Startup founders sparkle in Hurun rich list

NEW DELHI/BENGALURU : One hundred startup founders including Alakh Pandey and Prateek Maheshwari of Physics Wallah, Byju Raveendran and family and Falguni Nayar and family of Nykaa appear in the latest IIFL Wealth Hurun India Rich List, which includes people with net worth of at least 1,000 crores. Of the 100, 65 are founders of 37 unicorns.

The youngest on the list is Kaivalya Vohra, the 19-year-old co-founder of instant food app Zepto.

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A total of 13 people born in the 1990s made the list, including Aadit Palicha, the 20-year-old co-founder of Zepto. However, the average age of the people on this list was 63. The entire net worth list is 1,103 people.

Nykaas Managing Director Nayar, with a wealth of 38,700 crore, passed Biocon Executive Chairperson Kiran Mazumdar-Shaw to become the richest self-made Indian woman. Shaw’s fortune stands by 24,800 crore, the report added.

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Nayar is also the second-biggest gainer this year, with assets up 345%, behind Ravi Modi of Vedant Fashions (Manyavar and Mohey), whose assets have grown 376% 32,400 crores. Both Nykaa and Vedant Fashions have been listed on the stock exchange in the last 12 months.

“India has the third highest number of unicorns and gazelles (fast growing companies with base sales of $100,000 or more) in the world. The IIFL Wealth Hurun India Rich List 2022 has 100 participants from 59 startups and in the future the proportion of startups is likely to increase many times over. This has resulted in more young entrepreneurs being included in the IIFL Wealth Hurun India Rich List. For example, ten years ago the youngest was 37, last year 23 and this year 19,” said Anas Rahman Junaid, executive director and chief researcher of Hurun India.

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Other unicorn founders on the list include Zeta’s Bhavin Turakhia; Zerodhas Nithin Kamath and family and Nikhil Kamath; Ashwin Damera of Eruditus; BrowserStack’s Nakul Aggarwal and Ritesh Arora; Ashish Mohapatra and Ruchi Kalra from Ofbusiness.

Among the investors on the list are Sanjeev Bikhchandani of Info Edge India, Ronnie Screwvala, co-founder of Unilazer Ventures and Upgrad, Vinod Khosla of Khosla Ventures, Hemendra Kothari of DSP BlackRock and his family.

The cumulative wealth of the 100 startup founders helped 5.06 trillion, while their median age was 40, according to the report jointly released by Hurun India and IIFL Wealth.

From the fintech space, the list saw several entries including Cred’s Kunal Shah; Raghu Nathan Kumar, Ravi Chandran Kumar, Shrinivas Vishwanath and Kavitha Subramanian from Upstox; and Anurag Sinha from OneCard.

Most Unicorn founders declined to comment.

“It’s just paper wealth. It doesn’t matter,” said Maheshwari, co-founder of Physics Wallah.

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Other industry cohorts also dominated the list.

There were 126 people from the pharmaceutical sector on the list, led by the founder of Covishield vaccine maker Serum Institute of India, Cyrus Poonawalla.

The chemical and petrochemical sector contributed 102 people, 84 people from the software and services segment. The chemical industry recorded the most new entrants this year.

A total of 1,103 people in 122 cities made it onto the list, 96 more than in the previous year. A total of 735 entrepreneurs, or 67% of those on the list, are self-made businesses, up from 659 last year and 367 five years ago.

The list was topped by Gautam Adani and family with a combined fortune of 10.94 trillion followed by Mukesh Ambani and family at 7.94 trillion.

With 283 people, Mumbai hosts the most affluent Indians, followed by New Delhi and Bengaluru with 185 and 89 respectively.

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