360 One Raises its Valuation Estimate for the National Stock Exchange of India to $29.9 Billion

360 One Asset has revised its valuation of India’s National Stock Exchange (NSE) to an impressive $29.9 billion, a substantial increase from last year’s valuation ranging between $18 billion and $19 billion in private market transactions.

Investing through its SOF8 fund, this wealth management firm shared its updated valuation of NSE with its investors in a June briefing, as noted by TechCrunch. This adjusted valuation underscores the heightened optimism in India’s economic growth and the uptick in the country’s public listing activities.

With major investors such as CPPIB, Chrys Capital, Temasek, Fairfax, and Tiger Global, NSE reported a 28% increase in revenue, reaching $1.94 billion for the financial year ending in March, up from $1.52 billion the previous year.

This valuation rise aligns with India’s growing stature in international financial markets, illustrated when the collective market value of NSE-listed companies surpassed those listed on the Hong Kong Stock Exchange last year. Additionally, NSE is recognized as the world’s leading derivatives exchange.

Requests for comments from NSE and 360 One Asset went unanswered.

In addition to NSE, 360 One provided valuations for various other investments within its portfolio. This includes attributing a $11.5 billion valuation to the food delivery service Swiggy, which had a previous early 2022 private capital raise at $10.7 billion; a $4 billion valuation for the merchant payment service Pine Labs; $900 million for the online seafood and meat retailer Licious; and $1.9 billion for the educational technology firm Upgrad.