Bengaluru startups gave birth to most of India’s young billionaires in India

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Bengaluru, India’s start-up capital, now also holds the distinction of being home to the most number of billionaires aged under 40. Hurun India Rich List 2019 has released a list of top 17 self-made entrepreneurs out of which a majority of 10 are from Bengaluru alone. While Mumbai registered the most number of billionaires across ages, Bengaluru, led by Zerodha’s Nithin Kamath and Flipkart co-founder Sachin Bansal, became the millennial billionaire’s hub.

Bengaluru’s richest startup founders:

1) The richest in the young billionaires list from Bengaluru is Nithin Kamath, founder and CEO of discount brokerage startup Zerodha. He is just 39-year-old and his net worth has been estimated to be 6,600 crore. Founded in 2010, Zerodha now contributes to almost 15% of the Indian retail trading volume and is India’s largest retail stockbroker with a customer base of more than 1.5 million.

2) Flipkart co-founders Sachin Bansal ( 6,100 crore) and Binny Bansal ( 5,500 crore) are next on the rich list. Both had left their cushy jobs at Amazon to build India’s largest e-commerce site and most valued start-up Flipkart. Last year, Walmart had bought a 77% stake in Flipkart for $16 billion.

Sachin Bansal had sold his 5.5-6% stake for roughly $1 billion. Binny’s stake, on the other hand, was estimated to be worth $700-800 million in Flipkart last year. Since then, he has been offloading his stake in tranches to other investors.

4) Online tutoring app BYJU’s co-founder Riju Ravindran’s wealth has been estimated to be 3,600 crore. The Bengaluru-based startup, a unit of Think & Learn Pvt Ltd, was valued around $5.5 billion in July.

5) Former Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta, who propelled online B2B marketplace Udaan to the fastest Indian startup to achieve unicorn status, are also among Bengaluru’s richest club under 40. Their net worth has been estimated to be 3,500 crore each. Their startup is now valued at $2.5-3 billion.

6) The net worth of 34-year-old Bhavish Aggarwal, who runs the popular ride-hailing service Ola, is estimated to be 3,100 crore. The IIT-Bombay BTech engineer left his lucrative job at Microsoft after working for two years to launch his own company ANI Technologies in 2010, which has quickly grown to be India’s most valued startups.

7) All self-made entrepreneurs under 40 from the IIFL Wealth Hurun India Rich List 2019 derive their wealth from technology-based ventures. With a combined net worth of 40,000 crore, the average age of these self-made billionaires under 40 is 35. Their average wealth is 4,200 crore.

8) The youngest self-made entrepreneur under 40 is 25-year-old Ritesh Agarwal of Oyo Rooms, with a net worth of 7,500 crore. The wealthiest in the young billionaire’s list, however, is Divyank Turakhia (37) of Media.net. He is based out of Dubai.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.