On October 13, IIFL Wealth and Hurun India released the “IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020”.
Basically, this list shows the cumulative wealth of India’s wealthiest self-made entrepreneurs under 40.
As we all know, the Covid-19 pandemic has severely affected the hospitality businesses and temporarily applied breaks to Oyo’s business with a decline in wealth of Ritesh Agarwal by 40% or Rs 3000 crore.
Still, with a wealth of Rs 4,500 crore, Ritesh Agarwal is the youngest in the list at 26 while Average age in the list reported at 37.
IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020
According to these findings, the cumulative wealth of India’s wealthiest self-made entrepreneurs under 40 grew to 59% in the year 2020.
In simple words, this list shows a ranking of the self-made entrepreneurs with a wealth of Rs 1,000 crore, aged forty years and under belongs to India.
Interestingly, 11 of the 12 startups presented in the list are, or have been unicorns, defined as startups with a valuation of more than $1 billion.
The Zerodha Co-founders Nithin Kamath (40) and Nikhil Kamath (34) aced the IIFL Wealth Hurun India 40 & under Self-Made Rich List 2020 with the recorded wealth of Rs 24,000 crore.
While the second place is graced by Media.net’s Divyank Turakhia (38) with net worth of Rs 14,000 crore.
The entrepreneurs present in the list saw their cumulative growth rises by 59% in 2020 to Rs 44,900 crore.
What Are The Key Findings Of This Report?
- In the list, OYO’s Ritesh Agarwal and Vu Technologies’ Devita Saraf are the only entrepreneurs who witnessed a 40 per cent and 33 per cent fall in their net worth respectively.
- Women’s are not far behind as the founder of Vu Technologies, Devita Saraf (39), is the only woman in the list.
- Amod Malviya(39) and the co-founders Sujeet Kumar(40) and Vaibhav Gupta(40) gained the third position on the back of strong investor interest in Udaan, as their wealth increased by 274 %.
- They have achieved this for the second consecutive year, becoming the biggest wealth gainers in IIFL Wealth Hurun India Rich List 2020.
- Bengaluru has become the most preferred city for Business HQ for these young wealth creators with 9 individuals in the list, followed by Gurugram/New Delhi, with 2 each.