Do not index
Do not index
While most investors are familiar with stocks listed on the NSE or BSE, there’s a lesser-known but fast-growing space drawing serious attention - Unlisted Shares.
From fintech disruptors to retail giants and tech innovators, many of India’s most promising companies operate in this unlisted space. With strong business models, rapid growth, and rising investor interest, they offer a glimpse into the future of India Inc.
In this article, we highlight ten of the most talked-about unlisted companies in India making a mark before hitting the public markets.
What are Unlisted Shares?
Unlisted shares are the equity of companies not traded on public stock exchanges like the NSE or BSE. These private firms - often backed by venture capital, private equity, or wealthy individuals - operate outside the daily stock market noise. Without the pressure of public scrutiny, they enjoy greater freedom to focus on long-term growth.
Unlisted shares are typically bought and sold through private placements or secondary deals, forming what’s known as the pre-primary market. For investors, they offer a chance to enter early - before a company potentially goes public and its value surges.
Following are the 10 Largest Unlisted Companies in India, according to their valuation -
As of 2024, NSE holds a strong global position - ranked as the 7th largest stock exchange in the world by total market capitalization and the largest derivatives exchange by number of contracts traded.
In the first nine months of FY25 alone, it facilitated total fund mobilisation worth ₹14.1 lakh crore, including ₹1.5 lakh crore raised through IPOs. Also, its trading volumes in the cash market and equity futures grew faster than the overall market, and it captured nearly 100% of the growth across all major product categories.
Serum Institute of India is India’s #1 Biotechnology company, and the world’s largest vaccine manufacturer by volume, producing over 1.5 billion doses annually. Its vaccines include Polio, Diphtheria, Tetanus, Pertussis, Hib, BCG, Hepatitis B, Measles, Mumps, Rubella, Pneumococcal, and Covid-19.
Around 65% of the world’s children receive at least one of SII’s vaccines. Accredited by the World Health Organization (WHO), Serum’s vaccines are used in national immunization programs across 170 countries, saving millions of lives worldwide.
Zoho Corporation is an Indian tech company known for building software and web-based tools for businesses. It rose to prominence with the Zoho Office Suite, its flagship online office suite launched in 2005.
In March 2023, Zoho teamed up with fintech firm Payoneer to simplify business transactions. Later, in October 2024, it announced a partnership with NVIDIA to use its AI platform for developing large language models (LLMs) designed for business applications - aimed at delivering smarter AI solutions to over 7 lakh customers worldwide.
Zerodha is India’s second-largest stockbroker, widely credited with transforming retail investing in the country. Launched in 2010, it disrupted the market by introducing zero brokerage on equity delivery trades and low-cost trading for other segments.
Today, it handles over 9-10 million of daily trades and serves over 1 crore customers. Zerodha operates entirely online and has remained bootstrapped and profitable from the start.
In 2023, it launched "Nudge" and "Kill Switch" tools to promote safer investing behavior. The company has also backed Rainmatter, a fintech incubator that supports startups focused on long-term investing, financial education, and sustainability.
MEIL, headquartered in Hyderabad, is a prominent Indian infrastructure company known for its extensive work in sectors like water, energy, defence, transport, and oil & gas. With a strong portfolio of projects, such as the Gayatri Pumphouse, Kaleshwaram - the largest irrigation pumping station in the world - MEIL has an outstanding orderbook of ₹2,28,134 crore.
In 2024, MEIL achieved a significant milestone by securing a ₹12,800 crore contract from the Nuclear Power Corporation of India Limited (NPCIL) to construct two 700 MW nuclear reactors at Kaiga, Karnataka. This contract, the largest ever awarded by NPCIL, marks MEIL's strategic entry into the nuclear energy sector.
Parle Products, a household name in India’s FMCG sector, has taken major strides in digital transformation. In 2023, the company expanded its collaboration with IBM to adopt cloud and AI technologies that have significantly boosted efficiency across operations.
This strategic move has helped Parle reduce sourcing costs, improve sales forecasting, and streamline its IT infrastructure - modernizing one of India’s most traditional brands while staying competitive in a rapidly evolving market.
Intas Pharmaceuticals has made significant strides in the biosimilars sector. In December 2024, Intas agreed to acquire the UDENYCA® business from Coherus BioSciences for up to $558.4 million, enhancing its oncology portfolio.
Intas also partnered with Bio-Thera Solutions to commercialize BAT2506, a golimumab biosimilar for autoimmune diseases, in the U.S., with a $21 million upfront payment and milestone payouts up to $143.5 million.
Dream11 has solidified its position as India's leading fantasy sports platform, surpassing 220 million registered users. The company expanded its global footprint by entering a three-year partnership with the International League T20 (ILT20), enhancing fan engagement across multiple seasons.
Domestically, Dream11 became the official fantasy partner for eight IPL teams in 2025. Dream11's parent company, Dream Sports, has shifted its investment strategy towards focusing on larger acquisitions ranging from $50 million to $100 million to drive growth in sports and related areas.
In 2024, Razorpay reinforced its leadership in India's fintech sector, achieving a 24% year-on-year revenue growth in its payment gateway business, with an annualized total payment volume reaching $180 billion.
Looking ahead, Razorpay aims to process $750 billion in person-to-merchant payments by 2030 and is planning an IPO within the next 2–3 years.
In 2024, the Amalgamations Group, a prominent Indian conglomerate, advanced its portfolio diversification to include EV powertrain parts, such as battery packs, motors, and controllers, targeting applications in two- and three-wheelers as well as agricultural equipment.
The group's subsidiary, Simpsons & Co., has also initiated the development of electric-powered weeders, signaling a commitment to innovation in agricultural machinery.
Summary
Here is a summary highlighting the key facts and financial figures of these companies -
Stock | Founded | Industry | Valuation
(Feb 2025) | Revenue (FY24) | PAT (FY24) |
National Stock Exchange (NSE) | 1992 | Stock Exchange | ₹4,70,250 Crore | ₹16,433.6 Crore
+29% YoY | ₹8,305.9 Crore
12% YoY |
Serum Institute of India | 1966 | Biotechnology | ₹2,11,610 Crore | ₹11,076 Crore
+3% YoY | ₹4,278 Crore
+2% YoY |
Zoho Corporation | 1996 | IT | ₹1,03,760 Crore | ₹9,158.9 Crore
+31% YoY | ₹2,846.9 Crore
+4% YoY |
Zerodha | 2010 | Financial Services | ₹87,750 Crore | ₹9,994.5 Crore
+45% YoY | ₹5,493.4 Crore
+89% YoY |
Megha Engineering & Infrastructures | 1989 | Infrastructure | ₹77,860 Crore | ₹43,616.3 Crore
+35% YoY | ₹2,937.3 Crore
+5% YoY |
Parle Products | 1929 | Food and Beverages | ₹68,640 Crore | ₹17,222.9 Crore
+4% YoY | ₹905.8 Crore
+254% YoY |
Intas Pharmaceuticals | 1977 | Pharmaceutical | ₹68,150 Crore | ₹20,060.3 Crore
+9% YoY | ₹2,422.8 Crore
-10% YoY |
Dream11 | 2008 | Fantasy Sports | ₹67,860 Crore | ₹6,580.8 Crore
+62% YoY | ₹443.6 Crore
+210% YoY |
Razorpay | 2014 | Fintech | ₹63,620 Crore | ₹2,501.4 Crore
+9% YoY | ₹33.5 Crore
360% YoY |
Amalgamations Group | 1945 | Engineering | ₹56,660 Crore | ₹16,230.8 Crore
-1% YoY | ₹1,303.9 Crore
+12% YoY |