The Hurun India Rich List is a rating of people with a net worth of over 1,000 crore and is the most comprehensive list of affluent people in the country.
One of the 13 individuals on the list who were born in the 1990s and who the listing entity regards to be self-made is this IIT dropout.
Shashvat Nakrani, a 23-year-old who founded the payment app BharatPe while he was still in college, is the youngest person to feature on the IIFL Wealth Hurun India Rich List.
One of the 13 individuals on the list who were born in the 1990s and who the listing entity regards to be self-made is this IIT dropout.
shashvat nakrani
Shashvat Nakrani: Who Is He?
In 2018, Nakrani and Ashneer Grover co-founded the BharatPe payment app. Nakrani discovered a big market gap during his third year of college: there wasn’t a payment gateway available to retailers that didn’t affect their profit margins. He then devised a method that would help these merchants by utilising the unique feature of the Unified Payments Interface (UPI), interoperability. His strategy was novel since it permitted companies to use a single QR code for transactions on any other payment app as well. BharatPe gives retailers a single QR code so they can take payments from all payment apps, including PayTm, PhonePe, Google Pay, BHIM, and more than 150 UPI apps.
The most recent list of the 100 wealthiest people in India, which was published by IIFL Wealth Hurun, included a significant number of new names. Shashvat Nakrani, 23, is the youngest person on the list, which is noteworthy. In his third year of college, he became an entrepreneur and founder and launched the payment network BharatPe. He is one of 13 people on the list who the listing entity deems to be self-made and who were born in the 1990s.
In 2018, Nakrani and Ashneer Grover co-founded the BharatPe payment gateway. Keep in mind that he only recently started studying at the Delhi-based Indian Institute of Technology in 2015. He started his own company in just two years, and since then, it has threatened Indian payment gateway services like Paytm and PhonePe.
Nakrani graduated from IIT Delhi in 2015 with a bachelor’s degree in textile technology. This young businessman, who hails from the Indian city of Bhavnagar, has come a long way. In his third year, he had identified a big market gap: the lack of a payment gateway that was accessible to merchants and did not affect their profit margins.
He then devised a method that would help these merchants by utilising the unique feature of the Unified Payments Interface (UPI), interoperability. The closed ecosystems of the time’s payment firms largely ignored this. It wasn’t until October 2020 that the Reserve Bank of India intervened, ordering the payment providers to transition to interoperable QR codes by March 31, 2022.
One unique aspect of the Nakrani solution was that it allowed companies to use a single QR code for transactions with any other payment app as well. His degree of commercial compatibility and originality is one of the elements influencing this young entrepreneur’s success in the world of business.
It is important to underline how successful the company has been since its inception. BharatPe has so far worked with other non-banking financial companies (NBFCs) that the RBI has authorised in order to build the 12% club. This app-based platform for borrowing, lending to consumers, and investing is the first of its kind. The name of the app refers to the fact that users will be able to invest using it and earn up to 12% of yearly income without a lock-in period.
The provision of a digital payment platform to customers is essential to the company’s financial viability. It also has a separate app for its merchant partners. The company mainly relies on the interdependent cyclical coupling of credit to merchants and application usage to increase the revenue from its platform. The business is now the fourth-largest UPI provider, behind Google Pay, PhonePe, and Paytm.
According to Karan Bhagat, founder, MD, and CEO of IIFL Wealth, “the rising wealth generation highlighted in IIFL Wealth Hurun India Rich List 2021 is a reflection of the sturdy foundation of the Indian enterprises and the confidence they command from their respective stakeholders.” Significant figures from the list that stand out to us include the increase in female wealth creators, the drop in average age, and the presence of Tier 2 cities like Pune, Rajkot, Surat, Faridabad, and Ludhiana in the top 20. For us at IIFL Wealth, these factors are already affecting more recent wealth management business solutions and strategies.
What Made Nakhrani So Wealthy?
The Nakrani story serves as the cornerstone around which business myths are constructed. To pursue a degree in textile technology, he enrolled in IIT Delhi in 2015. However, he left the programme in the middle of his third year to collaborate with Ashneer Grover on the development of BharatPe.
Nakrani and Ashneer Grover observed that the UPI was not very interoperable for Merchants. There were more than 150 separate UPI apps, each with an own QR code that made it impossible for them to work together. Businesses may accept payments from all of these distinctive UPI apps with only one QR code from BharatPe! These apps also included a number of others, including bank UPIs, BHIM, PhonPe, and Google Pay.
BharatPe was able to garner considerable support in the business world as a result of this. BharatPe achieved unicorn status in August 2021, when its valuation was estimated to be $2.5 billion, thanks to its extraordinary development and extensive usage. After fresh funding rounds, it is projected to rise to $3.8–4 billion.
Currently serving 70 lakh businesses across 140 Indian locations, the company generates revenue by financing to these merchants. Additionally, they have given loans worth Rs. 2,800 crores to up to 30,000 businesses.
What’s even more intriguing is that BharatPe is preparing to enter the banking sector. The Reserve Bank of India (RBI) granted Centrum Financial Services and BharatPe permission to establish a microfinance bank in order to take over the faltering PMC Bank in June.
We might expect BharatPe to enter the banking sector. As a result, BharatPe became the first new business in India to run a small lending bank.
However, BharatPe is more than simply a place to work; when fresh engineers joined the engineering division at the beginning of last year, the company provided them superbikes and work trips to Dubai. The idea may have been led by the young co-founder of the business.
Shashvat Nakrani may not be familiar with the community of recent college graduates who are interested in technology, but he is searching for innovative ways to expand his staff. Despite the unique hiring method he used,
Shashvat Nakrani’s Startup Plan
There is no shortage of young adults in their twenties who have achieved outstanding success in the startup industry. On Hurun’s rich list for the previous year, up to 13 people who independently amassed their wealth and were born in the 1990s are listed. Nakrani was one of them.
There are more than one billion rupees in each person’s personal fortune. A number of important aspects of the current startup boom in India include the development of new technology and jobs. The introduction of this innovation has improved the quality of life for millions of people in India.
Most importantly, it has inspired young people in India that they can improve the world.
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Personal Life: Shashvat Nakrani
Shashvat Nakrani was born in 1999 to Mansukhbhai Nakrani. In Gujarat’s Bhavnagar, businessman Mansukhbhai ran a school. It is safe to conclude that Shashvat Nakrani’s family was the source of his entrepreneurial spirit.
Shashvat was a worthy student. After completing his studies, he attempted the IIT JEE, earning an All India Ranking of 3796! He enrolled in IIT Delhi in 2015 to pursue a degree in textile technology. After three years, he did, however, leave the IIT. He did this to pursue his entrepreneurial ambitions, and he and fellow IIT alum Ashneer Grover later started BharatPe. Together, they laid the foundation for the eventual unicorn. But he returned later to complete his coursework at IIT.
Conflict Involving Ashnir Grover and Shashvat Nakrani
Ashneer Grover and his family were accused of stealing and embezzling money from enterprises for their own use starting in 2022. They were found guilty during the internal audit of the business. They were accused of spreading erroneous information regarding BharatPe. In response to these allegations, the Board of BharatPe decided to ban MD Ashneer Grover from all positions within the company. He is the 9.5% owner of BharatPe.
Shashvat Nakrani addressed the incident after his eviction and said that the company behaved responsibly and promptly. He wrote in an internal memo:
“I am delighted that our board moved fast and decisively to protect sound corporate governance,” the board member said. “While the details of the inquiry report are secret and I am not authorised, in my function as a board member, to publish its conclusions.
Shashvat Nakrani is certain that BharatPe’s revenue will increase by four times this year. Shashvat Nakrani’s next objective is to make BharatPe the first entirely digital bank.
shashvat nakrani wiki
Shashvat Nakrani’s Achievements
Shashvat, who is only 23 years old, has accomplished the remarkable accomplishment of ranking as the youngest self-made billionaire on the IIFL Wealth Hurun India Rich List 2021.
Additionally, he is India’s youngest co-founder in the Fintech industry.
BharatPay’s Awards and Achievements
With a network of more than 20 lakh merchants and the ability to accept free UPI payments using a single QR code, BharatPe is the largest fintech company in India.
At the MeitY startup summit 2019, it received the DigiDhan mission Fintech award 2018–19 for innovation in digital payments using cutting-edge technologies.
The business won the Fintech category of the 2020 National Startup Award.
Payback India, a multi-brand loyalty programme, was bought by BharatPe, the first digital payments app ever, from American Express and ICICI Investments’ strategic fund.
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