Mumbai, November 30th, 2023: IDFC FIRST Private Banking and Hurun India proudly unveil the inaugural edition of ‘IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2023.’ This esteemed list recognizes the 200 most influential companies in India, founded post-2000, and ranks them based on market capitalization for listed companies and valuations for non-listed entities. The evaluation cut-off date for this list was September 30, 2023, and it encompasses solely India-based companies, excluding state-owned enterprises and subsidiaries of foreign entities.
Mr. Vikas Sharma, Head of Wealth Management & Private Banking at IDFC FIRST Bank, expressed, “The IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2023 list celebrates first-generation leaders who have forged valuable enterprises across diverse sectors. This compilation highlights the immense talent, innovation, and achievements of India’s visionary founders, propelling the nation’s entrepreneurial landscape to unprecedented heights. It is an honor for IDFC FIRST Bank to collaborate with Hurun India, who meticulously researched and curated this list.”
Anas Rahman Junaid, MD and Chief Researcher at Hurun India, emphasized, “The IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2023 list underscores the vibrancy of Indian entrepreneurship, spanning various age groups, genders, and geographies. Notably, one-third of the list comprises individuals under 40, while the eldest entrepreneur on the list is 80 years old. The prominence of Bengaluru as the preferred location for most founders to establish their companies is a fascinating contrast to the Hurun India Rich List, where Mumbai and New Delhi take precedence over Bengaluru.”
Methodology:
The ‘IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2023’ is a distinguished compilation recognizing the 200 most valuable companies headquartered in India, all 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 is determined by the value of the enterprises created by the founders and not the net worth of the founders themselves.
Hurun Report’s team of researchers extensively traversed the country, cross-referencing information with entrepreneurs, industry experts, journalists, bankers, and other publicly available sources. For listed companies, market capitalization is based on the respective companies’ prices as of the cut-off date. For unlisted companies, Hurun Research’s valuation is based on a comparative analysis with their listed counterparts using industry multiples such as Price to Earnings, Price to Sales, EV to sales, EV to EBITDA, alongside methodologies like Discounted Cash Flow and Tobin’s Q. Financial information is sourced from the latest available annual reports or audited financial statements.
To ensure consistency in valuations, the Hurun research team relied on the most recent valuations from significant funding rounds. In some instances, investor-reported markdown valuations were considered to provide a comprehensive analysis.
