Biggest Unlisted Companies in India


While the primary and secondary markets typically command the primary focus of investors, unlisted enterprises represent what can be described as the pre-primary market within the stock market’s terminology. Generally, companies eventually consider going public for various reasons, such as raising growth capital or increasing their visibility, though there are exceptions to this. Some private entities become notable unlisted corporations, not only in India but also on a global scale. Depending on their size and stage of development, unlisted firms can offer substantial opportunities. In this context, we examine the biggest unlisted companies in India.

Biggest Unlisted Companies in India

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

Serum Institute of India

The Serum Institute of India, led by Adar Poonawalla, currently holds the distinction of being the world’s largest vaccine manufacturer and the most significant unlisted corporation in India. The institute is responsible for the production and distribution of a wide 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 produced by SII are administered to at least 65% of children globally, contributing significantly to the preservation of countless lives around the world. The institute’s vaccines have played a pivotal role in achieving this feat. Given its impressive track record, it is entirely justified for the Serum Institute of India to claim the title 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%

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#2 BYJU’S – Biggest unlisted companies in India

BYJU'S 2023

Byju’s, headquartered in Bangalore, Karnataka, India, is a multinational educational technology company. It was founded in 2011 and operates on a freemium model. The platform was launched in August 2015, initially offering educational resources for students in grades 4 to 12, and later expanding in 2019 to include an early learning program for grades 1 to 3.

The company’s offerings also extend to preparation for prominent Indian exams such as IIT-JEE, NEET, CAT, and IAS, as well as international assessments like GRE and GMAT. While its primary mode of operation is online, Byju’s has also 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

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#3 National Stock Exchange of India (NSE)

NSE 2023

In recent times, the volumes of derivatives and stock trading have witnessed significant expansion, especially in the wake of the Covid-19 pandemic. This surge in trading activities has resulted in a substantial increase in revenues. The business model of the National Stock Exchange (NSE) is designed to offer revenue predictability and impressive return ratios. These factors contribute to NSE’s status as one of the biggest unlisted companies in India. In contrast, the Bombay Stock Exchange (BSE) is already a publicly listed entity. It is plausible that, given these dynamics, the NSE might also make its way out of the unlisted companies category in the coming years.

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

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#4 Swiggy

Swiggy 2023

Swiggy, based in Bangalore, is counted among the largest privately-held companies in India. It operates as a major player in the online food ordering and delivery industry within the Indian market, where it competes with Zomato. Founded in 2014, the company has substantially grown its footprint, offering its services in over 500 cities. Swiggy is backed by prominent 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

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#5 OYO

OYO 2023

OYO’s platform provides a comprehensive technological solution designed to improve earnings and operational efficiency for small businesses, including hotels and residences. At the same time, it offers reliable and affordable accommodations for travelers. Established in 2013, the company has become the largest hospitality player in India and has expanded its presence internationally. OYO’s network includes accommodations in over 800 cities across more than 80 countries.

However, the platform has faced its fair share of challenges, including high cancellation rates and partner dissatisfaction. Additionally, OYO’s plans to launch its Initial Public Offering (IPO) have encountered obstacles, 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 operates as a fantasy sports gaming platform, allowing users to participate in fantasy leagues based on various sports such as cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football, and baseball. Users can create their fantasy teams using real-world match data. In the world of sports gaming, Dream11 has experienced substantial growth and made a noteworthy achievement by becoming the first Indian fantasy sports company to achieve 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 is a prominent player in the Fast-Moving Consumer Goods (FMCG) sector and ranks among the largest unlisted companies in India. Interestingly, it also holds the distinction of being one of the earliest companies on the list of the largest unlisted companies. Founded in 1929, the company’s journey evolved from being a bakery to becoming a leading biscuit manufacturer, initially serving the needs of the British Army. Notably, its biscuit brand, Parle-G, achieved the distinction of being the world’s top-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+

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#8 Razorpay

Razorpay 2023

In the wake of the transition towards online service and commerce channels, it’s natural for new contenders to emerge in the payment processing sector. Razorpay perfectly fits this role, positioned as one of the few comprehensive payment solution companies in India. Its platform empowers businesses to effortlessly accept, process, and disburse payments through a wide array of methods, including credit and debit cards, UPI, and popular mobile wallets.

Founded by Harshil Mathur and Shashank Kumar, and backed by investments from notable entities like GIC, Sequoia, Tiger Global, and Y Combinator, among others, RazorPay has experienced substantial 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 is India’s leading mobility platform and ranks among the world’s largest ride-hailing companies. Through the Ola app, the company provides extensive mobility solutions, connecting customers with a wide range of vehicles, including bikes, auto-rickshaws, metered taxis, and cabs. In the competitive landscape, Ola competes with rivals such as Uber, Zoomcar, and Revv, as well as 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 prominent global player in formulation development, manufacturing, and marketing, stands as a significant healthcare contender among the top unlisted companies in India. It is noteworthy for being the largest privately-owned Indian generic pharmaceutical enterprise and has achieved an impressive revenue growth rate of over 25% in the past five years.

In addition to its operations in India, Intas Pharma maintains manufacturing facilities in the United Kingdom and Mexico. To optimize opportunities in international markets, the company has formulated 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 the Hurun 2022 study

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Biggest Unlisted Company FAQs

Which is India’s most valuable unlisted company?

The vaccine manufacturer Serum Institute of India (SII) holds the top position among the most valuable unlisted companies in India. According to a Hurun study, its latest valuation has surged to INR 2,19,700 crore.

How are unlisted companies valued?

Valuation of unlisted companies takes into account various factors, including the total addressable market size, growth rates, profit margins, and intangible assets.

Who are the investors in unlisted firms?

Even though unlisted companies are not publicly traded on stock exchanges, they frequently attract investments from private equity investors, venture capital firms, and large family offices.


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