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Zoho and Zerodha Among India’s Most Valuable Unlisted Companies in 2024 Hurun Report

• ByStartupStory     |    February 20, 2025

Chennai-based SaaS leader Zoho Corporation and Bengaluru-based stock brokerage giant Zerodha have emerged as two of India’s most valued bootstrapped firms, according to the 2024 Burgundy Private Hurun India 500 report, released on 19 February.

The report, which ranks India’s 500 most valuable privately held companies, highlights the remarkable growth trajectory of Zoho and Zerodha, reinforcing their positions as dominant players in the enterprise software and stockbroking industries, respectively.

Zoho Corporation secured the third spot in the rankings, with a valuation of ₹1.04 lakh crore ($12.5 billion)—a 58% increase from ₹65,700 crore in the previous year.

The surge in Zoho’s valuation comes despite a global slowdown in the software industry. The company, founded by Sridhar Vembu in 1996, continues to scale its enterprise SaaS business without external funding, maintaining complete ownership and independence in a market dominated by venture-backed competitors.

Zoho reported a consolidated revenue of ₹8,703 crore in FY23, marking a 30% year-over-year growth. However, net profit growth was modest at 3%, reaching ₹2,836 crore, as rising operational expenses impacted overall earnings.

A major shift in Zoho’s leadership also made headlines, as Sridhar Vembu stepped down as CEO to assume the role of Chief Scientist, focusing on deep R&D initiatives in AI and deep tech alongside his rural development mission.

Zerodha, India’s largest stock brokerage platform, ranked fourth among unlisted firms with a valuation of ₹87,750 crore ($10.5 billion)—a 50% year-over-year jump.

The Nithin Kamath-led firm has transformed retail investing in India, capitalising on the rising participation in stock markets. FY24 was a record-breaking year for Zerodha, with:

• Net profit surged 89% to ₹5,496 crore, up from ₹2,908 crore in FY23.
• Revenue from operations rose 37.16% to ₹9,372 crore, compared to ₹6,832 crore in FY23.

Zerodha’s low-cost, technology-driven brokerage model has democratised access to stock markets, especially among retail investors.

The National Stock Exchange of India (NSE) dethroned Serum Institute of India to become India’s most valuable unlisted company, with a valuation of ₹4.7 lakh crore ($56.5 billion)—a staggering 201% increase from the previous year. Despite losing its top position, Serum Institute, led by Cyrus Poonawalla, remains the most valuable bootstrapped company, with a valuation of ₹2.12 lakh crore ($25.5 billion).

Zoho ranked second among bootstrapped firms, followed by Zerodha at fourth place in the overall unlisted category.

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