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India 40 & under self-made rich list, 2020

Chaitra Anand
·7-min read

George Bernard Shaw once wrote that ‘youth is wasted on the young’; but that statement now stands defied with these young and enterprising entrepreneurs from India certainly putting time to good use and making it to rich lists everywhere based purely on their intelligence and business acumen.

IIFL Wealth Hurun India 40 and under self-made entrepreneurs cumulatively added a wealth of INR 44,900 Cr, registering an increase of 59% compared to last year.

3 of the top biggest gainers in the IIFL Wealth Hurun India Rich List 2020 are aged 40 or under.

With 9 individuals, Bengaluru is the most preferred city for business headquarters for these young wealth creators, followed by Gurugram/ New Delbhi, with 2 each. Two from the list are located outside of India.

The IIFL Wealth and Hurun India 40 & Under Self-Made Rich List 2020 is a ranking of the self-made entrepreneurs with a wealth of INR 1,000 Cr, aged forty years and under from India. Wealth calculations are a snapshot of 31 August 2020.

“The IIFL Wealth Hurun India 40 & Under Self-Made Rich List represents the hottest rising stars in business from India, and all of them have achieved the remarkable milestone of entering the IIFL Wealth Hurun India Rich List before the age of 40”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India

“Some of them have fully or partly exited their core businesses and are setting up investment funds and backing other young entrepreneurs. This will have a compounding effect on the growth of disruptive entrepreneurship in India”, continued Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Shaji Kumar, Senior Managing Partner, IIFL Wealth Management commented “The IIFL Wealth Hurun India Rich List has captured the wealth creation taking place across the country. It is very encouraging to note that the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020 has 17 Indian-Origin Entrepreneurs, aged under 40, who have together added wealth close to INR 45,000 crore. All these young leaders are self-made and majority of them are disruptors in the digital space. We see many such young leaders scaling their businesses with the right mix of technology and innovation.”

The list includes the details of all the entrepreneurs featured in the IIFL Wealth Hurun India Rich List 2020, who are at or below the age of 40. 11 of the 12 startups covered in the list are, or have been unicorns, defined as startups with a valuation of more than USD 1 Bn.

Below is a detailed look at the business of these young achievers:

1 . Nithin Kamath & Nikhil Kamath

Wealth: 24,000 Cr

Company: Zerodha

City of residence: Bengaluru

Nithin Kamath, 40, & Nikhil Kamath, 34, co-founded the online trading platform Zerodha and grew it to become India’s largest stockbroker by the number of clients. With a wealth of INR 24,000 Cr, Nithin Kamath & Nikhil Kamath secured the number one rank in the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020.

Divyank Turakhia
Divyank Turakhia

2 . Divyank Turakhia

Wealth: 14,000 Cr

Company: Media.net

City of residence: Dubai

With a wealth of INR 14,000 Cr, Divyank Turakhia, 38, ranks second in the list. He became a billionaire in 2016, after Media.net, a company that he founded in 2010, was sold for circa USD 1 Bn. He is currently on a break, setting up a family office and searching for the next big opportunity.

3 . Amod Malviya, Sujeet Kumar, Vaibhav Gupta

Wealth: 13,100 Cr

Company: Udaan

City of residence: Bengaluru & New Delhi

Amod Malviya, 39, along with their co-founders Sujeet Kumar, 40, and Vaibhav Gupta, 40, share the third position. On the back of strong investor interest in Udaan, their flagship B2B commerce company, their wealth increased by 274 %. For the second consecutive year, each of them is the biggest wealth gainers in IIFL Wealth Hurun India Rich List 2020. The valuation of Udaan increased from INR 20,000 Cr in October 2019 to INR 52,500 Cr in February 2020.

4 . Riju Raveendran (brother of Byju Ravindran)

Wealth: 7,800 Cr

Company: Think & Learn

City of residence: Bengaluru

With a wealth of INR 7,800 Cr, Riju Raveendran, 39, of online education platform, Byju’s secured the 6th spot in the list. On the back of Byju’s achieving a valuation of USD 10 Bn in August 2020, Raveendran registered a 117% increase in wealth compared to last year. Byju’s ranked third in the Hurun India Unicorn Index 2020.

5 . Binny Bansal, Sachin Bansal

Wealth: 7,500 Cr

Company: Flipkart

City of residence: Bengaluru

With a wealth of INR 7,500 Cr each, co-founders of Flipkart, India’s leading e-commerce platform, Binny Bansal, 37, and Sachin Bansal, 39, shares seventh position in the list. Since their exit from Flipkart, Binny Bansal has been investing in several start-ups as an angel investor and Sachin Bansal has co-founded and is the CEO of Navi, a neo-bank start-up headquartered in Bengaluru.

6 . Ritesh Agarwal

Wealth: 4500 Cr

Company: Oravel Styays

City of residence: Bengaluru

The COVID-19 pandemic has taken a toll on the hospitality business, globally and temporarily applied breaks to Oyo’s growth story, thereby declining the wealth of Ritesh Agarwal, 26, by 40% or INR 3,000 Cr. With a wealth of INR 4,500 Cr, Agarwal is the youngest in the list.

7 . Bhavish Aggarwal

Wealth: 3500 Cr

Company: ANI Technologies

City of residence: Bengaluru

With a wealth of INR 3,500 Cr and INR 1,600 Cr respectively, Bhavish Aggarwal, 35, and Ankit Bhati, 34, co-founders of ride-hailing company Ola Cabs ranks 10th and 14th in the 40 and under list. In July 2020, Ola incentivised Aggarwal and Bhati by way of issuing equity shares at a nominal price of INR 10 per share – resulting in a 13% increase in their wealth compared to last year.

8 . Deepak Garg

Wealth: 3200 Cr

Company: Rivigo

City of residence: Gurugram

Deepak Garg, 39, co-founder and CEO of the logistics company, Rivigo, registered a wealth of INR 3,200 Cr and ranks 11th in the IIFL Wealth Hurun India 40 & Under Self-Made Rich List. In September 2019, KB Global invested INR 35 Cr in Rivigo at a valuation of INR 7,593 Cr and the Rivigo entered the Hurun India Unicorn Index 2020.

9 . Herman Narula

Wealth: 2900 Cr

Company: Improbable Worlds

City of residence: London

With a 45% increase in wealth to INR 2,900 Cr, Herman Narula, 32, co-founder and CEO of Improbable Worlds, a gaming software company, ranked 12th in the under 40 list. In 2012, Narula co-founded the company with Rob Whitehead and Peter Lipka.

10 . Deepinder Goyal

Wealth: 2200 Cr

Company: Zomato Media

City of residence: Gurugram

With a wealth of INR 2,200 Cr, Deepinder Goyal, 37, co-founder of online food delivery platform, Zomato ranks 13th in the IIFL Wealth Hurun India 40 & Under Self-Made Rich List. On the back of the most recent valuation of Zomato, his wealth increased by 16% compared to that of last year. In January 2020, Zomato acquired Uber Eats India in an all-stock transaction. The deal gave Uber 9.99% ownership in Zomato.

11 . Ankit Bhati

Wealth: 1600 Cr

Company: ANI Technologies

City of residence: Bengaluru

Ankit Bhati, 34, heads the technical aspects of Olacabs, ensuring a quick, convenient and instinctive experience for customers and partners.

12 . Sriharsha Majety

Wealth: 1400 Cr

Company: Bundl Technologies

City of residence: Vijayawada

With a wealth of INR 1,400 Cr, Sriharsha Majety, 34, ranks 15th position in the IIFL Wealth Hurun India 40 & Under Self-Made Rich List. His wealth has remained unchanged compared to last year.

13 . Devita Rajkumar Saraf

Wealth: 1200 Cr

Company: VU Technologies

City of residence: Mumbai

Only self-made women in the IIFL Wealth Hurun India 40 & Under Self-Made Rich List, Devita Saraf, 39, ranks 16th in the list, with a wealth of INR 1,200 Cr. Saraf derives her wealth from Vu Technologies, a television manufacturing company, which she founded in 2006.