Zerodha Co-founders Nithin Kamath (40) and Nikhil Kamath (34) topped the IIFL Wealth Hurun India 40 & under Self-Made Rich List 2020 with wealth of Rs 24,000 crore.
Following in second place is Media.net’s Divyank Turakhia (38) with net worth of Rs 14,000 crore. While, Devita Saraf (39), founder of Vu Technologies is the only woman in the list. The list was released by IIFL Wealth and Hurun India on October 13.
“The list represents the hottest rising stars in business from India. Some of who have fully or partly exited core businesses and are setting up investment funds backing other young entrepreneurs. This will have a compounding effect on the growth of disruptive entrepreneurship in the country,” said Anas Rahman Junaid, MD and Chief Researcher at Hurun India.
As per the list, the entrepreneurs cumulatively added a wealth of Rs 44,900 crore, registering an increase of 59 percent compared to last year.
Bengaluru is the city that houses the business headquarters the most individuals on the list – nine, followed by two each in Delhi and Gurugram.
Average age on the list is 37 and the youngest entrepreneur is Oyo Rooms’ Ritesh Agarwal (26). Logistics and Retail are the major contributors of wealth for entrepreneurs.
Shaji Kumar, Senior Managing Partner, IIFL Wealth Management said the list “captured the wealth creation taking place across the country.” Adding: “17 Indian-origin entrepreneurs, aged under 40, have together added wealth close to Rs 45,000 crore. Majority of them are disruptors in the digital space and we see them scaling their businesses with the right mix of technology and innovation.”
The list this year saw 827 individuals with wealth of Rs 1,000 crore and above – a three-fold increase compared to five years back. Of these, 627 increased their wealth including 161 new faces (76 percent self-made). Another 229 saw their wealth decrease, while 75 dropped out of the list and six passed away.
Self-made Indian entrepreneurs in the list are on the up at 64 percent, from 54 percent of the list five years ago; while 90 percent businesses in the list are family run, indicating the success of family run entrepreneurship in India.