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360 One Asset, a private investor in India’s National Stock Exchange, has increased its valuation of the stock exchange from $18 billion to $ 19 billion. This is a significant increase over the price tag that the firm was valued between $18 billion and $19 billion in private transactions last Year.
TechCrunch reviewed a June update from the wealth manager to its investors, in which it disclosed its assessment of their stake in NSE. The increase in valuation reflects growing confidence in India’s economic prospects, as well as a surge of public listings.
NSE, whose backers include CPPIB and Chrys Capital as well as Temasek Fairfax and Tiger Global, reported revenue for the financial year ending March of $1.94 Billion, a 28% jump from $1.52 Billion a year ago.
India’s growing prominence on the global financial markets is reflected in the increase in NSE valuation. Late last year, the collective market capitalization of companies listed on the NSE surpassed the market capitalization of companies on Hong Kong Stock Exchange. NSE is the world’s biggest derivative exchange.
NSE did not immediately respond to an inquiry for comment. 360 One Asset declined comment.
360 One’s latest update included an assessment of its stakes in other startups. The company attributed a value of $11.5 billion for Swiggy. Swiggy last raised private capital at a valuation $10.7 billion in early 2022. It also attributed a $4 billion valuation to Pine Labs, a merchant payments platform; $900,000,000 to Licious, an online seafood and meat retailer startup; and $1.9 Billion to Upgrad, a edtech startup.