360One Asset, an investor in India's National Stock Exchange (NSE), raised its valuation of the company on the exchange to $29.9 billion, significantly higher than the $18 billion to $19 billion it was valued at in a private deal last year.
The asset manager, which has invested in the NSE through its SOF8 fund, disclosed the valuation of NSE shares in an investor update in June, seen by TechCrunch. The rising valuation reflects growing confidence in India's economic outlook and a surge in listings in the country.
NSE, which is backed by CPPIB, Kris Capital, Temasek, Fairfax and Tiger Global, reported revenue of $1.94 billion for the March quarter, up 28 percent from $1.52 billion a year earlier.
The NSE's rise in valuation comes as India becomes a growing presence in global financial markets. Late last year, the market capitalization of companies listed on the NSE surpassed that of those on the Hong Kong Stock Exchange. The NSE is also the world's largest derivatives exchange.
The NSE did not immediately respond to a request for comment. 360 One Asset declined to comment.
360 One's update also included valuations for a number of other startups. The firm valued Swiggy, which raised private capital in early 2022 at a $10.7 billion valuation, at $11.5 billion, merchant payments platform Pine Labs at $4 billion, online seafood and meat startup Licious at $900 million, and edtech startup Upgrad at $1.9 billion.