Zoho Corporation, a Chennai-based SaaS (Software as a service) company, has been valued at Rs 1,03,760 crore by Axis Bank’s Burgundy Private and Hurun India as per their fourth edition of ‘500 Most Valuable Non-State Run Companies in India.’ This is a 58% increase from Zoho’s previous valuation of Rs 65,700 crore.
The report ranks Zoho corporation at second position in the top 10 bootstrapped companies in 2024 Burgundy Private Hurun India 500. The company was placed right after Serum Institute of India which is valued at Rs 2,11,610 crore. It is one of the few tech companies to be featured in the list and most of the Bootstrapped companies are dominated by traditional, non-tech industries such as Pharmaceuticals, Construction & Engineering. Zoho was ranked third in the 2023 report and fourth in the one before that.
Zoho was also ranked third in the 2024 Burgundy Private Hurun India 500 Top 10 Unlisted Companies, right behind the National Stock Exchange of India which is valued at Rs 4,70,250 crore and Serum Institute.
What is Zoho?
Zoho Corporation is an Indian multinational technology company that provides cloud-based software solutions for businesses. It was founded in 1996 by Sridhar Vembu and Tony Thomas as AdventNet and later rebranded as Zoho in 2009.
The company offers a wide range of SaaS products, including Zoho CRM, Zoho Mail, Zoho Books, Zoho Workplace, and Zoho One, catering to business operations such as customer relationship management, email, accounting, collaboration, and enterprise resource planning. Zoho is known for its focus on privacy, bootstrapped growth, and commitment to innovation.
Key Takeaways From the Report
The fourth edition of the Burgundy Private Hurun India 500 report, released in February 2025, highlights India's 500 most valuable non-state-run companies, with a combined valuation of ₹324 lakh crore ($3.8trn), surpassing India's GDP. These companies employed 8.4 million people, adding 1.4 million new jobs in 2024.
Reliance Industries remained the most valuable company at Rs 15.6 lakh crore, followed by TCS (Rs 12.4 lakh crore) and HDFC Bank (Rs 11.3 lakh crore). The financial services sector led with 63 companies valued at Rs 62 lakh crore, while the healthcare sector followed closely. The companies are spread across 44 cities, with Suzlon Energy witnessing the highest valuation surge at 436%.
