IDFC First Bank and Hurun India jointly released “Top 200 Self-made Entrepreneurs of the Millennia 2023”, Radhakishan Damani of Avenue Supermarts occupies the number 1 spot, followed by the founders of Flipkart and Zomato.
The list recognises the 200 most valuable companies based in India, that have carved a narrative of unprecedented success, propelling India’s modern business landscape to unparalleled heights, all of which were established on or after the year 2000.
The 1990s became a milestone decade when India encouraged entrepreneurial innovation that also pushed the country to become an economic powerhouse. With government schemes in the picture, seed capital, incubators, and accelerators, the Indian start-up ecosystem has known no retreat. The list features 8 out of the Top 10 most valuable companies from Startups.
Hurun, a London-based research, and luxury publishing company aims to promote entrepreneurship through research and lists. With the IDFC First Bank, the initiative brings into mainstream self-made Indian entrepreneurs who have successfully built and nurtured the most valuable companies during this millennium as remarked by Mr. Vikas Sharma, Head-Wealth Management & Private Banking, IDFC FIRST Bank, “The list showcases the immense talent, innovation, and accomplishments of India’s visionary founders, those who are propelling the nation’s entrepreneurial ecosystem to new heights.”
The ranking of this list is in the order of the value of the enterprises created by the Founders and not the net worth of the Founders themselves. The list throws light on the age group of the Top entrepreneurs surprisingly includes 1/3rd of the entrepreneurs younger than 40 years while the eldest is 80 years old, Ashok Soota of Happiest Minds Technologies on the list. Kaivalya Vohra of Zepto, at 21 years, is the youngest in India’s Top 200 Self-made Entrepreneurs of the Millennia 2023, followed by Shashvat Nakrani of Bharatpe, aged 25, and Dilsher Malhi of Zupee, aged 27.
“Bengaluru occupies the top choice for most of the founders in the list to start their companies”, says Anas Ahmad Junaid, MD and Chief Researcher, Hurun India. Additionally, 20 women feature in India’s Top 200 Self-made Entrepreneurs of the Millennia 2023.
The research methodology bifurcates the criteria definitively. For listed companies, market cap is determined by current prices as of the cutoff date. Unlisted companies are valued using industry multiples like Price to Earnings and methodologies such as Discounted Cash Flow, compared to their listed equivalents. Financial data is sourced from the latest annual reports or audited financial statements.
The dynamic Indian startup ecosystem has been a hotbed of innovation, playing a pivotal role in fostering job creation and steering a transformation from a blue-collar to a white-collar economy. Lists like the ‘Top 200 Self-Made Entrepreneurs of the Millennia 2023’ serve as catalysts, spotlighting the visionary minds behind this paradigm shift and amplifying awareness of their groundbreaking contributions.
