Indian e-commerce website ‘Paytm’ founder Vijay Shekhar Sharma becomes richest entrepreneur under 40 in Hurun’s India rich list for 2016. His wealth has surged by 162% in the past one year. It means it has rose from 2,824 crore a year earlier to Rs.7,300 crore.
This rose in wealth could be attributed to Chinese e-commerce behemoth Alibaba’s investment in the company and subsequent funding rounds, which raised Paytm’s valuation. Vijay holds about 21% stake in the company.
There were also reports tha Paytm was in the process of raising $300 million in a round that will value the company at $5 billion, according to a report.
After Paytm founder, Indigo co-founder Rakesh Gangawal has seen the biggest improvement in wealth of more than 150%.
Anas Rahman Junaid, MD India of Hurun Report, a monthly magazine that focusses on high net-worth individuals in China and India told that subdued investor interest in e-commerce and online businesses had reduced valuations of ecommerce unicorns in 2016. There were many mutual funds with holdings in Flipkart which have lowered the valuations of such stakes in the past few months.
Bhavish Aggarwal, founder of Ola cabs is the youngest among all in the list of richest enterpreneurs. His wealth is up from Rs. 2,385 to Rs. 3,000. Ankit Bhati, his co-founder is no longer in the list, which looks at those with wealth of Rs 1,600 crore and more.