360 One lifts its valuation of India’s National Stock Exchange to $29.9B

360 One Asset, an investor in India’s National Stock Exchange (NSE), has increased its valuation for the stock exchange to $29.9 billion, significantly higher than the $18 billion to $19 billion price tag the firm was valued at in private transactions last year. 

The wealth manager, which invested in NSE through its SOF8 fund, disclosed its assessment of its stake in the NSE in an update to its investors in June that was reviewed by TechCrunch. The mark up in valuation reflects the growing confidence in India’s economic prospects and a surge in public listings in the country.

NSE, which counts CPPIB, Chrys Capital, Temasek, Fairfax, and Tiger Global among its backers, reported revenue of $1.94 billion in the financial year ended March — a 28% increase from revenue of $1.52 billion a year earlier.

The increase in NSE’s valuation comes as India grows ever more prominent in the global financial markets. The collective market cap of firms listed on the NSE late last year overtook the market cap of companies on the Hong Kong Stock Exchange. NSE is also the world’s largest derivative exchange.

NSE didn’t immediately respond to a request for comment. 360 One Asset declined to comment.

360 One’s update also included its assessment of its stake in a number of other startups. It ascribed a valuation of $11.5 billion 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 store startup Licious; and $1.9 billion to edtech startup Upgrad.