1 min read.Updated: 13 Oct 2020, 02:38 PM IST Edited By J. Jagannath
With a wealth of ₹24,000 crore, Zerodha's Nithin Kamath (40) and Nikhil Kamath (34) top the 'IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020' list
With 9 individuals, Bengaluru is the most preferred city for these young wealth creators
IIFL Wealth and Hurun India on Wednesday released the "IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020", which shows the cumulative wealth of India's wealthiest self-made entrepreneurs under 40 rose 59% in the year 2020.
The list is a ranking of the self-made entrepreneurs with a wealth of ₹1,000 crore, aged forty years and under from India.
11 of the 12 startups covered in the list are, or have been unicorns, defined as startups with a valuation of more than $1 billion.
Here are the key findings of the report:
With a wealth of ₹24,000 crore, Zerodha's Nithin Kamath (40) and Nikhil Kamath (34) top the list, followed by Divyank Turakhia (38) who registered a net worth of ₹14,000 crore. The Kamaths co-founded the online trading platform Zerodha and grew it to become India’s largest stockbroker in terms of number of clients. Turakhia became a billionaire in 2016, after Media.net, a company that he founded in 2010, was sold for around $1 billion.
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 ₹20,000 crore in October 2019 to ₹52,500 crorein February 2020.
These self-made entrepreneurs aged 40 and under saw their cumulative growth rises by 59% in 2020 to ₹44,900 crore.
"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," says the report
2 from the list are located outside of India
Average age is 37 and the youngest is 26
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 ₹3,000 crore. With a wealth of ₹4,500 crore, Agarwal is the youngest in the list.