SaaS major Zoho’s valuation surges 58% to over Rs 1 lakh crore
According to the Burgundy Private Hurun India 500 report, Zoho secured the second spot in the top 10 bootstrapped companies list for 2024, trailing Serum Institute of India, which led with a valuation of Rs 2,11,610 crore.
Chennai-based SaaS unicorn has been valued at Rs 1,03,760 crore, marking a 58% jump from its previous valuation of Rs 65,700 crore, according to the 2024 Burgundy Private Hurun India 500 report.
The report, released by Burgundy Private, Axis Bank’s private banking business, in collaboration with research and publishing group Hurun India, marks the fourth edition of ranking of India’s 500 most valuable companies.
The list ranks companies based on market capitalisation (for listed firms) and valuations (for privately held firms). It features firms headquartered in India, excluding state-owned enterprises and subsidiaries of foreign and Indian firms.
The Sridhar-Vembu led firm secured the second spot in the top 10 bootstrapped companies list for 2024, trailing Serum Institute of India, which led with a valuation of Rs 2,11,610 crore.
Vembu, who built the SaaS giant in 1996, recently stepped down as chief executive officer and took on the role of chief scientist. In this position, he will take on the firm’s deep R&D initiatives while continuing to focus on his personal rural development mission.
"A new chapter begins today. In view of the various challenges and opportunities facing us, including recent major developments in AI, it has been decided that it is best that I should focus full-time on R&D initiatives, along with pursuing my personal rural development mission. I will step down as CEO of Zoho Corp and take a new role as Chief Scientist, responsible for deep R&D initiatives," Vembu had said in a post on X.
Meanwhile, online brokerage platform Zerodha claimed the fourth position in the top 10 unlisted companies, with its valuation rising 50% to Rs 87,750 crore from the previous year.
The report also highlighted the influence of India's most valuable companies, with firms having a minimum valuation of Rs 9,580 crore ($1.1 billion) as of December 13, 2024, to qualify. The average age of companies on the list is 43 years, and their combined valuation has reached Rs 324 lakh crore ($3.8 trillion).
The companies featured in the list have also emerged as major job creators, with their workforce expanding by 20%, adding nearly 1.4 million jobs and expanding to a total of 8.4 million employees, accounting for 16% of India’s workforce.
Edited by Swetha Kannan