Mobility firms dominate Hurun India, IDFC's 200 most valuable firm list

Mobility firms feature prominently on the list of 200 most valuable companies founded after 2000, presented by IDFC FIRST Private Banking and Hurun India. Both companies today launched a report on India's top 200 self-made entrepreneurs of the Millenia 2023. 

The list is based on the value of the enterprise created and not the net worth of the individual founder or entrepreneur. 

Ola Electric ranks at the 16th place, with Cars24 at the 48th rank. Spinny, a prominent player in the organised used car retail business ranks 84th, whereas Rattan India focused on electric vehicles, ranks at 106th place, with Ather Energy at the 107th.

There was a tie between Rapido and CarDekho at the 120th place. 

In the last two years, Spinny’s customer base has risen to over 2 lakh, with over 57 operational car hubs, including the Spinny Max category and Spinny Park experiential spaces across the country with a total assortment of 20,000+ cars. 

Bhavish Aggarwal-led Ola Electric is gearing up to list on the exchanges. 

Recently, the company announced the successful closure of Rs 3,200 crore of funding as a part of its equity and debt rounds raised from Temasek-led investors and project debt from the State Bank of India, respectively. The funds raised would be utilized towards the expansion of Ola’s EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric was selected by the government as the only Indian EV company under its cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme will be instrumental in making India self-reliant and localising the most critical aspects of the EV value chain.

The list sees an emergence of EV focused companies that are looking at transforming las mobility solutions. 

The list is dominated by Bengaluru, Mumbai, and Gurugram, emphasising their status as major hubs for entrepreneurship. The collective value of the featured companies amounts to Rs 30 lakh crore, reflecting their significant contribution to the Indian economy.

Startups have dominated wealth creation in this list.

The companies have been ranked as per their value, defined as market capitalisation for listed companies and valuations for non-listed companies, and the cut off date was September 30, 2023. On being asked about the veracity of the cut-off date, given changes in valuation, Hurun India said it 'should take a look at the larger picture from a long term perspective.'