India’s National Stock Exchange (NSE) has seen a significant increase in its valuation, thanks to an investment from 360 One Asset. The investor has raised the valuation of NSE to $29.9 billion, a substantial increase from the previous valuation of $18 billion to $19 billion in private transactions last year. This upward revision reflects the growing confidence in India’s economic prospects and the surge in public listings in the country.
The NSE has been attracting several prominent backers, including CPPIB, Chrys Capital, Temasek, Fairfax, and Tiger Global. In the financial year ending in March, the NSE reported revenue of $1.94 billion, marking a 28% increase from the previous year’s revenue of $1.52 billion. This growth in revenue further solidifies India’s position in the global financial markets.
Interestingly, the market capitalization of firms listed on the NSE surpassed that of companies on the Hong Kong Stock Exchange in late 2021. This development highlights India’s increasing prominence and influence in the global financial landscape. Additionally, the NSE holds the title of being the world’s largest derivative exchange, further solidifying its significance in the financial world.
Despite the positive developments surrounding NSE, the exchange did not respond to requests for comment on the increased valuation. Similarly, 360 One Asset declined to provide any comments on the matter.
In addition to NSE, 360 One Asset also provided an assessment of its stake in several other startups. Swiggy, a popular food delivery platform, was valued at $11.5 billion, an increase from its previous valuation of $10.7 billion after its latest funding round in early 2022. Merchant payments platform Pine Labs received a valuation of $4 billion, while online seafood and meat store startup Licious was valued at $900 million. Lastly, edtech startup Upgrad received a valuation of $1.9 billion.
Overall, the increased valuation of NSE and the positive assessments of other startups by 360 One Asset demonstrate the growing confidence in India’s economic potential and the attractiveness of its investment opportunities. With India’s prominence in the global financial markets on the rise, it will be interesting to see how these valuations and investments play out in the future.