Radhakishan Damani, the founder of Avenue Supermarts, which operates the popular DMart retail chain, remains the leading self-made entrepreneur in India, with a valuation of Rs 3.4 lakh crore, representing a 44% increase from the previous year, as stated in the second edition of “India’s Top 200 Self-made Entrepreneurs of the Millennia 2024,” published by IDFC FIRST Private and Hurun India.
This list highlights entrepreneurs who have established the most valuable companies since the beginning of the millennium. Damani’s flagship business continues to dominate India’s retail landscape.
The ranking is based on the value of the enterprises created by the founders rather than their personal net worth. In the second position is Deepinder Goyal, the founder of Zomato, whose food delivery platform has soared to a valuation of Rs 2.5 lakh crore, reflecting an impressive 190% increase.
Sriharsha Majety and Nandan Reddy, co-founders of Swiggy, complete the top three, with their company reaching a valuation of Rs 1 lakh crore, a 52% growth. Swiggy has rapidly expanded since its inception in 2014 and remains a key player in quick-commerce. The latest list sees significant changes, with new entrants making impressive strides.
Deep Kalra and Rajesh Magow, co-founders of MakeMyTrip, enter the top 10 at fourth place with a valuation of Rs 99,300 crore, representing a remarkable 168% increase. Meanwhile, Yashish Dahiya and Alok Bansal, founders of PolicyBazaar, also break into the top 10, with their online insurance marketplace valued at Rs 78,600 crore, reflecting a 128% rise from last year.
With a valuation of Rs 64,800 crore, Zerodha, a leading discount brokerage firm in India, ranks eighth, while Harshil Mathur and Shashank Kumar, co-founders of Razorpay, come in ninth. Falguni Nayar, founder of Nykaa, secures the 10th spot with a 30% increase in valuation, making her the highest-ranked woman entrepreneur on the list.
Nykaa’s online beauty and wellness platform has emerged as a significant player in the e-commerce sector, featuring over 1,000 brands and achieving a valuation of Rs 56,600 crore. The 2024 edition of the list also underscores the success of younger entrepreneurs.
Kaivalya Vohra, co-founder of Zepto, has made headlines at just 21 years old, with an impressive 259% increase in company valuation, now standing at Rs 41,800 crore. His co-founder, Aadit Palicha, also joins the ranks, showcasing the growth of the quick-commerce industry in India. Overall, the 200 entrepreneurs featured in the list have collectively built companies valued at Rs 36 lakh crore (approximately US$431 billion), marking a 20% rise from the previous year.
These entrepreneurs employ around one million individuals and are at the forefront of innovation across various sectors such as retail, healthcare, fintech, and online services. Geographically, Bengaluru leads as the primary hub for these self-made entrepreneurs, hosting 66 companies, followed by Mumbai with 36 and Gurugram with 31.
Among the top 200 entrepreneurs, 51% hold engineering degrees, with many others studying finance, commerce, and medicine. Notably, IIT Delhi stands out as the top educational institution, with 36 founders from there featured on the list.
The growing influence of women entrepreneurs is also notable, with 19 women making the list, including Falguni Nayar and Ghazal Alagh (founder of Mamaearth), who are driving industry changes with their innovative concepts.
Key highlights from the report include: –
A total of 388 founders from 200 companies are recognized.
– Over 85% of self-made entrepreneurs saw an increase or stable valuation of their flagship companies.
– The companies represented employ about one million people, equivalent to over half the labor force of Ireland.
New top 10 entrants include:
– Deep Kalra and Rajesh Magow (MakeMyTrip) – ranked 4, with a 168% valuation increase.
– Yashish Dahiya and Alok Bansal (PolicyBazaar)
– ranked 6, with a 128% gain. – Falguni Nayar (Nykaa)
– ranked 10, with a 30% increase. Top female entrepreneur:
– Falguni Nayar of Nykaa leads the list of women entrepreneurs. Youngest entrepreneurs:
– Kaivalya Vohra, aged 21 (Zepto), achieved a valuation growth of 259% to Rs 41,800 crore. – Aadit Palicha, 22 (Zepto), and Shashvat Nakrani, 26 (BharatPe), are also featured in the list.
