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
November 21,2024

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After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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News Network
November 15,2024

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Union minister Amit Shah on Friday, November 15, said PM Narendra Modi will amend the Waqf Act despite opposition from leaders like Uddhav Thackeray and Sharad Pawar.

"Modi ji wants to change the Waqf Board law, but Uddhav ji, Sharad Pawar and Supriya Sule are opposing it," Shah said, addressing a rally at Umarkhed in Maharashtra's Yavatmal district.

"Uddhav ji, listen carefully, you all can protest as much as you want, but Modi ji will amend the Waqf Act," he said. Shah said there are two camps in the November 20 Maharashtra assembly polls, one of 'Pandavas' represented by the BJP-led Mahayuti and the other of 'Kauravas' represented by Maha Vikas Aghadi.

"Uddhav Thackeray claims that his Shiv Sena is the real one. Can the real Shiv Sena go against renaming Aurangabad to Sambhajinagar? Can the real Shiv Sena go against renaming Ahmednagar to Ahilyanagar? The real Shiv Sena stands with the BJP," Shah said.

"Rahul Baba used to say that his government would credit money in the accounts of the people instantly. You were unable to fulfil your promises in Himachal, Karnataka, and Telangana," he said.

Shah said the Mahayuti alliance has promised that women will get Rs 2,100 per month under the Ladki Bahin Yojana. "Kashmir is an integral part of India and no power in the world can snatch it away from us," Shah said.

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News Network
November 25,2024

Udupi: Six junior artists from the prequel of Kannada blockbuster film ‘Kantara’ were injured, when the bus they were travelling in overturned in the district, police said on Monday.

According to police, the accident occurred near Jadkal on Sunday night when the mini-bus carrying the crew of the film overturned.

“The incident happened while they were returning to Kollur after completing the shoot at Mudoor in Jadkal. The mini-bus was carrying 20 junior artistes when it met with the accident,” a police officer said.

The injured were rushed to hospitals in Jadkal and Kundapur for treatment, they said.

The Kollur police are investigating the matter.

"The news making rounds is completely false. The Kantara: Chapter 1 team began shooting at 06:00 AM today, and everything is proceeding as normal. A minor accident occurred 20 kilometres away from the shooting location, involving a local bus carrying some members of the Kantara team. However, no injuries were reported," a source close to the production said.

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