Valued at Rs 6.5 lakh crore, Infosys has emerged as Karnataka’s most valuable company, followed by Titan company at Rs 2.5 lakh crore and Wipro at Rs 2.1 lakh crore. This has been revealed in an analysis of the most valuable non-state-controlled companies from Karnataka in the 2022 Burgundy Private Hurun India 500 List by Hurun Report India and Burgundy Private, Axis Bank’s Private Banking Business.
As per the report, the total value of the top 10 companies from Karnataka grew 2% to Rs 16.5 lakh crore in the past year. BYJU’S emerged as the most valuable unlisted company from Karnataka, followed by Swiggy and Razorpay. BYJU’s was valued at Rs 1,82,800 crore, while Swiggy and Razorpay were at Rs 88,600 crore and Rs 62,100 crore respectively.
In terms of percentage growth, the list from Karnataka was led by Razorpay, followed by Ola Cabs and Licious. Razorpay registered a growth of 176% to be valued at Rs 62,100 crore, while Ola Cabs grew 169% growth to be valued at Rs 60,500 crore. Licious grew 121% to be valued at Rs 16,600 crore. By absolute value, the biggest gainers were Swiggy, BYJU'S, and Razorpay.
Financial Services is the biggest contributor from Karnataka in the list with 11 companies, followed by Software & Services with 10, and Retail with eight. The average sales of companies from Karnataka stood at Rs 14,670 crore. Five of them had sales of more than Rs 10,000 crore in the financial year 2022, of which three managed to make the list with sales of more than Rs 50,000 crore.
The average age of companies in the list from Karnataka is 17 years. Karnataka-based firms in the list also employ 1.2 million people, which is an average of 19,700 employees. Seven have more than 10,000 employees, led by Quess Corp with 4,36,907 employees and Infosys with 3,14,015.
Anas Rahman Junaid, MD and Chief Researcher, Hurun India said: “The 2022 Burgundy Private Hurun India 500 comprises of notable names from Karnataka including startups such as Zerodha, BYJU’S, Razorpay, Swiggy, CRED, Meesho, Ola Electric as well as IT veterans such as Infosys, Wipro, and Mindtree. The report reflects the entrepreneurial spirit that the city harbours while positioning India as a preferred destination attracting investments for high-decibel growth. Karnataka has one of the most robust startup ecosystems in the world and is a leader in the fintech space. Bengaluru is home to some of the leading tech startups in the world and has the highest growth rate in VC/PE investments. Scaling up quickly, we expect some Bengaluru based startups to feature in the Global 500 list soon."