360 One raises Indian stock market valuation to $29.9 billion

360 One Asset, an investor on the Indian Stock Exchange (NSE), raised its stock market valuation to $29.9 billion, up significantly from the $18-19 billion the company was valued at in private deals last year.

The wealth manager, who has invested in NSE through his SOF8 fund, revealed his valuation of his NSE stake in an update to his investors in June, which was reviewed by TechCrunch. The valuation hike reflects growing confidence in India’s economic prospects and a rise in public listings in the country.

NSE, whose members include CPPIB, Chrys Capital, Temasek, Fairfax and Tiger Global, posted revenue of $1.94 billion in the fiscal year ended in March — a 28% increase from revenue of $1.52 billion a year earlier.

The rise in NSE valuation comes as India becomes increasingly visible in global financial markets. The combined market capitalization of companies listed on the NSE at the end of last year exceeded that of companies listed on the Hong Kong Stock Exchange. The NSE is also the world’s largest derivatives exchange.

NSE did not immediately respond to a request for comment. 360 One Asset declined to comment.

The 360 ​​One update also included assessing stakes in several other startups. It assigned a $11.5 billion valuation to Swiggy, which last raised private capital in early 2022 at a valuation of $10.7 billion; $4 billion to merchant payments platform Pine Labs; $900 million to online seafood and meat startup Licious; and $1.9 billion to edtech startup Upgrad.