63 companies in the 2022 Burgundy Private Hurun India 500 are based in Karnataka

Press Release

• 02-12-2022

Key Highlights:

Ø  63 companies in 2022 Burgundy Private Hurun India 500 are based in Karnataka

Ø  The cumulative value of companies from Karnataka stands at INR 24.9 lakh crore

Ø  Big 3: With a value of INR 6.5 lakh crore, Infosys is Karnataka’s most valuable company, followed by Titan Company with INR 2.5 lakh crore and Wipro with INR 2.1 lakh crore

Ø  4 companies from Karnataka doubled in value in the 2022 Burgundy Private Hurun India 500 List

Ø  Financial Services led the way with 11 companies, followed by Software & Services and Retail with 10 and 8 entrants respectively.

Ø  Total sales of companies from Karnataka in the 2022 Burgundy Private Hurun India 500 List cumulated to INR 5.7 lakh crore, a 10% increase compared to last year.

Ø  The 2022 Burgundy Private Hurun India 500 companies from Karnataka employ 12.4 lakh people in total, with an average of 19,930 employees

Ø  The average age of companies from Karnataka in this list is 17 years

December 1, Bengaluru: Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched the ‘2022 Burgundy Private Hurun India 500’. This is the second edition of the list of the 500 most valuable companies in India. These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. Hurun Report India and Burgundy Private launched a further analysis of most valuable non-state-controlled companies from Karnataka in the 2022 Burgundy Private Hurun India 500 List. The cut-off date to arrive at this list was 30th October 2022. This list refers to companies headquartered in India only; state-owned companies and subsidiaries of foreign as well as Indian companies are not included.

Commenting on the launch, Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said: "Burgundy Private is delighted to have partnered again with Hurun India in celebrating India’s 500 most valuable companies. The 2nd edition of the Burgundy Private Hurun India 500 report, featuring India’s 500 most valuable companies, could not have come at a better time. From a ‘rare bright spot,’ when most world economies are staring at a slowdown, India is slated to be entering its decade of eminence. Indian companies and their leadership deserve great acclamation for their contribution to the country’s unique positioning today, and they will play an even bigger role in making India the world’s third largest economy over the next decade.”

“Despite global challenges, the companies on the ‘2022 Burgundy Private Hurun India 500’ list created value to the tune of INR 226 lakh crore (USD 2.7 trillion), for their stakeholders. As India’s leading wealth management franchise, Burgundy Private witnessed this value creation from close quarters. The companies on this year’s list contributed immensely to nation building. The top line of these 500 companies is equivalent to 29% of India’s GDP, and these companies employ up to 1.5% of the country’s total workforce. What stood out in the report is that 67 companies on the list are younger than 10 years. These new-age companies will indeed shape the coming decade with their entrepreneurship, technology and digital innovations.”

“Axis Bank remains optimistic about the growth opportunities in the Indian economy. Our ability to deliver 'One Axis’ as a full-service bank, offering varied solutions across all financial services, is a key area of our distinctiveness, allowing us to bring unique solutions to our customers. As India moves towards its most important decade, we look forward to partnering with the companies on the 2022 Burgundy Private Hurun India 500 list, as they move towards the next milestone in their growth journey”, he added.

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said: “Hurun India is delighted to partner with Burgundy Private, Axis Bank’s Private Banking Business to release the 2022 Burgundy Private Hurun India 500. The 2022 Burgundy Private Hurun India 500 comprises of notable names from Karnataka including startups such as Zerodha, BYJU’S, Razorpay, Swiggy, CRED, Meesho, Ola Electric as well as IT veterans such as Infosys, Wipro and Mindtree. The report reflects the entrepreneurial spirit that the city harbours while positioning India as a preferred destination attracting investments for high-decibel growth. Karnataka has one of the most robust start-up ecosystem in the world and is a leader in the fintech space. Bengaluru is home to some of the leading tech start-ups in the world and has the highest growth rate in VC/PE investments. Scaling up quickly we expect some Bengaluru based start-ups to feature in the Global 500 list soon."

Methodology

The 2022 Burgundy Private Hurun India 500 is a list of the 500 most valuable companies that are headquartered in India. Government/ State-owned companies and subsidiaries of foreign as well as Indian companies are excluded. Although the cut-off date for the list is 30th October 2022, we have taken an exception for Global Health, Bikaji Foods International and Five-Star Business Finance for which we have considered the closing market cap of the listing day. The aforementioned companies were in the process of going public/ getting listed during the cut-off date.

Valuing private companies is as much an art as it is a science. Surely, Hurun India may have missed some

companies, but our endeavor is to develop the most comprehensive report of its kind with an objective to

identify and acknowledge India’s top businesses. Hurun Report’s team of researchers have traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and other sources of publicly available data.

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. Financial information used is from the latest available annual reports or audited financial statements.

To view the detailed 2022 ‘Burgundy Private Hurun India 500’ report, please click here

About Axis Bank:

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,760 domestic branches (including extension counters) and 16,043 ATMs across the country as on 30th September 2022, the network of Axis Bank spreads across 2,676 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation. 

For further information on Axis Bank, please refer to the website: https://www.axisbank.com

About Burgundy Private – Private Banking by Axis Bank

Burgundy Private, Axis Bank’s private banking business, is one of the fastest growing wealth managers in India, managing client assets of over USD 11.5 bn. With access to the considerable resources of the Axis Group, Burgundy Private provides bespoke wealth management services along with the power and stability of a leading bank to its private clients.

Headquartered in Mumbai, with a 225 plus strong team, Burgundy Private manages the wealth of more than 4250 illustrious families across 27 locations in India. The clientele comprises of some of the most distinguished families in the country, including 30% of India’s top 100 families in terms of their net worth.

Burgundy Private brings to its clients a comprehensive platform that provides tailored services across wealth management, investment advisory, family-office solutions, personal & corporate banking, family governance & succession-planning and tax advisory.

Burgundy Private offers Investment Advisory and Family Office Services through Axis Securities Limited.

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