If the ninth edition of the Hurun India Rich List is anything to go by, technology entrepreneurs are driving new wealth development in the region.
The wealth index released in conjunction with IIFL Wealth by Hurun India reported that in the past year, Udaan founders have been India’s largest wealth gainers.
As the $7.5 billion B2B e-commerce marketplace went from strength to strength, Sujeet Kumar, Amod Malviya and Vaibhav Gupta increased their respective net worths by a huge 274 percent to Rs 13,100 crore.
After Paytm, BYJU ‘S, and OYO, Udaan is India’s fourth-most valuable startup and was also part of the Global Unicorn Index for Hurun. The latest entrants to the Top 100 of the Hurun India Rich List 2020 are all three co-founders.
Dinesh Agarwal and Brijesh Agarwal, the creators of IndiaMart, were among the top 10 winners, rising their fortunes by 177% and 150%, respectively.
Anas Rahman Junaid, Hurun India ‘s Founder and MD, said,
“The emergence of new wealth creators from start-ups and tech-led companies has been one of the major trends this year. In the next five years , we expect 30-40% of the rich list to be dominated by them … If you look at IPL, most sponsors have been conventional companies in the last five years . Today, the sponsors are mainly new-age tech companies such as Paytm, CRED, and others.”
He added that much of the financial services sector’s added wealth was powered by fintech startups such as Paytm, Zerodha, and others.
In reality, 91 places were climbed by Zerodha founder Nithin Kamath to join the Top 100 Indian billionaires list. With a fortune of Rs 16,900 crore, he is ranked at 64.
Meanwhile, the founder of BYJU, Byju Raveendran, also a new Top 100 entrant, won 56 spots on the chart. With a wealth of Rs 20,400 crore, he is ranked at 52.
They are followed by Vijay Shekhar Sharma, founder of Paytm, who is ranked 44 with a net worth of Rs 23,000 crore. With a rank of 74 and a wealth of Rs 14,000 crore, Media.net’s Divyank Turakhia also featured in the Top 100.
The youngest to appear on the list is OYO founder Ritesh Agarwal. With a net worth of Rs 4,500 crore, he is ranked 250th.
Sachin Bansal and Binny Bansal, founders of Flipkart, ranked 167th, with fortunes of Rs 7,500 crore each, and Ashok Soota, founder of Happiest Minds, who debuted on the list at 282nd after the stellar IPO of his company. At Rs 3,700 crore, his wealth stands.
In 2020, India has USD 179 billionaires on the list, up 13 percent from last year. 64 percent of the overall wealth earned was reflected by the Top 100 billionaires.
Hurun India reported that the country is also the third largest “billionaire producing factory” in the world after the US and China. Mumbai was the home of the largest number (217) of billionaires in terms of distribution, followed by Delhi (128) and Bengaluru (67).
For the ninth consecutive year, Reliance Chairman Mukesh Ambani topped the list. His net worth stands at Rs 6.59 lakh crore, rising in the past 12 months by 73 percent , making him the richest person in Asia and the fourth richest person in the world.
The top three wealth-creator sectors were pharmaceuticals, petrochemicals, and software services, accounting for 27 percent of the overall list.
The accumulated value of the list has risen by $140 billion from 2019 to cross $821 billion (Rs 60 lakh crore) in 2020, considering the current pandemic.
Hinduja Brothers (Hinduja Group), Shiv Nadar (HCL), Gautam Adani (Adani Group), Azim Premji (Wipro), Cyrus Poonawalla (India’s Serum Institute), Radhakishan Damani (Avenue Supermarts), Uday Kotak (Kotak Mahindra Bank), Dilip Shanghvi (Sun Pharma), Cyrus Mistry, and Shapoorji Pallonji (Shapoorji Pallonji) were also among the top 10.