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 corporate was valued at in private deals last yr.

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 an increase in public listings within the country.

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

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

NSE didn’t 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.