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Largest Other Financial Services Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Bajaj Finance, Power Finance Corporation, HDFC Asset Management, Central Depository Services and Choice International.
 | Bajaj Finance Ltd is the holding company for various financial services businesses under the Bajaj Group, which operates in India. The company is an NBFC in India offering payments, partnerships, services, and lending solutions to customers. The company's model is focused on the acquisition of customers and offering multiple loans and services on a cross-sell basis to meet their financial service needs. The company provides discretionary spending across consumer electronics, furniture, and digital products in India. The company's strategies and structure are closely aligned with those of commercial banks in India. All of its revenue is generated from India. | $9 | -10% | $57B | $95B | 16.8x | 34.4x | ||
| Power Finance Corp Ltd is a financial institution operating in India and dedicated to financing the country's power, logistics, and infrastructure sectors and its various projects. The company serves state power utilities, central power sector utilities, power departments, private power sector utilities, joint sector power utilities, power equipment manufacturers, and municipal power utilities. The company's main products include rupee-term loans, short-term loans, and a buyer line of credit. Interest income is the company's main source of revenue. | $4 | -5% | $15B | $120B | 26.7x | 44.8x | ||
| HDFC Asset Management Co Ltd is an asset management company. The company is in the business of providing asset management services to HDFC Mutual Fund and portfolio management and advisory services to clients. Geographically, it derives a majority of its revenue from within India. | $26 | -7% | $11B | $11B | 23.7x | 27.8x | ||
| Central Depository Services (India) Ltd is a securities depository in India. It offers dematerialization for a wide range of securities, including equity shares, preference shares, mutual fund units, debt instruments, and government securities. In addition, it is involved in centralized record keeping of KYC documents of investors, and providing repository services to policyholders to store their receipts and policies in electronic form. The group operates in three segments: Depository, Data Entry, and Storage and Repository. A majority of its revenue is generated from the Depository segment, which provides various services to investors, including dematerialization, rematerialization, holding, transfer, and pledge of securities in electronic form, as well as e-voting services to companies. | $13 | -35% | $3B | $3B | 21.1x | 36.3x | ||
| Choice International Ltd is a company engaged in providing financial services. It operates through the segments of NBFC services, Broking & Distribution services, and Advisory services. The company generates a majority of its revenue from Broking and Distribution services. It offers services like equity trading, commodity derivative trading, financial planning, currency futures trading, fund distribution, and structured products. The company conducts its business operations mainly in India. | $7 | -8% | $2B | $2B | 13.1x | 34.4x | ||
| KFin Technologies Ltd is a technology-driven financial services platform. The company provides services and solutions to asset managers and corporate issuers across asset classes in India and provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong. | $9 | -39% | $2B | $1B | 13.2x | 27.2x | ||
| ICRA Ltd is an independent and professional Investment Information and credit rating agency. The company operates through four segments: Rating, research, and other services; Consulting services; Knowledge and Market Services. The company generates over half of its revenue from the Rating, research and other services segment. Rating, research, and other services segment provides rating, grading, and industry research services. The consulting services segment provides management consulting which includes risk management, financial advisory, outsourcing, and policy advisory. The knowledge Services segment provides KPO services and the Market services segment provides financial information products and services. Geographically the majority of revenue is generated from within India. | $53 | -28% | $507M | $423M | 6.8x | 14.4x | ||
| Median | $9 | -10% | $3B | $3B | 16.8x | 34.4x |
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