Startups From Which State Rocks the 2023 Hurun India Report!

Startups from which state stole the spotlight in the 2023 Hurun India Report? Discover the key players, growth sectors, and the state's pivotal role in India's entrepreneurial ecosystem. Read the full article for details.

Swati Dayal
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Hurun India Report

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Karnataka has emerged as a powerhouse with 61 companies based in the state, making it a prominent player in India's corporate landscape. Notably, startups dominated the list, with 35 innovative ventures showcasing the state's dynamic entrepreneurial ecosystem. According to the recently released ‘2023 Burgundy Private Hurun India 500’ report.


Karnataka's Top Startups Shine

Karnataka's startup scene continued to make waves, with notable names like Swiggy leading the pack with a valuation of Rs 65,400 crore. Zerodha and Razorpay also featured prominently, valued at Rs 58,500 crore and Rs 56,800 crore, respectively. Anas Rahman Junaid, MD and Chief Researcher at Hurun India, emphasized Karnataka's vibrant entrepreneurial ecosystem and Bengaluru's pivotal role in attracting investments.

Karnataka's Valuation and Top Companies


The cumulative value of companies from Karnataka reached a staggering Rs 22 lakh crore. Infosys, with a valuation of Rs 5.7 lakh crore, emerged as the state's most valuable company. Titan Company and Wipro followed closely with valuations of Rs 2.8 lakh crore and Rs 2 lakh crore, respectively.

Sector-wise Breakdown and High Growth

Financial services took the lead with 12 companies, closely followed by Software & Services and Real Estate, with 11 and 6 entrants, respectively. The report highlighted the doubling of value for Sonata Software and Zetwerk on the 2023 list, with Financial Services emerging as a key growth driver.


Employment and Diversity

The companies from Karnataka listed in the 2023 report collectively employed 8.4 lakh people, averaging 14,468 employees per company. In terms of gender diversity, Infosys led the way with 1,35,703 women employed, demonstrating a commitment to women's workforce participation.

National Recognition for Karnataka's Corporates


The average age of companies from Karnataka on the list is 19 years, showcasing the enduring strength and stability of the state's corporate entities. This recognition comes just ahead of National Women's Day, with Karnataka-based companies playing a pivotal role in promoting diversity and inclusion.

India's Most Valuable Companies Landscape

While Karnataka stood out in the regional context, the overall scenario at the national level was marked by Reliance Industries (RIL) retaining its top spot for the third consecutive year. RIL was followed by Tata Consultancy Services and HDFC Bank, reflecting the dominance of conglomerates in the national landscape.


Market Capitalization and Emerging Players

The total market capitalization of companies on the 2023 list increased to Rs 231 lakh crore, surpassing the previous year's figure of Rs 226 lakh crore. Suzlon Energy emerged as the fastest-growing company, registering an impressive 436 percent growth, leading the pack ahead of Jindal Stainless and JSW Infrastructure.

Sectoral Representation and Value Growth


Financial services and healthcare led in terms of sectoral representation, with 76 and 58 companies, respectively. Notably, more than half of the companies in the list saw a value growth of over Rs 1000 crore, with 75 companies experiencing a growth of over Rs 10,000 crore. Companies like Megha Engineering, Zetwerk, and Bennet Coleman led the charge in value growth percentages among unlisted entities.

Diversity on Corporate Boards

An encouraging trend was the increasing representation of women on corporate boards, with 437 companies out of the 500 most-valued companies having women representation. Financial services and healthcare were at the forefront, with 76 and 58 companies respectively, demonstrating a positive shift towards inclusivity.

The ‘2023 Burgundy Private Hurun India 500’ report paints a vibrant picture of Karnataka's corporate landscape, with startups taking center stage and traditional conglomerates also making a mark. The state's commitment to diversity, innovation, and sustained growth positions it as a key player in India's economic trajectory. As the corporate landscape evolves, Karnataka continues to shine as a beacon of success and dynamism.

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