India’s most valuable private sector companies in the 2024 Burgundy Private Hurun India 500 have a cumulative value of $3.8 trillion, surpassing the GDP of India and the combined GDPs of the UAE, Indonesia, and Spain. These 500 companies recorded a 20% increase in their workforce during 2024, adding nearly 1.4 million new jobs and expanding to a total of 8.4 million employees. They now employ around 16% of India’s total workforce, highlighting their significant role in national employment.
The Tata Group holds the crown in terms of market dominance, while the Adani Group has strengthened its grip. Tata Group has retained its leading position with 15 companies, contributing 10% of the total cumulative value in the 2024 Burgundy Private Hurun India 500. Adani Group expanded its presence by adding one more company, bringing its total to nine companies this year.
The business map of the 2024 Burgundy Private Hurun India 500 list is changing. While Mumbai and Bangalore saw declines, Haryana advanced. For the first time since the inaugural list, Haryana has moved up two spots to join the top three states in the 2024 Burgundy Private Hurun India 500 ranking. This year, major cities like Mumbai and Bangalore experienced a decrease in the number of companies, while smaller cities such as Hyderabad, Gurugram, and Noida saw a significant increase, indicating a shift in India’s business landscape.
The 500 companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. The list exclusively includes companies headquartered in India, excluding state-owned companies and subsidiaries of foreign companies. For the first time since the inception of the list, all the companies in the 2024 Burgundy Private Hurun India 500 are worth at least $1 billion despite a depreciated rupee.
The 2024 Burgundy Private Hurun India 500 companies delivered a robust 11% sales growth, recording combined sales of $1 trillion. As many as 364 companies saw an increase in value compared to 342 last year. Among these, 65 companies doubled their value, up from 45 in 2023. Additionally, 17 companies experienced a valuation increase of over $12 billion, a significant rise from two companies last year.
More Indian companies are going global. According to the 2024 Burgundy Private Hurun India 500, 296 companies—59% of the list—have an international presence, with 31 operating in over 100 countries. As India’s economy nears $3.7 trillion, this global expansion is driving foreign exchange earnings, strengthening trade partnerships, and attracting investments, positioning India as a formidable force in the world economy.
Financial services lead the 2024 Burgundy Private Hurun India 500 with 63 companies valued at $745 billion, contributing 19% of the total. This reflects rising credit penetration, strong investor confidence, and India’s status as a global financial hub. The list reflects India’s rapidly evolving economy. Aerospace and defense registered a 74% increase in valuation, fueled by commercialization, global collaborations, and a strong focus on advanced technologies and space missions.
The education sector has experienced a Compound Annual Growth Rate (CAGR) of 47% in revenue over the past four years. One significant entrant in the 2024 Burgundy Private Hurun India 500, Physics Wallah, has reported the highest growth with a 172% increase from the previous year and an absolute value increase of $1.78 billion.
Startups in the 2024 Burgundy Private Hurun India 500 collectively registered a net increase of $13.1 billion, led by Zepto, OYO, and Zerodha.
