MUMBAI: India’s vaccine maker Serum Institute of India (SII) has topped the Burgundy Private Hurun India list for the biggest value creator while bootstrapping. A bootstrapped company is one that doesn’t rely on external funding for business growth.
The Adar Poonawalla-run company has seen a tremendous change in its fortunes since the onset of the pandemic given its early move into manufacturing critical COVID-19 vaccines in partnership with AstraZeneca and a few other international vaccine makers.
SII has seen its value soar 127 per cent in 2021 to Rs 1.8 lakh crore given the rapid upswing in its revenues due to producing more than a billion COVID-19 vaccines for distribution in India and abroad.
Second on the list is Bengaluru-based office parks developer Bagmane Developers, whose value has surged 116 per cent to Rs 27,600 crore. Started in 1998, Bagmane Developers has bootstrapped itself to become the leading developer and asset manager of high-end corporate real estate assets in Bengaluru.
Sridhar Vembu’s Zoho Corporation saw its value surge 62 per cent during the year to Rs 36,800 crore in a year when the entire world rapidly shifted online. The technology company based in Chennai has seen a swift rise in the adoption of its web-based tools that help businesses looking to transform themselves to the new digital world.
Nithin and Nikhil Kamath’s online discount stockbroking firm Zerodha also appeared on the Burgundy Private Hurun India 500 list for top bootstrapped companies. The stockbroker has seen its market value surge 55 per cent this year to Rs 34,600 crore.
Other notable companies in the top 10 bootstrapped companies list included Macleods Pharma, Nirma, Patanjali Ayurveda and Parle Products.
Burgundy Private Hurun India 500 has used October 30 as the cut-off date for ascertaining the value of companies in its list. For unlisted companies, Hurun India said that valuation is based on the comparison with listed peers using prevailing industry multiples.
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