360 One Asset, an investor on India’s National Stock Exchange (NSE), has increased its valuation on the exchange to $29.9 billion, significantly more than the value at which the company was valued in private transactions last year: $18 billion to $19 billion.

The asset manager, which has invested in the NSE through its SOF8 fund, disclosed its view on its stake in the NSE in an update to its investors in June, reviewed by TechCrunch. The increase in value reflects growing confidence in India’s economic outlook and a rise in IPOs in the country.

NSE, whose backers include CPPIB, Chrys Capital, Temasek, Fairfax and Tiger Global, reported revenue of $1.94 billion for the fiscal year ended March, up 28% from revenue of $1.52 billion a year earlier.

The rise in the NSE’s valuation comes as India is becoming increasingly important in global financial markets. The total market capitalization of companies listed on the NSE surpassed the market capitalization of companies on the Hong Kong Stock Exchange at the end of last year. The NSE is also the world’s largest derivatives exchange.

NSE did not immediately respond to a request for comment. 360 One Asset declined to comment.

360 One’s update also included its assessment of its holdings in a number of other startups. Swiggy, which last raised private capital in early 2022 at a valuation of $10.7 billion, was valued at $11.5 billion; merchant payments platform Pine Labs was allocated $4 billion; online seafood and meat startup Licious was allocated $900 million; and edtech startup Upgrad was allocated $1.9 billion.