IDFC FIRST Bank and Hurun India Unveil India's Top 200 Entrepreneurs

IDFC FIRST Private Banking and Hurun India launched the first edition of ‘IDFC FIRST Private Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2023’, a list of the 200 most valuable companies in India founded after the year 2000. These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. The cut-off date to arrive at this list was 30th September 2023. This list refers to companies headquartered in India only (state-owned companies and subsidiaries of foreign companies are not included).

Mr. Vikas Sharma, Head-Wealth Management & Private Banking, IDFC FIRST Bank said: “The IDFC FIRST Private Hurun India’s Top 200 Self-made entrepreneurs of the Millennia 2023 list recognises first generation people who have created valuable enterprises across different industries. The list showcases the immense talent, innovation, and accomplishments of India's visionary founders, those who are propelling the nation's entrepreneurial ecosystem to new heights. It is a great privilege for IDFC FIRST Bank to associate with Hurun India who have come up with this list after painstaking research.”

Anas Rahman Junaid MD and Chief Researcher, Hurun India said: “The IDFC FIRST Private Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2023 list demonstrates the vibrance of Indian entrepreneurship across age groups, gender, and geography. 1/3rd of the list is aged under 40 and the eldest on the list is 80 years old. It is interesting to note that Bengaluru occupies the top choice for most of the founders in the list to start their companies – this is in stark contrast to Hurun India Rich List, in which the entrants preferred Mumbai and New Delhi over Bengaluru.”, concluded Anas Rahman Junaid, MD and Chief Researcher, Hurun India. 

The ‘IDFC FIRST Private Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2023’ is a prestigious list that recognizes the 200 most valuable companies based in India, all of which were established on or after the year 2000. This list specifically focuses on the exceptional achievements of self-made Indian entrepreneurs who have successfully built and nurtured the most valuable companies during this millennium. The ranking of this list is in the order of the value of the enterprises created by the Founders and not the net-worth of the Founders themselves.

Hurun Report’s team of researchers have travelled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers, and other sources of publicly available data.

For listed companies, the market cap is based on the price of the respective companies as of the cut off date. For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, EV to EBITDA. Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. Financial information used is from the latest available annual reports or audited financial statements.

To maintain consistency in valuations, the Hurun research team has relied on the most recent valuations based on significant funding rounds. Additionally, in some instances, we have considered investor-reported markdown valuations to provide a comprehensive analysis.