India’s most valued bootstrapped companies in 2021 -- World’s biggest COVID-19 vaccine maker rules the roost

Dec 9, 2021

By: Bhakti Makwana

Hurun India and Burgundy Private report

Serum Institute of India is the top bootstrapped company in India this year in terms of valuation, according to a report by Hurun India and Burgundy Private.

Credit: SII

2021 Burgundy Private Hurun India 500 report

Axis Bank’s Burgundy Private and Hurun India have launched a list of the 500 most valuable companies that are headquartered in India.

Credit: Hurun-India

Bootstrapped companies

Here is a list of top bootstrapped companies in 2021 in terms of value. Bootstrapping is when the business owner starts a company with little to no external investments, which means no venture capital or outside investments involved. Here are the top 10.

Credit: BCCL

Serum Institute of India (SII)

Top in the list of such exceptional companies is the world’s largest COVID-19 vaccine maker — Pune-based SII. The company grew by 127 percent in 2021 and is now valued at ₹1.83 lakh crore.

Credit: SII

Macleods Pharmaceuticals

The pharmaceutical company is into the development and manufacturing of active pharmaceutical ingredient (APIs) and finished dosage pharmaceutical formulations. It grew 57 percent in 2021 and is now valued at ₹55,100 crore.

Credit: Macleods-Pharmaceuticals


The Ahmedabad-based company, which is a household name in India, manufactures products like detergents, soaps, cement, cosmetics, salt, soda ash etc. Karsanbhai Patel, an entrepreneur and philanthropist, started Nirma in 1969 as a one-man operation. It grew 42 percent in 2021 and is valued at ₹43,600 crore.

Credit: Nirma

Zoho Corporation

The software development company makes web-based business tools and is best known for its online office suite offering called Zoho. The company was founded in 1996 by Sridhar Vembu and Tony Thomas. It grew 62 percent in 2021 and is valued at ₹36,800 crore.

Credit: BCCL


This Bengaluru-based firm is an online stock broking and investment platform that offers retail brokerage, currencies and commodities trading, mutual funds, and bonds. It was founded in 2010 by 2 brothers — Nithin Kamath and Nikhil Kamath. It grew 55 percent at ₹34,600 crore.

Credit: BCCL

Megha Engineering and Infrastructure

The Hyderabad-based infrastructure company was established in 1989 as a small fabrication unit by a farmer's son, P.P. Reddy, who built small pipes for municipalities in 1989. It grew 45 percent in 2021 valuing at ₹28,900 crore.

Credit: BCCL

Patanjali Ayurved

The Haridwar-based consumer packaged goods company was founded by yoga teacher Ramdev and Balkrishna in 2006. The company grew 21 percent in 2021 and is now valued at ₹28,000 crore.

Credit: BCCL

Bagmane Developers

Bengaluru-based Bagmane Group was founded by Raja Bagmane in 1996. It is a leading developer and asset manager of corporate real estate in Bengaluru. The firm grew 116 percent valuing at ₹27,600 crore.

Credit: Bagmane-Developers

Parle Products

Mumbai-based Parle-G was founded in 1929 in British India by the Chauhan family of Vile Parle, Bombay (then). It grew 25 percent in 2021 and is valued at ₹25,800 crore.

Credit: BCCL


Chennai-based Amalgamations Group, founded in 1945, is a business conglomerate, which is into manufacturing tractors, automobile ancillaries and so on. It was established by S. Anantharamakrishnan. The group grew 7 percent in 2021 valuing at ₹25,100 crore.

Credit: Amalgamations

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