Top Entrepreneurs of 2024: Radhakishan Damani tops Hurun’s list of self-made entrepreneurs in India, followed by Zomato’s Deepinder Goyal

Radhakishan Damani, Founder Demartmaintained the top position in the IDFC First Private & Hurun India list of Top 200 Self-Made Entrepreneurs of the Millennium 2024, with a valuation of Rs 3.4 lakh crore, representing a growth of 44%. He is followed closely by Deepinder Goyal Zomatowith a valuation of over Rs 2.5 lakh crore and witnessed a significant increase of 190%. Founders SwiggySriharsha Majeti and Nandan Reddy secured third place. The surge in demand for quick trade among Indian consumers has propelled these entrepreneurs to the top ranks of the list.

Notable non-startups in the top 10 include Avenue Supermarts, Zomato, Max Healthcare Institute, Makemytrip, Policy Bazaar, and Nykaa. It is worth noting that three of the top 10 companies are headquartered in Mumbai, Bangalore and Gurugram.

Fourth on the list is occupied by Deep Kalra and Rajesh Magow, co-founders of MakeMyTrip, with a valuation of Rs 99,300 crore. Founded in 2000 by Deep Kalra, MakeMyTrip initially focused on the US-India travel market, offering competitive products and services backed by robust technology and personalized customer service. Rajesh Magoo, Co-Founder and Group CEO, has played a crucial role in key milestones such as the company’s listing on the Nasdaq in 2010, the merger with Ibibo Group, and leading MakeMyTrip’s successful post-pandemic recovery.

Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, also ranked fourth with a valuation of Rs 96,100 crore. His expertise led to him securing funding from JP Morgan to establish Radiant Life Care, through which he transformed the Dr BL Kapoor Memorial Hospital in Delhi and the Nanavati Hospital in Mumbai. In 2019, KKR-backed Radiant Life Care acquired a 49.7% stake in Max Healthcare from South Africa-based Life Healthcare.

Yashish Dahiya and Alok Bansal, founders of Policybazaar, made it to the top 10 this year with a valuation of Rs 78,600 crore, which was a whopping 128% increase over the previous year. Its revenues also saw a significant rise of 36% during the same period. Founded in 2008, Policybazaar’s primary mission is to enhance transparency in the insurance industry by simplifying plan information, addressing mis-selling practices, and reducing policy lapses.

Bhavit Sheth and Harsh Jain, co-founders of Dream11, India’s first gaming unicorn, have bagged the seventh spot in IDFC FIRST Private & Hurun’s ranking of Top 200 Self-Made Entrepreneurs of the Millennium 2024 in India with a valuation of Rs 66,500 crore.

Zerodha founders Nithin Kamath and Nikhil Kamath ranked eighth on the list with a valuation of Rs 64,800 crore. The company’s primary goal is to democratize investment and trading in the stock market. Equipped with a background in commerce and finance, Nithin holds an engineering degree from NITK Surathkal. Nikhil Kamath has launched the ‘WTF Fund’ which aims to support young entrepreneurs under the age of 22 in sectors like fashion, beauty and cottage industries.

Harshil Mathur and Shashank Kumar, co-founders of Razorpay, bagged the ninth position with a valuation of Rs 62,400 crore. Their entrepreneurial journey began in 2014, driven by their observation of the challenges faced by the online payments sector in India. Realizing the critical problem that needed to be addressed, the duo set out on a path that propelled Razorpay’s growth along with India’s digital economy.

Falguni Nayyar, the visionary behind Nykaa, entered the top 10 this year with a valuation of Rs 56,600 crore, representing a significant increase of 30% over the previous year. In 2012, she founded Nykaa, an e-commerce platform offering a wide range of beauty products. Today, Nykaa boasts a diverse portfolio of over 1,000 brands, catering to a wide range of beauty and wellness needs for both genders.

According to the report, 56 founders and 32 companies have been newly added to IDFC First Private & Hurun’s list of India’s Top 200 Self-Made Entrepreneurs of the Millennium List 2024. Additionally, there are 32 dropouts this year. There has been a 15% increase in the number of billion-dollar companies founded by self-made entrepreneurs over thousands of years, with a total of 121 such companies now on the list. Three individuals on the list are worth INR 1 million or more, compared to two people last year.

The threshold for entry into IDFC First Private & Hurun’s Top 200 Self-Made Entrepreneurs Millennium List 2024 has increased by 13% to Rs 3,400 crore.

The amazing growth witnessed in the Indian stock market has led to 12 new companies entering the market. Of these newcomers, 38% come from publicly listed companies, while the remaining 18 exit from the startup sector. This trend indicates a potential thaw in the previously difficult startup financing environment.

The combined value of all the companies on this list is Rs 36 lakh crore (US$ 431 billion), showing a significant increase of 20% compared to last year. This value is approximately equivalent to the GDP of Maharashtra and exceeds the GDP of every other state in India.