360 One Asset, an investor in India’s National Stock Exchange (NSE), has revised its valuation of the stock exchange to $29.9 billion. This new valuation is significantly higher than the $18 billion to $19 billion price tag the firm had in private transactions last year.
The wealth manager made this announcement in an update to its investors in June, revealing that its stake in NSE had increased in value. This valuation hike shows growing confidence in India’s economic future and the recent surge in public listings in the country.
The NSE, with investors like CPPIB, Chrys Capital, Temasek, Fairfax, and Tiger Global, reported a revenue of $1.94 billion for the fiscal year ending in March, a 28% increase from the previous year’s revenue of $1.52 billion.
This valuation increase for the NSE reflects India’s rising prominence in the global financial markets. The combined market cap of NSE-listed firms surpassed that of companies listed on the Hong Kong Stock Exchange last year. Additionally, NSE is recognized as the world’s largest derivative exchange.
At the time of reporting, NSE and 360 One Asset had no immediate comments on the valuation update. In the same update, 360 One Asset also assessed its stake in various startups, assigning valuations such as $11.5 billion to Swiggy, $4 billion to Pine Labs, $900 million to Licious, and $1.9 billion to Upgrad.
