WITH A WEALTH OF INR 24,000 CR ZERODHA’S NITHIN KAMATH, 40, AND NIKHIL KAMATH, 34 TOPS THE LIST, FOLLOWED BY DIVYANK TURAKHIA, 38, WHO REGISTERED A NETWORTH OF INR 14,000 CR

17 INDIAN-ORIGIN ENTREPRENEURS AGED UNDER 40

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 5 BIGGEST GAINERS IN THE IIFL WEALTH HURUN INDIA RICH LIST 2020 ARE AGED 40 OR UNDER

DEVITA SARAF, 39, FOUNDER OF VU TECHNOLOGIES IS THE ONLY WOMAN IN THE LIST

WITH 9 INDIVIDUALS, BENGALURU IS THE MOST PREFERRED CITY FOR BUSINESS HQ FOR THESE YOUNG WEALTH CREATORS, FOLLOWED BY GURUGRAM/ NEW DELHI, WITH 2 EACH

TWO FROM THE LIST LOCATED OUTSIDE OF INDIA


AVERAGE AGE 37; THE YOUNGEST IS 26

AT 26, OYO ROOMS’ RITESH AGARWAL IS THE YOUNGEST SELF-MADE ENTREPRENEUR IN THE LIST

Devita Saraf, Chairman and CEO, VU TVs

IIFL Wealth and Hurun India today released the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020, 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. This list follows on from the IIFL Wealth Hurun India Rich List 2020 released on 29 September 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.”

Self-made under 40

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.

Table 1: IIFL Wealth Hurun India 40 & Under Self-Made Rich List

Rank

Name

Wealth INR Cr

Change %

Company

Age

City of Residence

1

Nithin Kamath & Nikhil Kamath

24,000

58%

Zerodha

40,34

Bengaluru

2

Divyank Turakhia

14,000

8%

Media.net

38

Dubai

3

Amod Malviya

13,100

274%

Udaan

39

Bengaluru

3

Sujeet Kumar

13,100

274%

Udaan

40

Bengaluru

3

Vaibhav Gupta

13,100

274%

Udaan

40

New Delhi

6

Riju Ravindran

7,800

117%

Think & Learn

39

Bengaluru

7

Binny Bansal

7,500

36%

Flipkart

37

Bengaluru

7

Sachin Bansal

7,500

23%

Flipkart

39

Bengaluru

9

Ritesh Agarwal

4,500

-40%

Oravel Stays

26

New Delhi

10

Bhavish Aggarwal

3,500

13%

ANI Technologies

35

Bengaluru

11

Deepak Garg

3,200

14%

Rivigo

39

Gurugram

12

Herman Narula

2,900

45%

Improbable Worlds

32

London

13

Deepinder Goyal

2,200

16%

Zomato Media

37

Gurugram

14

Ankit Bhati

1,600

14%

ANI Technologies

34

Bengaluru

15

Sriharsha Majety

1,400

0%

Bundl Technologies

34

Vijayawada

16

Devita Rajkumar Saraf

1,200

-33%

VU Technologies

39

Mumbai

Source: Hurun Research Institute, IIFL Wealth Hurun India Rich List 2020

For more details, visit www.hurunindia.net

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.

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.

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.

With a wealth of INR 7,800 Cr, Riju Ravindran, 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.

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.

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.

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.

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.

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.

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.

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.

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.

Cities where they live

15 of the 17 entrepreneurs reside in India. India’s Silicon Valley, Bengaluru has the highest number of self-made entrepreneurs aged under 40.

Table 2: Geographical distribution of IIFL Wealth Hurun India 40 & Under Self-Made Rich List

Rank

City of Residence

No. of Individuals  in the list

Richest Person

Wealth

INR Cr

1

Bengaluru

9

Nithin Kamath & family

16,900

2

Gurugram

2

Deepak Garg

3,200

2

New Delhi

2

Vaibhav Gupta

13,100

4

Dubai

1

Divyank Turakhia

14,000

4

London

1

Herman Narula

2,900

4

Mumbai

1

Devita Rajkumar Saraf

1,200

4

Vijayawada

1

Sriharsha Majety

1,400

Source: Hurun Research Institute, IIFL Wealth Hurun India Rich List 2020

For more details, visit www.hurunindia.net

Industry-wise break up

Logistics and Retail are the major contributors of wealth for entrepreneurs under the age of 40. Three of the entrepreneurs who have exited their previous ventures are actively investing into new opportunities.

Table 5: Contributing Industries

Rank

Industry

Individuals

Richest Person

Wealth

INR Cr

1

Logistics

3

Deepak Garg

3,200

1

Retail

3

Amod Malviya, Sujeet Kumar, Vaibhav Gupta

13,100

1

Investments

3

Divyank Turakhia

14,000

4

Transportation

2

Bhavish Aggarwal

3,500

4

Financial Services

2

Nithin Kamath & family

16,900

Source: Hurun Research Institute, IIFL Wealth Hurun India Rich List 2020

For more details, visit www.hurunindia.net

IIFL Wealth Hurun India Rich List 2020 – Key Highlights

HURUN INDIA FINDS 827 INDIVIDUALS WITH INR 1,000 CR, UP THREE-FOLD AS COMPARED TO 5 YRS AGO

MUKESH AMBANI GAINS INR 90 CR PER HOUR SINCE THE “MARCH LOCKDOWN”; AMBANI’S WEALTH INCREASED BY INR 2,77,700 CR TO INR 6,58,400 CR AND RETAINS THE RICHEST INDIAN TITLE FOR THE 9TH YEAR RUNNING

179 DOLLAR BILLIONAIRES, UP 3 TIMES SINCE HURUN INDIA STARTED IN 2013

627 INCREASED THEIR WEALTH, OF WHICH 161 NEW FACES; 76% OF NEW FACES ARE SELF-MADE

229 SAW THEIR WEALTH GO DOWN. 75 DROPOUTS. 6 PASSED AWAY

SELF-MADE INDIAN ENTREPRENEURS IN THE LIST ARE ON THE UP AT 64%, FROM 54% OF THE LIST 5 YEARS AGO; 90% BUSINESSES IN THE LIST ARE FAMILY RUN, INDICATING THE SUCCESS OF FAMILY RUN ENTREPRENEURSHIP IN INDIA.

WITH A WEALTH OF INR 32,400 CR, SMITA V CRISHNA, 69, IS THE RICHEST WOMAN IN THE LIST. AND WITH A WEALTH OF INR 31,600 CR AND INCREASE OF 71%, KIRAN MAZUMDAR SHAW, 67, IS THE RICHEST SELF MADE WOMAN AND IS WITHIN ARM’S REACH OF BECOMING THE RICHEST WOMAN IN THE COUNTRY

21, OF WHOM 17 ARE SELF-MADE, UNDER THE AGE OF 40

WITH 217 INDIVIDUALS MUMBAI TOPS THE LIST FOLLOWED BY NEW DELHI (128) AND BENGALURU (67); NEW DELHI HAS LOST 5 RICH LISTERS, MUMBAI GAINS 41 AND CHENNAI OVERTOOK KOLKATA

11 PROFESSIONAL MANAGERS MADE IT TO THE LIST. WITH INR 11,300 CR, THE RICHEST IS THOMAS KURIAN, 60, WHO ENCASHED HIS STAKE IN ORACLE; WITH INR 3,200 CR, IGNATIUS NAVIL NORONHA, 45, OF AVENUE SUPERMARTS IS THE RICHEST CEO BASED IN INDIA

BACKED BY THE BULL RUN OF GOOGLE SHARES, SUNDAR PICHAI, 48, REGISTERED A 79% INCREASE IN WEALTH OF INR 5,900 CR

FOUNDERS OF B2B MARKETPLACE UDAAN GAINED 274% IN WEALTH, ON THE BACK OF A NEW ROUND OF FUNDRAISING, AND ARE THE BIGGEST GAINERS, FOLLOWED BY CHIGURUPATI KRISHNA PRASAD, 65, OF PHARMA MAJOR GRANULES INDIA, WHO GAINED 218%

FOUNDERS OF 11 UNICORNS MADE IT INTO IIFL WEALTH HURUN INDIA RICH LIST 2020

19 SAW WEALTH DOUBLE, OF WHOM 6 FROM PHARMACEUTICALS AND 3 FROM RETAIL. PHARMA ADDED 27 NEW ENTRANTS AND 122 TOTAL ENTRANTS NETTING A CUMULATIVE WEALTH OF INR 2 LAKH CR

BACKED BY A 51% INCREASE IN D-MART’S SHARE PRICE, RADHAKISHAN DAMANI, 65, STORMS INTO TOP 10 WITH INR 87,200 CR

BACKED BY STELLAR IPO OF HAPPIEST MINDS, THE FOUNDER ASHOK SOOTA, 77, WITH A WEALTH OF INR 3,700 CR, DEBUTS THE LIST. ROUTE MOBILE’S IPO LAUNCHED SANDIPKUMAR GUPTA, 46, AND RAJDIPKUMAR GUPTA, 45, WITH A WEALTH OF INR 2000 CR EACH

TOP 5 FAMILIES HOLD 21% OF THE CUMULATIVE WEALTH OF IIFL WEALTH HURUN INDIA RICH LIST 2020

WITH 91 LAKH FOLLOWERS IN TWITTER, RATAN TATA IS THE MOST FOLLOWED ENTREPRENEUR FROM THE IIFL WEALTH HURUN INDIA RICH LIST ON INDIAN SOCIAL MEDIA, FOLLOWED BY ANAND MAHINDRA WHO HAS 81 LAKH FOLLOWERS

STAR SIGNS: RICH LIST ENTRANTS BORN UNDER THE ARIES STAR SIGN HAD A GOOD YEAR AND REGISTERED A 55% INCREASE IN CUMULATIVE WEALTH, FOLLOWED BY THOSE BORN UNDER SCORPIO AT 52%.

WORLD’S LARGEST RICH LIST PROVIDER HURUN LAUNCHES 9TH EDITION OF HURUN INDIA RICH LIST TOGETHER WITH IIFL WEALTH

Methodology

The IIFL Wealth Hurun India Rich List 2020 has been researched and compiled by the Hurun Research Institute for the seventh year running, using a cut-off of 31 August 2020 when the rate of exchange to the US dollar was INR 73.67. The list relates to Indians only, defined as born or brought up in India.

Valuing the wealth of India’s richest is as much an art as it is a science. Sure, Hurun Report has missed some, but our endeavor has been to develop the most comprehensive report of its kind with an objective to identify and acknowledge India’s top entrepreneurs and business owners. The source of wealth includes both inherited and self-made wealth. Hurun Report’s team of researchers have traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and all possible sources of information.

For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q and so on. In certain cases of early-stage companies, Hurun Report has used the First Chicago Method for valuation.

Disclaimer and Notices

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Information Subject to Change: The information given in this document is not exhaustive and is subject to change without notice.

 

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This report has been prepared by the Hurun Report. All the data collection and the research has been done by the Hurun Report. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources which are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun Report. Hurun Report does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user with respect to its information. Hurun Report shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun Report shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

About IIFL Wealth

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IIFL Wealth recognises that incremental innovation is vital to develop a holistic products platform that serves the evolving needs of entrepreneurs, business leaders and the wealthy in India.

IIFL Wealth helps more than 6,300 influential families in India and abroad to preserve, protect and grow their legacy. A deep understanding of clients results in a comprehensive range of tailored wealth management solutions for the discerning clients.

IIFL Wealth has more than INR 185,000 crore of assets under management, and 29 offices with 900+ team strength and has won more than 110 awards of repute. The competitive positioning and growth prospects of the company have been endorsed by way of investments from General Atlantic, Fairfax, Ward Ferry, Rimco Mauritius, Amansa Holdings Steadview and HDFC Standard Life Insurance among others.

About the Hurun Report

     

Hurun Report is a leading luxury publishing and events group established in London in 1998 with a strong presence in China and India. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.

Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage venture capital fund with investments into tech, media, retail and education.

About Hurun India

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Hurun India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted Pan-India.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2020, a ranking of the 2,816 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the ninth India Rich List which ranks the 827 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net.

The Hurun India Philanthropy List ranks the most generous individuals in India and is now on its 5th anniversary. Indians give much more generously than many have previously understood.

The Hurun Real Estate Rich List ranks the top real estate developers in the country and is now on the 4th anniversary.

In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the success stories of some of the most amazing women wealth creators and inheritors.

In 2019, Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. This we believe is a watershed moment in the art history of India, where we expect more entrepreneurs to start collecting.

In 2019, Hurun Luxury Consumer Survey was debuted to understand and speak about spending habits of ultra-high net worth individuals.

In 2020, Hurun India Unicorn Index was debuted to track and speak about the top young wealth creators of the country.

For the full details, please refer to on www.hurunindia.net.

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For more details, visit www.hurunindia.net

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.

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.

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.

With a wealth of INR 7,800 Cr, Riju Ravindran, 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.

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.

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.

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.

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.

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.

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.

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.

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.

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