IDFC FIRST and Hurun release the 2nd edition of India’s Top 200 Self-Made Entrepreneurs of the Millennia 2024
Celebrating Innovation, Resilience, and Economic Impact
The entrepreneurial spirit of India shines brightly as IDFC FIRST Private Banking and Hurun India unveil the second edition of the much-anticipated ‘India’s Top 200 Self-made Entrepreneurs of the Millennia 2024’. This comprehensive report identifies and celebrates the visionaries who have built some of the most valuable companies in the 21st century, spotlighting their resilience, innovation, and significant contributions to the Indian economy.
Topping the list for the second consecutive year is Radhakishan Damani, whose flagship business, DMart, recorded a remarkable 44% growth to reach a valuation of INR 3.4 lakh crore. The rising demand for quick commerce places Deepinder Goyal of Zomato and the Swiggy co-founders, Sriharsha Majety and Nandan Reddy, in the second and third spots, respectively. This year’s list also features notable newcomers, including Deep Kalra and Rajesh Magow of MakeMyTrip and Falguni Nayar of Nykaa, who entered the top 10 with significant valuation gains.
The report underscores India’s entrepreneurial prowess, showcasing 121 billion-dollar companies founded by self-made entrepreneurs, a 15% increase from last year. The collective valuation of these companies stands at an impressive INR 36 lakh crore (USD 431 billion), surpassing the GDP of most Indian states. Bengaluru continues to lead as the startup hub with 66 companies, followed by Mumbai and Gurugram. Founders from 46 cities across India contribute to the list, with Bengaluru, Mumbai, and Delhi accounting for over half of the total entries.
In a year marked by global economic uncertainties, India’s stock market boom added 12 new entrants to the list, with 38% emerging from publicly listed companies and 18% from the thriving startup ecosystem. The report reveals a 20% year-on-year growth in the cumulative valuation of these companies, reflecting the resilience and adaptability of Indian entrepreneurs.
A standout feature of this year’s edition is the significant presence of young entrepreneurs. Kaivalya Vohra (21) and Aadit Palicha (22) of Zepto, with a valuation growth of 259%, are the youngest on the list, while Ghazal Alagh (36) of Mamaearth is the youngest woman entrepreneur. The average age of the listed entrepreneurs is 45, with 51% holding engineering degrees, showcasing a strong inclination toward technical expertise.
Women entrepreneurs make a notable impact, with 19 entries, including Falguni Nayar of Nykaa, who tops the women’s list. The presence of 35 founders born in the 1990s highlights the growing influence of younger generations in shaping India’s economic future. Furthermore, the list features 176 founders of 77 unicorns, underscoring the rapid rise of innovative ventures in India.
The report also highlights the global footprint of Indian entrepreneurs, with over a third of the companies establishing operations worldwide. Ritesh Agarwal of OYO Rooms leads this segment, operating in 80 countries. Notably, the companies on the list employ approximately one million people, emphasizing their role in job creation and nation-building.
As Mr. Vikas Sharma, Head-Wealth Management & Private Banking, IDFC FIRST Bank, aptly stated, the report celebrates the achievements of these trailblazers, who embody resilience and innovation. Anas Rahman Junaid, MD and Chief Researcher, Hurun India, further emphasized their transformative impact on India’s economy, noting the significant value they’ve created within a relatively short span.
The IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024 stands as a testament to the indomitable entrepreneurial spirit of India, showcasing a future brimming with potential and growth.
