Startups Dominate the List of Karnataka Based Companies in 2023 Burgundy Private Hurun India 500
A recent report, the ‘2023 Burgundy Private Hurun India 500’, has revealed that a total of 61 companies from Karnataka have made it to the prestigious list. Out of these, an impressive 35 are startups, showcasing the state’s thriving entrepreneurial ecosystem. The cumulative value of these companies from Karnataka stands at an astounding INR 22.0 lakh crore.
The report highlights the dominance of startups in Karnataka, with Swiggy leading the way at a valuation of INR 65,400 crore. Other noteworthy startups include Zerodha at INR 58,500 crore and Razorpay with INR 56,800 crore.
In terms of overall value, the Big 3 companies in Karnataka are Infosys, Titan Company, and Wipro. With a value of INR 5.7 lakh crore, Infosys takes the top spot, followed by Titan Company with INR 2.8 lakh crore and Wipro with INR 2.0 lakh crore.
Sonata Software and Zetwerk are also worth mentioning as they have doubled in value on the 2023 Burgundy Private Hurun India 500 List, showcasing their impressive growth.
The companies in the list cover various sectors, with the Financial Services sector leading the way with 12 companies. Software & Services and Real Estate follow closely with 11 and 6 entrants respectively.
The sales performance of these Karnataka-based companies in the 2023 Burgundy Private Hurun India 500 List has seen a significant increase. Total sales cumulated to INR 7.5 lakh crore, marking a 32% increase compared to the previous year.
Furthermore, these companies provide employment opportunities to a staggering 8.4 lakh people in total, with an average of 14,468 employees per company. Notably, Infosys tops the chart as the leading employer of women with 1,35,703 women employed, followed by Wipro at 90,721 and Page Industries with 20,113. This commendable contribution to women’s workforce participation comes just ahead of National Women’s Day.
The age of the companies from Karnataka in this list averages at 19 years, showcasing a mix of established players and thriving startups.
Commenting on the launch of the report, Amitabh Chaudhry, Managing Director and Chief Executive Officer of Axis Bank, expressed his delight at celebrating India’s 500 most valuable companies. He emphasized the resilience, dynamism, and competitive spirit ingrained in Indian businesses and highlighted their contribution to the country’s unique positioning in the global economy.
Anas Rahman Junaid, MD and Chief Researcher of Hurun India, highlighted the vibrant entrepreneurial ecosystem of Karnataka. He mentioned the presence of innovative startups alongside industry giants in the IT sector, further solidifying Bengaluru’s role as a magnet for investment and a hotbed for high-growth potential.
The ‘2023 Burgundy Private Hurun India 500’ list underscores the significant strides made by Karnataka-based companies, portraying the state as a powerhouse of innovation and economic growth. As these companies continue to shape India’s business landscape, their entrepreneurial spirit and digital innovations promise to influence the next decade significantly. With an impressive representation of women in leadership positions and a commitment to diversity and inclusivity, these companies are driving positive change in the workplace.
The release of the ‘2023 Burgundy Private Hurun India 500’ report serves as a testament to the remarkable achievements of Karnataka-based companies and their contribution to the nation’s development. As Karnataka and the rest of India aim to propel their economies towards the $5 trillion mark, partnerships and collaborations with these top companies will be crucial in driving growth and success.
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