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Technology

One 360 Lifts Valuation of India’s National Stock Exchange to $29.9 Billion

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Growing Confidence in India’s Economic Prospects

360 One Asset, a wealth manager that invested in the National Stock Exchange (NSE) through its SOF8 fund, has increased its valuation for the stock exchange to $29.9 billion. This significant increase reflects growing confidence in India’s economic prospects and a surge in public listings in the country.

Background on NSE

The NSE is one of India’s major stock exchanges, counting prominent investors such as CPPIB, ChrysCapital, Temasek, Fairfax, and Tiger Global among its backers. In the financial year ended March, NSE reported revenue of $1.94 billion, a 28% increase from revenue of $1.52 billion in the previous year.

NSE’s Growing Importance

The collective market capitalization of firms listed on the NSE has overtaken that of companies listed on the Hong Kong Stock Exchange, making India increasingly prominent in global financial markets. Furthermore, NSE is the world’s largest derivative exchange, solidifying its position as a major player in the industry.

360 One Asset’s Valuation Assessment

In an update to its investors, 360 One Asset disclosed its assessment of its stake in various startups. The valuation increases are notable:

  • Swiggy: $11.5 billion, up from private capital raised at $10.7 billion in early 2022.
  • Pine Labs: $4 billion, indicating a substantial increase in value.
  • Licious: $900 million, representing growth in the online seafood and meat store market.
  • UpGrad: $1.9 billion, highlighting the edtech startup’s increasing valuation.

Related Developments

The rising importance of India in global financial markets is mirrored by increased interest from investors in the country. The NSE’s growing reputation as a major stock exchange also underscores the need for continued growth and innovation in the sector.

Conclusion

360 One Asset’s updated valuation assessment reflects the rapidly changing landscape of India’s economic prospects and public listings. As the NSE continues to grow, its position as a key player in global financial markets will undoubtedly remain solidified.

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