Not NSE. This vaccine maker is India's most valuable unlisted company: Burgundy Private-Hurun

Pune-based Serum Institute, which is world's largest vaccine manufacturer by number of doses produced and sold globally, has been ranked No 1 in the list of most valuable non-state-owned, non-listed companies in India, according to Burgundy Private, Axis Bank’s Private Banking Business and Hurun India. The cut-off date used for valuing companies was April 30, 2023.

Serum Institute's valuation was pegged at Rs 1.92 lakh crore, followed by NSE at Rs 1.65 lakh crore. BYJU’S, Dream11 and Razorpay were the other companies in the top 5 list of
Burgundy Private Hurun India top unlisted (non-state-owned) companies in India.


For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, EV to EBITDA. Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. In certain cases of early- stage companies, Hurun used the First Chicago Method for valuation.

Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said: “We are witnessing a unique confluence of events, with the Russia-Ukraine war causing a surge in inflationary pressure worldwide, central banks to increasing their key lending rates and funding winter for startups."

Serum Institute of India was founded in 1966 by Dr. Cyrus Poonawalla with the aim of manufacturing life-saving immuno-biologicals in the country. The Serum Institute had also rolled out Covid vaccines in India. Adar Poonawalla is the CEO of Serum Institute while Dr. Cyrus Poonawalla remains the chairman.

NSE is also the world's largest derivatives exchange in terms of contracts traded, and its core shareholders include Life Insurance Corporation of India, State Bank of India, Canada Pension Plan Investment Board, a Tiger Global fund and a Morgan Stanley fund, among others. A listing would allow NSE to have a broader shareholder base like its biggest competitor, BSE Ltd.