21 and 22 year-old boys top 2024 Hurun India Rich List of youngest entrepreneurs. Net worth: ₹ 3,600 cr and ₹ 4,300 cr respectively

News Network
August 29, 2024

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21-year-old Kaivalya Vohra and 22-year-old Aadit Palicha of quick-commerce startup Zepto with net worth of Rs 3,600 crore and Rs 4,300 crore respectively have topped the 2024 Hurun India Rich List showcasing the youngest entrepreneurs in the country. 

The list, released on Thursday, had SG Finserve’s Rohan Gupta & Family, 25, on the third spot with a wealth of Rs 1,300 crore followed by 26-year-old Shasvat Nakrani of BharatPe (Rs 1,300 crore). 

OYO’s Ritesh Agarwal, 30, with a net worth of Rs 1,900 core; Alakh Pandey, 32, of Physics Wallah with Rs 4,500 crore in wealth were also on the list. Razorpay’s Harshil Mathur and Shashank Kumar, both 33, were the richest in the ‘Hurun India Rich List – Youngest’ with each having a net worth of Rs 8,700 crore. 

“These individuals are driving change across various industries, reflecting the growing impact of India’s youth in business,” the report said. 

52 entrepreneurs on this year’s list were founders of 29 unicorns and two founders of gazelles, defined as most likely to ‘go unicorn’ within two years. Moreover, the cumulative wealth of Indian unicorn and gazelle listers on the rich list increased by 5 per cent to Rs 2.85 lakh crore. 

Meanwhile, this year’s list reported India’s billionaire count hitting 334, topped by Gautam Adani and family with 95 per cent growth in wealth to Rs 11.6 lakh crore followed by Rs 10.14 lakh crore net worth of Mukesh Ambani and family, Rs 3.14 lakh crore of Shiv Nadar and family, Rs 2.89 lakh crore of Cyrus S Poonawalla and family, and Rs 2.49 lakh crore of Sun Pharmaceutical Industries’ Dilip Sanghvi. 

“India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India. 

The list found 1,539 individuals across 134 cities with a net worth of Rs 1,000 crore. The cumulative wealth of individuals, according to the list, jumped by 46 per cent. Moreover, 1,334 individuals saw their wealth increase or stay the same, of which 272 are new entrants, while 205 recorded a drop in their wealth. 

The report said India minted a new billionaire every five days last year.

Sector-wise, industrial products had 142 individuals from the list while pharmaceuticals had 136 individuals. Chemicals, software, and real estate were other top sectors with 127, 105, and 91 rich individuals from this year’s list. 

“The pivot in the Indian economy from a services-led to a manufacturing-led model is reflected in the 2024 Hurun India Rich List. Industrial products sector entrepreneurs on the list have seen a remarkable 47% CAGR in their cumulative wealth over the past five years—the highest among all sectors,” said Junaid. 

This shift, he said, is fueled by several key factors, including the central government’s significant increase in capital expenditure on infrastructure development, which has risen to $133.3 billion for FY2024-25, marking an 11.1 per cent jump from the previous year.  

“Additionally, India attracted substantial foreign direct investment (FDI), with total inflows reaching US$17.96 billion in FY2023-24.” 

Mumbai with 386 individuals followed by New Delhi with 217 individuals were home to rich listers this year. Bengaluru (100), Chennai (82), Kolkata (69) were other top cities.

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News Network
September 13,2024

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In a huge relief for Delhi Chief Minister Arvind Kejriwal ahead of the Haryana elections, the Supreme Court has granted him bail in the Delhi excise policy case. The AAP chief will now be released from jail, six months after his arrest by the Enforcement Directorate on March 21. He was subsequently arrested by the CBI in June.

Here are some of the Supreme Court's key quotes:

•    Perception also matters and CBI must dispel the notion of being a caged parrot and must show it is an uncaged parrot. CBI should be like Caesar's wife, above suspicion. 

•    "No impediment in arresting person already in custody. We have noted that CBI in their application recorded reasons as to why they deemed necessary. There is no violation of Section 41A (3) of Code of Criminal Procedure," said Justice Surya Kant.

•    Justice Ujjal Bhuyan, however, noted, "CBI did not feel the need to arrest him (Mr Kejriwal) even though he was interrogated in March 2023 and it was only after his ED arrest was stayed that CBI became active and sought custody of Mr Kejriwal, and thus felt no need of arrest for over 22 months. Such action by the CBI raises serious question on the timing of the arrest and such an arrest by CBI was only to frustrate the bail granted in ED case."

•    Submission of additional solicitor general cannot be accepted that appellant has to first approach trial court for grant of bail. Process of trial should not end up becoming a punishment. Belated arrest by CBI is not justified.

•    Regarding building a public narrative of a case... Arvind Kejriwal shall not make any public comments about this case and be present for all hearings before trial court unless exempted.

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News Network
September 16,2024

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Mangaluru: Police have arrested five miscreants belonging to saffron outfits for pelting stones at a masjid at Katipalla near Surathkal on the outskirts of the city last night. 

The arrested have been identified as Bharat, Chennappa, Nitin, Manu and Sujit all residents of Surathkal and surrounding areas. Among them, Bharat is said to be a rowdy sheeter. 

The miscreants, who came on two motorbikes late on Sunday night, pelted stones at Masjidul Huda, located at 3rd block of Katipalla on the eve of Miladunnabi.  

Confirming the incident, City Police Commissioner Anupam Agrawal said that investigation is in progress and a case has been registered at Surathkal police station.

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News Network
September 18,2024

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Thousands of members of the Lebanese resistance movement Hezbollah as well as civilians have been killed or wounded after wireless communication devices, known as pagers, exploded in different locations across the country on Tuesday, September 17. 

In its latest update, the Lebanese health ministry said at least nine people have been killed and 2,800 others wounded in the explosions that were first reported in the southern suburbs of Beirut. 

"Patients are being transferred to different governorates in Lebanon as hospitals in southern Lebanon have exceeded their capacity," the ministry stated.

Among those killed are a 9-year-old girl and son of a lawmaker affiliated with Hezbollah, Press TV correspondent in Beirut Mariam Saleh said in a report from the Lebanese capital.

The little girl has been identified as Fatima Jafar Abdullah while the young man is Mahdi Ammar, son of 'Loyalty to the Resistance' bloc MP Ali Ammar.

Iran’s ambassador to Lebanon, Mojtaba Amani, is also among the injured. His wife took to X, formerly Twitter, to confirm his injury in the pager explosion but said his condition was stable. 

Saleh said certain people who were carrying pagers noticed them heating up before the explosions took place, adding that Israelis are on a state of high alert, expecting a response from Hezbollah.

Based on preliminary investigation, officials were quoted as saying that the blasts appear to have been caused by a remote cyber attack orchestrated by the Israeli regime amid heightened tensions.

Footage shared on social media showed the wounded being taken to hospitals in Beirut and southern Lebanon. Many were seen assembling in front of hospitals and health centers to assist the injured.

In its latest statement, Hezbollah said after examining all facts and available information about the attacks that they hold the Israeli regime "fully responsible for this criminal aggression that also targeted civilians and led to the martyrdom of several people and the injury of many others."

"Our martyrs and wounded are the symbol of our struggle and sacrifices on the road to Al-Quds, in victory for our honorable people in the Gaza Strip and the West Bank and continuous field support.

"Our position of victory, support and backing for the valiant Palestinian resistance will remain a source of pride and honor for us in this world and the hereafter.

"The treacherous and criminal enemy will certainly receive its punishment for this sinful aggression," read the statement.

In its earlier statement, Hezbollah said at least three people, including a girl, had been killed in the pager explosions and many others sustained injuries.

The movement said relevant authorities were conducting security and scientific investigations to determine the causes of these simultaneous explosions.

The Lebanese health ministry has asked all its medical workers in Beirut and southern Lebanon to remain on alert and respond to all emergency medical cases.

The ministry has also urged all pager owners to dispose of their devices with immediate effect. 

Lebanon’s Minister of Health, Firas Abiad, earlier said the number of injured was in the “hundreds” and there were some fatalities from the explosions.

There has been no immediate comment from the Israeli military on Tuesday's attacks although some reports suggest that the regime officials have been advised to remain tight-lipped about it.

Israel has been regularly exchanging fire with Hezbollah since last October, shortly after the regime launched its genocidal war on Gaza after the Hamas resistance group carried out Operation Al-Aqsa Storm in retaliation for the relentless atrocities against the Palestinian people.

Experts believe the Israeli regime, after being militarily defeated, is resorting to desperate attacks against ordinary people in both Lebanon and Gaza, which will only hasten its demise. 

More than 41,200 Palestinians have been killed by the occupying regime in the besieged Gaza Strip in the past 11 months, most of them children and women. 

Condemnations have started pouring in against Tuesday's mass pager explosions in Lebanon, with Palestinian resistance groups as well as Yemen's Ansarullah strongly condemning it.

In a phone call with his Lebanese counterpart, Iranian Foreign Minister Abbas Araghchi strongly condemned the Israeli terrorist attack targeting the Lebanese people.

He also expressed condolences to Lebanon and said Iran is ready to assist in treating the wounded or transferring them to Tehran.

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