Ola stands as India’s premier mobility platform and holds a position among the world’s largest ride-hailing enterprises. Through the Ola app, the company furnishes comprehensive mobility solutions, facilitating the connection between customers and a diverse array of vehicles including bikes, auto-rickshaws, metered taxis, and cabs. In the competitive landscape, Ola engages with rivals such as Uber, Zoomcar, and Revv, in addition to established players like Meru Cabs.

Value – INR 60,500 crore (up 168.90% y/y)*
Revenue – INR 23,229 crore
Services – 250+ cities
Funding/Investment raised so far – INR 1,490 crore

#10 Intas Pharmaceuticals

Intas 2023

Intas Pharma, a significant player on the global stage in formulation development, manufacturing, and marketing, represents another noteworthy healthcare contender among the top unlisted companies in India. This firm holds the distinction of being the largest privately-owned Indian generic pharmaceutical enterprise, and it has achieved a remarkable revenue growth rate exceeding 25% over the past five years.

In addition to its operations within India, Intas Pharma maintains manufacturing facilities in the United Kingdom and Mexico. With the aim of optimizing opportunities in international markets, the company has devised a growth strategy in collaboration with Accord Healthcare.

Value – INR 59,300 crore (up 11.30% y/y)*
Revenue – INR 18,416 crore
Funding/Investment raised so far – INR 2,000 crore
CAGR – ~22%

* All valuation data for top unlisted companies is sourced from Hurun 2022 study

Biggest Unlisted Company FAQs

Which is India’s most valuable unlisted company?

Vaccine-maker Serum Institute of India (SII) sits at the top of the most valuable unlisted companies in India. Its latest valuation jumped to INR 2,19,700 crore, according to a Hurun study.

How are unlisted companies valued?

Total addressable market size, growth rates, profit margins, and intangible assets are some of the factors used in the valuation of unlisted companies.

Who are the investors in unlisted firms?

Although unlisted companies are not traded on stock exchanges, private equity investors, venture capital firms and large family offices often feature among their investors.


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