- Besides Ritesh, Vu Technologies’ Devita Saraf also witnessed a 33% fall in her net worth.
- The List had online stock trading company Zeordha’s founders Nithin and Nikhil Kamath on the top.
OYO’s Ritesh Agarwal wealth drops Rs 3,000 crore to Rs 4,500 crore as the Covid-19 pandemic has taken a toll on the hospitality business, according to the IIFL Wealth and Hurun India’s Self-Made Rich List 2020 of entrepreneurs under 40 released on Tuesday.
Besides Ritesh, Vu Technologies’ Devita Saraf also witnessed a 33% fall in her net worth. Saraf, 39, with the current net worth of Rs 1,200 crore was the only woman in the list.
Ritesh Agarwal and Devita Saraf were the only entrepreneurs in the list of 16 self-made richest founders who witnessed a fall in their net worth.
The 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.
The List had online stock trading company Zeordha’s founders Nithin and Nikhil Kamath on the top with a 58% increase in wealth from last year to Rs 24,000 crore.
“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 a 59% jump vis-a-vis last year.
Following Kamath brothers, adtech company Media.net founder Divyank Turakhia was the 2nd richest on the list with a net worth of Rs 14,000 crore – up 8% from last year. Third on the list was B2B marketplace Udaan’s Amod Malviya, Sujeet Kumar, and Vaibhav Gupta each witnessing 274% 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
- 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
- Swiggy’s Sriharsha Majety – Rs 1,400 crore
Anas Rahman Junaid, MD & Chief Researcher, Hurun India, said, “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.”
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 a 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.