The Hurun India Rich List is an assessment 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 people on the list who were born in the 1990s and whom the listing entity considers self-taught is this IIT dropout.
Shashvat Nakrani, a 23-year-old who founded payment app BharatPe while still at university, is the youngest person to make the IIFL Wealth Hurun India Rich list.
One of the 13 people on the list who were born in the 1990s and whom the listing entity considers self-taught is this IIT dropout.
shashvat nakrani
Shashvat Nakrani: who is he?
In 2018, Nakrani and Ashneer Grover co-founded payment app BharatPe. Nakrani discovered a big market gap during his third year of college: there was no payment gateway available to retailers that didn’t affect their profit margins. He then devised a method that would help these merchants using the unique feature of the Unified Payment Interface (UPI), interoperability. Its strategy was novel as it allowed businesses to also use a unique QR code for transactions on any other payment app. BharatPe gives retailers a unique QR code so they can accept payments from all payment apps, including PayTm, PhonePe, Google Pay, BHIM and over 150 UPI apps.
The most recent list of India’s 100 richest people, published by IIFL Wealth Hurun, included a significant number of new names. Shashvat Nakrani, 23, is the youngest on the list, which is remarkable. During his third year of college, he became an entrepreneur and founder and launched the BharatPe payment network. He is one of 13 people on the list whom the listing entity considers to be self-taught and who were born in the 1990s.
In 2018, Nakrani and Ashneer Grover co-founded payment gateway BharatPe. Keep in mind that he only started studying at the Indian Institute of Technology in Delhi in 2015. He started his own company in just two years and since then it has been threatening the gateway services of Indian payment such as Paytm and PhonePe.
Nakrani graduated from IIT Delhi in 2015 with a bachelor’s degree in textile technology. This young businessman, originally from the Indian city of Bhavnagar, has come a long way. In its third year, it had identified a major market gap: the lack of a payment gateway accessible to merchants and not affecting their profit margins.
He then devised a method that would help these merchants using the unique feature of the Unified Payment Interface (UPI), interoperability. The closed ecosystems of payment companies at the time largely ignored this. It was not until October 2020 that the Reserve Bank of India stepped in, ordering 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 also use a unique QR code for transactions with any other payment app. His degree of commercial compatibility and originality is one of the elements influencing the success of this young entrepreneur in the business world.
It is important to underline the success of the company since its creation. BharatPe has so far worked with other Non-Banking Financial Companies (NBFCs) licensed by the RBI in order to build the 12% club. This app-based platform for borrowing, consumer lending 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 their annual income without a lock-in period.
Providing a digital payment platform to customers is critical to the financial viability of the business. It also has a separate app for its merchant partners. The company primarily relies on the interdependent cyclical coupling of merchant credit and app usage to grow its platform revenue. 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 growing generation of wealth highlighted in IIFL Wealth Hurun India Rich List 2021 is a reflection of the strong foundation of Indian businesses and the confidence they inspire in their respective stakeholders.” The significant figures from the list that stand out to us include the increase in the number of women wealth creators, the decline in the 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 newer wealth management business solutions and strategies.
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What made Nakhrani so rich?
Nakrani’s story serves as the cornerstone around which trading myths are built. To pursue a degree in textile technology, he enrolled in IIT Delhi in 2015. However, he left the program midway through his third year to collaborate with Ashneer Grover on the development of BharatPe.
Nakrani and Ashneer Grover observed that UPI was not very interoperable for merchants. There were over 150 separate UPI apps, each with its own QR code that prevented them from working together. Businesses can accept payments from all these distinctive UPI apps with just one BharatPe QR code! These apps also included a number of others including Bank UPI, BHIM, PhonPe and Google Pay.
Thanks to this, BharatPe was able to gain considerable support in the business world. BharatPe achieved unicorn status in August 2021, when its valuation was estimated at $2.5 billion, thanks to its extraordinary development and extensive use. After further rounds of funding, it is expected to reach $3.8-4 billion.
Currently serving 70 lakh businesses across 140 Indian locations, the company generates revenue by funding these merchants. Moreover, they have extended loans worth Rs. 2,800 crores to up to 30,000 businesses.
What is even more intriguing is that BharatPe is preparing to enter the banking sector. The Reserve Bank of India (RBI) has granted Centrum Financial Services and BharatPe permission to set up a microfinance bank to take over the failing PMC Bank in June.
One would expect BharatPe to enter the banking sector. As a result, BharatPe became the first new business in India to run a small loan bank.
However, BharatPe is more than just a workplace; When new engineers joined the engineering division early last year, the company provided them with superbikes and work trips to Dubai. The idea may have been carried by the young co-founder of the company.
Shashvat Nakrani may not know the community of recent college graduates interested in technology, but he is looking for innovative ways to expand his staff. Despite the unique hiring method he used,
Shashvat Nakrani Startup Plan
There is no shortage of young adults in their twenties who have achieved exceptional success in the startup industry. On Hurun’s rich list for the previous year, up to 13 people who amassed their wealth independently and were born in the 1990s are listed. Nakrani was one of them.
There are over a billion rupees in everyone’s personal wealth. A number of important aspects of the current startup boom in India include the development of new technologies and new jobs. The introduction of this innovation has improved the quality of life of millions of people in India.
More importantly, he 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 Bhavnagar, Gujarat, 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, however, he left IIT. He did this to pursue his entrepreneurial ambitions, and he and fellow IIT alumnus Ashneer Grover later launched BharatPe. Together they laid the groundwork for the eventual unicorn. But he came back later to complete his courses at IIT.
Conflict involving Ashnir Grover and Shashvat Nakrani
Ashneer Grover and his family have been accused of stealing and embezzling money from businesses for their own use beginning in 2022. They were found guilty during the company’s internal audit. They have been accused of spreading misinformation regarding BharatPe. In response to these allegations, BharatPe’s Board of Directors decided to ban MD Ashneer Grover from all positions within the company. He owns 9.5% of BharatPe.
Shashvat Nakrani spoke about the incident after his expulsion and said the company behaved responsibly and promptly. He writes in an internal memo:
“I am delighted that our board acted quickly and decisively to protect sound corporate governance,” the board member said. “While the details of the investigation report are secret and I am not authorized, in my function as a member of the council, to publish its conclusions.
Shashvat Nakrani is certain that BharatPe’s income will increase fourfold this year. Shashvat Nakrani’s next goal is to make BharatPe the first all-digital bank.
wiki shashvat nakrani
Achievements of Shashvat Nakrani
Shashvat, who is only 23 years old, has achieved the remarkable achievement of ranking as the youngest self-made billionaire on the IIFL Wealth Hurun India Rich List 2021.
Moreover, he is India’s youngest co-founder in the Fintech industry.
BharatPay Awards and Achievements
With a network of over 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 2019 startup summit, it received the DigiDhan mission Fintech 2018-19 award for innovation in digital payments using advanced technologies.
The company won the Fintech category of the National Startup Award 2020.
Payback India, a multi-brand loyalty program, has been acquired by BharatPe, the first-ever digital payment app, from American Express’ strategic fund and ICICI Investments.
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