NS IIFL Wealth Hurun India Rich List came out with its latest top 100 richest people in the country and there are some new faces out there. Notably, the youngest person on the list is 23-year-old Shashwat Nakrani. He is the entrepreneur and founder behind the payments platform BharatPe, which he founded in his third year of college. He is among 13 individuals on the list who were born in the 90s who are considered self-made individuals by the listing entity.
Nakrani co-founded BharatPe Payment Gateway with his partner Ashneer Grover in 2018. Keep in mind that he had joined In Indian Institute of Technology, Delhi only in 2015. In just 2 years he founded his own company, which is gone. To give competition to the likes of Paytm and PhonePe and other payment gateway platforms in India.
Nakrani, who was part of the 2015 batch of IIT Delhi, holds a bachelor’s degree in textile technology. Hailing from Bhavnagar, India, this young entrepreneur has come a long way. During its third year, they had identified a major gap in the market, the presence of a payment gateway that was accessible to merchants that did not cut into their margins.
They came up with a solution that will help these merchants by leveraging the Unified Payments Interface (UPI) star feature – interoperability. It was largely ignored by the closed ecosystem of payments companies at the time. It was only in October of 2020 that the Reserve Bank of India stepped in with a mandate that required payment companies to move to interoperable QR codes by March 31, 2022.
Nakrani’s solution was unique as it allowed merchants to use only one QR code that would be used to transact for any other payment app as well. This level of business adaptability and innovation is one of the reasons for the success of this young businessman in the industry.
It should be noted that the company has also seen great success since its inception. BharatPe has so far partnered with other non-banking financial companies (NBFCs) that were approved by RBI to launch the 12 percent club. It is a first of its kind investment, consumer lending and lending platform in app form. Through this app, customers will be able to invest and earn up to 12 per cent of annual interest without any lock-in period, hence the name.
The company has a revenue model that relies on providing a digital payment platform to its customers. It also has a separate app for its merchant partners. The company primarily relies on the interdependent cyclical connection of loans to merchants and the use of the application to boost revenue from its platform. As of today, the company is the fourth largest UPI provider after Google Pay, PhonePe and Paytm.
Speaking at the launch of the new list, Karan Bhagat, Founder, MD & CEO, IIFL Wealth said, “The growing wealth documented in the IIFL Wealth Hurun India Rich List 2021 is a reflection of the strong foundation and confidence of Indian businesses. They place orders from their respective stakeholders. Key facts that stand out from the list for us are the rise of women wealth creators, the decline in the median age, and the inclusion of tier 2 cities such as Pune, Rajkot, Surat, Faridabad and Ludhiana in the top 20. For us at IIFL Wealth, these factors are already translating into innovative solutions and strategies for the wealth management business.”
Anas Rehman Junaid, MD and lead researcher, Hurun India, said, “Hurun Report’s mission is to promote entrepreneurship through its catalogs and research. The stories of the people of IIFL Wealth Hurun India Rich List tell the story of the Indian economy. Hurun India has managed to reduce the cut-off of Hurun India Rich List to 1,000 crores from 1,800 crores ten years ago. This enables Hurun India to tell exciting stories about local heroes from small towns and cities – stories that might otherwise be missed. “
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