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 per cent or Rs 3,000 crore, according to Hurun India.
Majority of India’s young internet entrepreneurs, who dominated the under-40 list of richest self-made entrepreneurs with a minimum net worth of Rs 1,000 crore, have seen their wealth go up this year amid the Covid pandemic and economic downturn. IIFL Wealth and Hurun India’s Self-Made Rich List 2020 of entrepreneurs under 40 on Tuesday had online stock trading company Zeordha’s founders Nithin and Nikhil Kamath on the top with a 58 per cent increase in wealth from last year to Rs 24,000 crore. OYO’s Ritesh Agarwal ranked ninth richest and Vu Technologies’ Devita Saraf placed at 16 were the only entrepreneurs in the list of 16 self-made richest founders who witnessed a 40 per cent and 33 per cent fall in their net worth respectively. Saraf, 39, with the current net worth of Rs 1,200 crore was the only women in the list.
“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 per cent or Rs 3,000 crore. With a wealth of Rs 4,500 crore, Agarwal is the youngest in the list,” Hurun India said in a statement. The under-40 list, which followed on from the IIFL Wealth Hurun India Rich List 2020 released last month, had entrepreneurs cumulatively adding Rs 44,900 crore in wealth with 59 per cent jump vis-a-vis last year.
Following Kamath brothers, adtech company Media.net founder Divyank Turakhia was the second richest on the list with a net worth of Rs 14,000 crore – up 8 per cent from last year. Third on the list was B2B marketplace Udaan’s Amod Malviya, Sujeet Kumar, and Vaibhav Gupta each witnessing 274 per cent jump from last year in net worth to Rs 13,100 crore this year. Others in the list were Byju Raveendran’s brother Riju Raveendran (Rs 7,800 crore net worth), Binny Bansal (Rs 7,500 crore), Sachin Bansal (Rs 7,500 crore), Ola’s Bhavish Aggarwal (Rs 3,500 crore), Rivigo’s Deepak Garg (Rs 3,200 crore), Improbable Worlds’ Herman Narula (Rs 2,900 crore), Zomato’s Deepinder Goyal (Rs 2,200 crore), Ola’s Ankit Bhati (Rs 1,600 crore), and Swiggy’s Sriharsha Majety (Rs 1,400 crore).
“Some of them have fully or partly exited their core businesses and are setting up investment funds and backing other young entrepreneurs. This will have a compounding effect on the growth of disruptive entrepreneurship in India,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
Hurun India rich list 2020, which was out last month, had Reliance Chairman Mukesh Ambani who continued to top the list for the ninth year in a row out of the 827 Indians, having net worth of Rs 1,000 crore and above, who were featured in the list. Ambani’s current net worth as per Bloomberg Billionaire Index is $86 billion (Rs 6.31 lakh crore). Hinduja Brothers and HCL’s Shiv Nadar & Family were the second and third richest Indians with a net worth of Rs 1,43,700 crore and Rs 1,41,700 crore respectively.