Zoho, Zerodha among India's most valuable unlisted companies: Report
19 Feb 2025

Zoho Corporation and Zerodha have been named two of India's most valuable unlisted firms, according to the 2024 Burgundy Private Hurun India 500 report.

The report highlights the tremendous growth these companies have witnessed in a fast-changing economy.

Chennai-based Software as a Service (SaaS) giant Zoho has a valuation of ₹1.04 lakh crore, a massive jump from the previous year's valuation.

Zoho's valuation surges by 58%
Growth trajectory

Zoho Corporation has witnessed a remarkable jump in its valuation, up 58% from last year.

The company has been consistently growing its footprint in the enterprise software market, leveraging its bootstrapped model to stay independent while taking on global SaaS giants.

This growth is especially impressive considering the general slowdown in demand for software industry worldwide.

Zerodha's valuation rises by 50%
Valuation increase

Bengaluru-based brokerage firm Zerodha took the spot in the Hurun report with a valuation of ₹87,750 crore. This is a whopping 50% increase year-on-year.

The company has been leading the charge in transforming retail investing in India and has witnessed tremendous growth owing to an increase in stock market participation.

Record revenue numbers for Zerodha and Zoho
Financial performance

FY24 was a landmark year for both Zerodha and Zoho, with each company posting record revenue numbers.

Zerodha's net profit soared 89% to ₹5,496 crore from ₹2,908 crore in the previous fiscal.

Likewise, despite an overall slowdown in global demand for software industry, Zoho posted a consolidated revenue of ₹8,703 crore - up nearly 30% year-on-year.

Leadership reshuffle at Zoho amid valuation surge
Executive changes

The jump in Zoho's valuation comes amid a major leadership reshuffle at the company.

Founder and longtime CEO Sridhar Vembu resigned from his executive position to take on the role of chief scientist, where he will be focusing on research and innovation, especially in the field of artificial intelligence and deep tech.

This move is likely to further drive the company's growth and competitiveness in the global SaaS market.