Wealth of these crorepatis increased by up to 218% in one year

New Delhi: The IIFL Wealth Hurun India Rich List 2019 was recently released and Mukesh Ambani topped the list again as the richest Indian with a wealth of over Rs 3.8 lakh crore. This list is a comprehensive ranking of Indian individuals by way of net worth. As per the list, a record-breaking 953 individuals have a minimum wealth of Rs 1,000 crore, up by 15 per cent or 122 individuals compared to last year.

Also, the number of individuals in the list has grown by 181 per cent since Hurun India Rich List 2016. Note that in addition to rupee depreciation last year, India Inc. faced an overall economic slowdown. Total 112 individuals were dropped from the IIFL Wealth Hurun India Rich List 2019 and 344 individuals registered a net drop in wealth compared to 2018. The number of US dollar billionaires in the list also dropped for the first time since the inception of Hurun India Rich List in 2012. 

However, despite the economic slowdown and some billionaires falling off the list, there are some billionaires whose wealth increased significantly in one year. The top three gainers in the IIFL Hurun India Rich list 2019 witnessed a wealth growth of 218 per cent. The other two gainers in the top five witnessed a wealth growth of 188 per cent and 133 per cent respectively. 

It may be noted that the average age of top five gainers in the IIFL Wealth Hurun India Rich List 2019 is 36 and all the richest self-made under 40 list are from the technology sector. 

Here's how much the wealth of top gainers increased:

1. Amod Malviya: Malviya co-founded Udaan, a network-centric B2B trade platform, designed specifically for small and medium businesses in India, in 2016. Malviya's wealth grew 218 per cent in the last one year to Rs 3,500 crore. The 38-year old entrepreneur is one of the richest people in India under 40.

Udaan brings traders, wholesalers, retailers and manufacturers in India on to a single platform. Udaan, the fastest Indian startup to achieve unicorn status, raised $585 million in its latest round of funding, valuing the online business-to-business marketplace at $2.5-3 billion.

2. Sujeet Kumar: Sujeet is the co-founder of Udaan. Operated by Hiveloop Technology Pvt. Ltd., Udaan was founded in 2016 by former Flipkart employees Sujeet Kumar, Amod Malviya and Vaibhav Gupta. Malviya was the chief technology officer at Flipkart, while Kumar headed the homegrown e-commerce major’s WS Retail, and Gupta was the senior vice-president, finance. In the last one year, 39-year-old Sujeet's wealth has also grown by 218 per cent to Rs 3,500 crore.

Udaan, co-founded by former Flipkart executives Amod Malviya, Sujeet Kumar, and Vaibhav Gupta fared a 218 per cent increase in valuation on account of strong investor interest in B2B e-commerce and topped the biggest gainer list in IIFL Wealth Hurun India Rich List 2019. 

3. Vaibhav Gupta: IIT-Delhi alumnus Gupta is an MBA-degree holder from the University of Virginia. He joined Flipkart in 2011 as the VP, Products, after working at McKinsey for three years. Vaibhav is credited for building Flipkart’s business, finance, and analytics. He left as senior VP in 2015-16 fiscal, when he was reportedly earning Rs 8.6 crore. He co-founded Udaan with Amod Malviya and Sujeet Kumar. His wealth has also grown by 218 per cent to Rs 3,500 crore.

(Left to Right: Amod Malviya, Vaibhav Gupta and Sujeet Kumar)

4. Ritesh Agarwal: Ritesh Agarwal, 25, is the youngest self-made Indian entrepreneur under 40 with a net worth of Rs 7,500 crore. In an unprecedented move, founder of Oravel Stays, Agarwal is planning to buy back shares at a valuation USD 10 billion. Agarwal reported a 188 per cent increase in wealth this year. His current wealth is Rs 7,500 crore, according to the IIFL Hurun India Rich List 2019.

OYO Rooms founder Ritesh Agarwal is also the CEO of OYO Rooms. Ritesh was born in November 1993 in Bissam Cuttack, Odisha. At the age of 13, he started selling SIM cards and launched OYO Rooms in May 2013. He is one of the youngest entrepreneurs to be featured in the India rich list.

(Byju Raveendran)

5. Byju Raveendran:  Byju Raveendran (41), founder of Think & Learn, retained his spot in the top five biggest gainers for the second consecutive year. In March this year, BYJU's was the world’s most valued edutech company at $5.4 billion (Rs 37,000 crore). Byju Raveendran is also one of the richest, youngest entrepreneurs in the country. His wealth grew by 133 per cent to Rs 7,700 crore in one year.