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The Hurun India Rich List is an assessment of people with net worth over 1,000 crore and is the most comprehensive list of wealthy people in the country.

One of the 13 people on the list who were born in the 1990s and who the listing unit considers self-made is this IIT dropout.

Shashvat Nakrani, a 23-year-old who founded the payments app BharatPe while still a student, is the youngest person on the IIFL Wealth Hurun India Rich List.

One of the 13 people on the list who were born in the 1990s and who the listing unit considers self-made is this IIT dropout.

Shashvat Nakrani: Who is he?

In 2018, Nakrani and Ashneer Grover co-founded the payment app BharatPe. Nakrani discovered a major gap in the market during his third year of college: retailers didn’t have a payment gateway that wasn’t impacting their profit margins. He then developed a method that would help these merchants by leveraging the unique feature of the Unified Payments Interface (UPI), called interoperability. His strategy was novel as it allowed businesses to use a single QR code for transactions with any other payment app as well. BharatPe gives retailers a single QR code to accept payments from all payment apps including PayTm, PhonePe, Google Pay, BHIM and 150+ UPI apps.

The most recent list of the 100 richest people in India released by IIFL Wealth Hurun featured a significant number of new names. Shashvat Nakrani, 23, is the youngest person on the list, which is notable. In his third year of college, he became an entrepreneur and founder, launching the payment network BharatPe. He is one of 13 people on the list who the listing entity considers self-made and who were born in the 1990s.

In 2018, Nakrani and Ashneer Grover co-founded the payment gateway BharatPe. Keep in mind that he only started his studies at the Indian Institute of Technology in Delhi in 2015. In just two years, he set up his own company, which has since threatened Indian payment gateway services such as Paytm and PhonePe.

Nakrani graduated from IIT Delhi in 2015 with a Bachelors in Textile Technology. The young businessman from the Indian city of Bhavnagar has come a long way. By his third year, he had identified a major gap in the market: the lack of a payment gateway that was accessible to merchants and didn’t hurt their profit margins.

He then developed a method that would help these merchants by leveraging the unique feature of the Unified Payments Interface (UPI), called interoperability. The closed ecosystems of the payment service providers of the time largely ignored this. It was only in October 2020 that the Reserve Bank of India intervened and ordered payment providers to switch to interoperable QR codes by March 31, 2022.

A unique aspect of the Nakrani solution was that it allowed businesses to use a single QR code for transactions with any other payment app as well. His level of commercial compatibility and originality is one of the elements that influence this young entrepreneur’s success in the business world.

It is important to emphasize how successful the company has been since its inception. BharatPe has previously worked with other non-bank financial corporations (NBFCs) that the RBI has authorized to build the 12% club. This app-based borrowing, consumer lending and investing platform is the first of its kind. The app’s name refers to the fact that users will be able to invest in it and earn up to 12% of the market with no lock-up period to earn annual income.

Providing customers with a digital payment platform is essential to the company’s financial viability. It also has a separate app for its trading partners. The company relies primarily on the interdependent cyclical coupling of credit to merchants and application usage to increase revenue from its platform. The company 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 the IIFL Wealth Hurun India Rich List 2021 reflects the solid foundations of Indian companies and the trust they enjoy from their respective stakeholders . ” Key numbers from the list that stand out to us are the increase in female wealth creators, the decline 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 influencing newer business solutions and strategies in the field of wealth management.

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What made Nakhrani so rich?

The history of Nakrani serves as the cornerstone around which business myths are constructed. He enrolled in IIT Delhi in 2015 to pursue a degree in Textile Technology. However, he left the program in his third year to work with Ashneer Grover on the development of BharatPe.

Nakrani and Ashneer Grover found that the UPI was not very interoperable for traders. There were more than 150 separate UPI apps, each with its own QR code that made it impossible for them to work together. Businesses can accept payments from all these distinctive UPI apps with just 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 gain significant support in the business community as a result. BharatPe achieved unicorn status in August 2021 thanks to its exceptional development and extensive use when its valuation was estimated at US$2.5 billion. After new rounds of financing, it is expected to increase to between 3.8 and 4 billion US dollars.

The company currently serves 70,000 businesses across 140 Indian locations and generates revenue by funding these merchants. In addition, they have given loans worth Rs. 2,800 crores up to 30,000 companies.

Even more fascinating, BharatPe is preparing to enter the banking sector. The Reserve Bank of India (RBI) in June gave Centrum Financial Services and BharatPe permission to set up a microfinance bank to take over faltering PMC Bank.

We might expect BharatPe to enter the banking sector. As a result, BharatPe was the first new company in India to operate a small lending bank.

However, BharatPe is more than just a place to work; When new engineers joined the engineering department early last year, the company provided them with superbikes and work trips to Dubai. The idea may have been spearheaded by the young co-founder of the company.

Shashvat Nakrani may not be familiar with the graduate community interested in technology, but he is looking for innovative ways to expand his workforce. Despite the unique recruitment method he used,

Shashvat Nakrani’s startup plan

There is no shortage of young adults in their 20s who have achieved outstanding success in the startup industry. Hurun’s rich list for the past year lists up to 13 people who have made their own fortunes and were born in the 1990s. Nakrani was one of them.

There is more than one billion rupees in each person’s personal wealth. Among the important aspects of the current startup boom in India are the development of new technologies 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 make the world a better place.

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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 say that Shashvat Nakrani’s family was the source of his entrepreneurial spirit.

Shashvat was a worthy disciple. After completing his studies, he tried his hand at IIT JEE and got an All India Ranking of 3796! He enrolled in IIT Delhi in 2015 to pursue a degree in Textile Technology. After three years, however, he left the IIT. He did this to pursue his entrepreneurial ambitions and he and fellow IIT alum Ashneer Grover later founded BharatPe. Together they laid the foundation for what would later become the unicorn. But he later returned to complete his coursework at the IIT.

Conflict between Ashnir Grover and Shashvat Nakrani

Ashneer Grover and his family have been accused of stealing and embezzling money from businesses for their own use as of 2022. They were found guilty during the company’s internal investigation. They were accused of spreading false information about BharatPe. In response to these allegations, the BharatPe board of directors decided to expel MD Ashneer Grover from all positions within the company. He is the 9.5 percent owner of BharatPe.

Shashvat Nakrani addressed the incident after his eviction, saying the company acted responsibly and promptly. He wrote in an internal memo:

“I am pleased that our board of directors acted quickly and decisively to protect sound corporate governance,” said the board member. “While the details of the investigative report are classified and I am not authorized in my capacity as a board member to release its conclusions.

Shashvat Nakrani is confident that BharatPe’s sales will increase fourfold this year. Shashvat Nakrani’s next goal is to make BharatPe the first fully digital bank.

Shashvat Nakrani’s achievements

Shashvat, who is only 23 years old, has achieved the remarkable feat of being ranked 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 Awards and Achievements

With a network of 20+ lakh merchants and the ability to accept free UPI payments with 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 with cutting-edge technologies.

The company won the fintech category of the 2020 National Startup Award.

Payback India, a multi-brand loyalty program, was bought by BharatPe, the very first digital payments app, by American Express and ICICI Investments strategic fund.

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