Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India,  launched the ‘2024 Burgundy Private Hurun India 500,’ the fourth edition of the list of India's 500 most valuable companies. These companies are ranked according to their value, defined as market capitalisation for listed companies and valuations for non-listed companies. This list exclusively includes companies headquartered in India, excluding state-owned companies and subsidiaries of foreign and Indian companies.

To qualify for inclusion in the ‘2024 Burgundy Private Hurun India 500’ list, companies must have a minimum value of 9,580 crore, equivalent to $1.1 billion, as of 13 December 2024. The average age of the companies on this list is 43 years. The combined value of the 2024 Burgundy Private Hurun India 500 companies amounts to 324 lakh crore (US$3.8tn).

Commenting on the launch, Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank, said:

“Burgundy Private is delighted to partner with Hurun India once again to celebrate India’s 500 most valuable companies. The 2024 Burgundy Private Hurun India 500 report is a remarkable snapshot of India’s corporate landscape, which is undergoing unprecedented transformation. By rethinking strategies, innovating, and adapting to new realities to stay ahead of the curve, the companies featured on this year’s list have seized growth opportunities to emerge as exemplary leaders in their respective industries. With capital markets becoming more dynamic than ever, these companies have demonstrated vision, resilience, and agility to create immense value for their stakeholders.

The entry threshold for the Burgundy Private Hurun report has jumped 43% this year to 9,580 crore, making every company nearly a billion-dollar entity. This is a testament to India’s growing economic prowess. These companies are significantly contributing to fortifying the nation's economic framework by employing 8.4 million individuals, paying 2.2 lakh crore in taxes, and allocating 10,939 crore towards CSR initiatives. Collectively valued at $3.8 trillion, these 500 companies exceed the GDP of India as well as the combined GDPs of UAE, Indonesia, and Spain.

At Axis Bank, we are proud to support India’s growth story. Through Burgundy Private, we empower our clients to seize transformative investment opportunities, leveraging our ‘One Axis’ ecosystem to deliver tailored wealth management solutions. With our AUM growing to over $ 24 bn, a 31% YoY increase, we remain a trusted partner for India’s wealthiest families. As we unveil the 2024 report, we are excited to witness the transformative impact of these companies in creating new opportunities and driving India toward its goal of becoming a $5 trillion economy.”

Commenting on the launch, Anas Rahman Junaid, Founder and Chief Researcher, Hurun India said: “The companies from 2024 Burgundy Private Hurun India 500 make up the ‘backbone’ of India's private sector, wielding significant economic influence. Between them, they have a cumulative valuation of US$3.8 trillion, which is more than India's annual GDP, and employ 8.4 million people. If you want to understand how the Indian economy is developing, understanding the stories behind 2024 Burgundy Private Hurun India 500, India's most valuable companies, is a great place to start.”

"Karnataka continues to make a powerful mark in the 2024 Burgundy Private Hurun India 500, with 45 companies on the list, including an impressive 21 startups. The cumulative value of these companies has surged to 25.9 lakh crore, showcasing the state’s robust business environment. Startups have played a crucial role in this growth, further solidifying Karnataka’s reputation as India’s leading innovation hub. Additionally, employment in these companies has risen by 29% since 2021, now standing at 13 lakh people. This highlights the state's dynamic ecosystem, where a thriving startup culture is driving investment, job creation, and economic expansion."