360 One Asset, a wealth manager based in India, has significantly increased its valuation of the National Stock Exchange (NSE) to $29.9 billion, a marked increase from its previous private transaction valuation of $18 billion to $19 billion.
Growing Confidence in India’s Economic Prospects Drives Valuation Increase
The latest assessment by 360 One Asset reflects the growing confidence in India’s economic prospects and an surge in public listings in the country. The wealth manager, which invested in NSE through its SOF8 fund, disclosed its updated valuation of its stake in the exchange to its investors in June.
Revenue Growth and Market Cap
The valuation increase comes as a result of NSE’s impressive revenue growth. In the financial year ended March, NSE reported revenue of $1.94 billion, marking a 28% increase from the previous year’s revenue of $1.52 billion.
Moreover, India has become increasingly prominent in global financial markets. The collective market cap of firms listed on the NSE surpassed that of companies on the Hong Kong Stock Exchange late last year. NSE is also recognized as the world’s largest derivative exchange.
Other Valuations Disclosed by 360 One Asset
The wealth manager’s update to its investors included valuations for several other startups in which it has invested:
- Swiggy: $11.5 billion
- The food delivery startup last raised private capital in early 2022 at a valuation of $10.7 billion.
- Pine Labs: $4 billion
- A merchant payments platform that has grown significantly in recent years.
- Licious: $900 million
- An online seafood and meat store startup with growing demand for its services.
- UpGrad: $1.9 billion
- An edtech startup providing educational resources to students and working professionals.
360 One Asset’s Stake in NSE and Other Startups
The valuation of 360 One Asset’s stake in the National Stock Exchange represents a significant increase from its previous private transaction valuation. This reflects the growing confidence in India’s economic prospects, which has driven an surge in public listings and revenue growth for companies like NSE.
As India continues to rise as a major player in global financial markets, it will be interesting to see how these valuations change over time.
