Business News Startups

Hurun’s list of the wealthy puts Paytm founder at the top of under 40 businessmen

one97 communications
Share on Facebook
Tweet about this on TwitterShare on Google+Share on StumbleUponShare on LinkedInPin on PinterestShare on Reddit

The flow of money may take place in multiple directions on his platform, but as far as Paytm CEO Vijay Shekhar Sharma’s personal wealth is concerned, money only seems to be coming in. The last year was pretty kind to Sharma, who has now become the richest entrepreneur under 40 in Hurun’s India rich list for 2016.

The Paytm founder is now worth around a massive Rs 7,300 crore, up from Rs 2,824 crore only a year earlier. This means that in less than a year, his assets increased by nearly 162 percent, propelling him to the top of the under 40 list.

The major reason behind this surge of wealth is pretty apparent. Paytm, of which Sharma is the founder as well as the CEO, has recently raised several huge investments from Alibaba and others. All these funding rounds have increased Paytm’s valuation, consequently increasing the value of Sharma’s assets.

As such, Sharma, who holds a 21 percent stake in the company, is bound to reap the benefits. And he may just be about to get even richer as Paytm gears up to raise yet another $300 million round with a valuation of $5 Billion.

After Sharma, we have the siblings who own Divis Laboratories. At the second spot Nilima Motaparti from the pharmaceutical major, whose wealth is estimated at Rs 7,100 crore. Her brother, Divi Satchandra Kiran, also of Divis Labs is firmly entrenched in the third spot.

In case you have been wondering about them, yes, the founders of India’s blue eyed e-commerce startup Flipkart, Sachin and Binny Bansal are among the top 5. Although Flipkart’s recent trouble appears to have affected them as well and has brought their wealth down to Rs 5,400 crore each, from Rs 9,010 crore each in last year’s Hurun list.

Speaking on the topic, Anas Rahman Junaid, MD-India of Hurun Report said that the waning in assets was not particular to Flipkart alone but was brought about by a reduced investor interest in e-commerce and online businesses, which in turn led to reduced valuations of e-commerce unicorns in 2016. Flipkart being the largest of these firms, bore the brunt of the loss in interest and had its valuation reduced from around $15 billion to somewhere in the neighborhood of $10 Billion.

The youngest in the under 40 list is Bhavish Aggarwal, Co-founder of Ola, who at just 30, is already worth Rs 3,000 crore, up from Rs 2,385 crore in last year’s list. Strangely enough, Ola Co-founder Ankit Bhati, whose wealth was exactly the same as Aggarwal’s last year, is no longer in the list, which considers those with assets worth Rs 1,600 crore and more. Well, seems like a few bad decisions could have led to this.

Meanwhile, the overall Hurun list is led by Mukesh Ambani of Reliance with a staggering Rs 1.63 lakh crore worth of assets. He is followed by Dilip Sanghvi of Sun Pharma, Pallonji Mistry of Shapoorji Pallonji, SP Hinduja & family of the Hinduja Group, and Cyrus Poonawalla of vaccine manufacturer Serum Institute. Meanwhile, Sharma is ranked at the 103rd spot on this list, meaning that the Indian entrepreneurs still have a long way to go before they can take upon the well established giants in terms of properties and assets.

A bibliophile and a business enthusiast.

[email protected]

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *