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With a combined net worth of 40,000 CR, all of India's self-made entrepreneurs under 40 built their businesses from technology-based ventures- their net worth as revealed by the 2019 IIFL Wealth Hurun list
MUMBAI, Dec. 17, 2019 /PRNewswire/ -- The IIFL Wealth Hurun India Rich List 2019 which promotes the success stories of entrepreneurs who have created wealth transparently listed all self-made entrepreneurs under 40. Similar to their global counterparts, Indian tech moguls loom large. All self-made entrepreneurs from the IIFL Wealth Hurun India Rich List 2019 built technology-based ventures. Unlike billionaires on global lists which include heirs and heiresses, the young billionaires on the list are self-made. Rapid advancements in technology enabled the 'millennial entrepreneur' such as Ritesh Agarwal from Oyo hotel chain and Nikhil Kamath from Zerodah/True Beacon.
While Mumbai registered the most billionaires amongst all ages, Bengaluru was the millennial billionaire's capital.
City of residence
The figures are taken from IIFL WEALTH/HURUN
Ritesh Agarwal's earned his wealth through Oyo hotel chain- the world's third-largest and fastest-growing hospitality chain of leased and franchised hotels, homes and living spaces. The only brothers on the list are Nithin Kamath and Nikhil Kamath who built Zerodha, which is India's largest retail stockbroker. They recently launched True Beacon - a global ecosystem of proprietary investment products, capital markets services and value-additional programs such as ultra-high net worth investor connectivity, philanthropic strategy and forging new strategic partnerships globally for UHNIs. Divyank Turakhia founded Media.net in 2010 which went on to become one among the top 5 largest online advertising businesses in the world. In 2016, he sold Media.net in an all-cash deal, the third largest acquisition transaction in the online advertising industry across the globe.
The youngest self-made entrepreneur under 40 is Ritesh Agarwal (25) of Oyo Rooms, with a net worth of INR 7,500 crore, followed by Nikhil Kamath (33) of Zerodha/True Beacon with a net worth of INR 4,400 crore. Bhavish Agarwal (34) of Ola comes in third with a net worth of 3100 crores.
Hurun Report India which is indicative of a robust and diverse economy and thriving entrepreneurship in India, attributes a conducive market environment, ease of access to institutional capital a beneficial risk-reward scenario and the presence of young entrepreneurial leaders as critical drivers for growing the numbers added to the rich list every year. Rapid advancements in technology have also enabled the 'millennial entrepreneur' to show great enthusiasm towards this new economic culture.
About True Beacon:
True Beacon is an ecosystem of proprietary investment products, capital markets services and value-additional programs focused on India's public and private markets. With the market's most client-aligned fee model, technology-enabled transparency and focus on strategic value creation such as philanthropic and next-generation business leadership expertise, True Beacon is an innovative addition to India's asset management industry.