Zomato's Goyal to Nykaa's Nayar: Meet India's top self-made entrepreneurs

Radhakishan Damani, the visionary behind Avenue Supermarts, worth over Rs 3.4 lakh cr, reflecting a 44% increase in value, has emerged as the millenium's leading entrepreneur.

Radhakishan Damani, the founder of Avenue Supermarts, which operates the popular retail chain DMart, has retained the top spot as India's biggest self-made entrepreneur, with a valuation of Rs 3.4 lakh crore, reflecting a 44% growth from the previous year, according to the second edition of "India’s Top 200 Self-made Entrepreneurs of the Millennia 2024," released by IDFC FIRST Private and Hurun India. 

 

The list spotlights the entrepreneurs who have founded the most valuable companies since the turn of the century.  Damani’s flagship business continues to lead India’s retail sector. The ranking is in the order of the value of the enterprises created by the Founders and not the net worth of the Founders themselves.

 

In second place is Deepinder Goyal, founder of Zomato, whose food delivery platform has surged to a valuation of Rs 2.5 lakh crore, marking a staggering 190% increase. 

 

Swiggy's co-founders, Sriharsha Majety and Nandan Reddy, round out the top three, with their company achieving a valuation of Rs 1 lakh crore, a 52% growth. Swiggy, a major player in India’s quick-commerce sector, has expanded rapidly since its inception in 2014 and remains a leading force in food delivery.  IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024- Top 10 

 

The second edition of the list sees a significant reshuffling, with new entrants making their mark. Deep Kalra and Rajesh Magow, the co-founders of MakeMyTrip, enter the top 10 at fourth place, with a valuation of Rs 99,300 crore, reflecting a remarkable 168% increase in company value. Similarly, PolicyBazaar founders Yashish Dahiya and Alok Bansal also make a strong debut in the top 10, with their online insurance marketplace reaching a valuation of Rs 78,600 crore, up 128% from last year. 

With a valuation of Rs 64,800 crore, Zerodha, a leading Indian discount brokerage firm, ranks eighth on the list. Harshil Mathur and Shashank Kumar, co-founders of Razorpay, rank ninth.

 

Other notable entrants include Falguni Nayar, founder of Nykaa, who secured the 10th spot, with a 30% increase in valuation, making her the highest-ranked woman entrepreneur on the list. Nayar's online beauty and wellness platform Nykaa has become a major name in the e-commerce space, offering over 1,000 brands and achieving a valuation of Rs 56,600 crore.

 

The 2024 list also highlights the success of younger entrepreneurs. Kaivalya Vohra, co-founder of Zepto, at just 21 years old, made waves with an impressive 259% increase in company valuation, which now stands at Rs 41,800 crore. His co-founder, Aadit Palicha, also joins the ranks, demonstrating the rise of the quick-commerce industry in India.

 

Overall, the 200 entrepreneurs featured on the list have contributed to the creation of companies valued at Rs 36 lakh crore (US$431 billion), a 20% increase from last year. These entrepreneurs employ approximately one million people and are driving innovation across sectors such as retail, healthcare, fintech, and online services.

 

In terms of geographical distribution, Bengaluru remains the leading hub for these self-made entrepreneurs, with 66 companies headquartered there, followed by Mumbai (36) and Gurugram (31). 

 

Among the top 200, 51% are engineering graduates, with several others holding qualifications in finance, commerce, and medicine. Notably, IIT Delhi emerges as the top educational institution for these entrepreneurs, with 36 founders from the institution on the list.

 

The rising prominence of women entrepreneurs is also evident, with 19 women making the cut, including Falguni Nayar, Ghazal Alagh (founder of Mamaearth), and others who are reshaping industries with their innovative ideas.

 

Here are the key highlights from the report

Founders: 388 founders from 200 companies are featured in the list.

Company Value Trends: Over 85% of self-made entrepreneurs experienced an increase or no change in the value of their flagship companies.

Employment Impact: Companies on the list employ approximately one million people—more than half the labor force of Ireland.

 

New Top 10 Entrants:

• Deep Kalra and Rajesh Magow (MakeMyTrip) – ranked 4, with a 168% increase in value.
• Yashish Dahiya and Alok Bansal (Policybazaar) – ranked 6, with a 128% gain.
• Falguni Nayar (Nykaa) – ranked 10, with a 30% gain.

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Top Female Entrepreneur: Falguni Nayar of Nykaa tops the list of women entrepreneurs 

 

Youngest Entrepreneurs:

• Kaivalya Vohra, 21 (Zepto), grew by 259% to Rs 41,800 crore.
• Aadit Palicha, 22 (Zepto), and Shashvat Nakrani, 26 (BharatPe), also feature in the list.

 

Educational Background: 51% of the founders are engineering graduates, 13 are chartered accountants, and 7 are doctors.

 

Women Founders: 19 women are featured on the list.

 

Companies Under 10 Years: 97 companies, valued at Rs 11 lakh crore (US$137 billion), are less than 10 years old.

 

Fast-Growing Companies:

• 13 companies, valued at Rs 143,600 crore, didn’t exist five years ago.
• Zepeto, led by Kaivalya Vohra, is the biggest gainer, with a 259% valuation increase.

Investor Involvement: 188 companies (94%) have external investors, with the rest being bootstrapped.

 

Biggest Gainers: 

• Zepeto leads with a 259% increase in valuation.
• Zomato achieved a valuation increase of Rs 1,65,100 crore.

 

Sector Distribution:

• Financial services lead with 50 companies.
• Healthcare and retail follow with 25 companies each.
• Manufacturing represents 19% of companies; 81% are in services.

 

Global Expansion:

• Over one-third of the companies have established global operations.
• OYO Rooms, founded by Ritesh Agarwal, operates in 80 countries.

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Top Institutions:

• IIT Delhi is the most preferred undergraduate college with 36 founders.
• IIT Bombay and IIT Kharagpur follow with 20 and 19 founders, respectively.

Unicorn Presence: 176 founders of 77 unicorns are recognized.

Generational Shift: 35 founders were born in the 1990s, up from 32 in 2023.

Average Age: The average age of the entrepreneurs is 45.

Stock Exchange Listings: 32% of the companies are listed on the stock exchange.

Top Employer: Quess Corp, employing 522,434 people, leads in terms of employment.

Rich List Presence: 124 founders from 79 companies are also part of the Hurun India Rich List 2024.

Philanthropy: Only 7 entrepreneurs from the list featured in the Hurun India Philanthropy List 2023.  Cashed out Entrepreneurs in IDFC FIRST Private &  Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024 

     40% of the individuals featured in IDFC FIRST Private and Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024 have founded multiple companies. The list also includes 10 women serial entrepreneurs.