360 One Asset, an investor in India’s Nationwide Inventory Trade (NSE), has elevated its valuation for the inventory trade to $29.9 billion, considerably larger than the $18 billion to $19 billion price ticket the agency was valued at in non-public transactions final yr.
The wealth supervisor, which invested in NSE via its SOF8 fund, disclosed its evaluation of its stake within the NSE in an replace to its buyers in June that was reviewed by TheTrendyType. The mark up in valuation displays the rising confidence in India’s financial prospects and a surge in public listings within the nation.
NSE, which counts CPPIB, Chrys Capital, Temasek, Fairfax, and Tiger International amongst its backers, reported income of $1.94 billion within the monetary yr ended March — a 28% enhance from income of $1.52 billion a yr earlier.
The rise in NSE’s valuation comes as India grows ever extra distinguished within the world monetary markets. The collective market cap of companies listed on the NSE late final yr overtook the market cap of firms on the Hong Kong Inventory Trade. NSE can be the world’s largest spinoff trade.
NSE didn’t instantly reply to a request for remark. 360 One Asset declined to remark.
360 One’s replace additionally included its evaluation of its stake in numerous different startups. It ascribed a valuation of $11.5 billion to Swiggy, which final raised non-public capital in early 2022 at a valuation of $10.7 billion; $4 billion to service provider funds platform Pine Labs; $900 million to on-line seafood and meat retailer startup Licious; and $1.9 billion to edtech startup Upgrad.
