IDFC FIRST and Hurun India release India’s Top 200 Self-made Entrepreneurs of the Millennia 2024

Ahmedabad, December 2024: IDFC FIRST Private Banking and Hurun India launched the second edition of ‘IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024’, a list of the 200 most valuable companies in India founded after the year 2000.

These companies are ranked according to their value, defined as market capitalisation for listed companies and valuations for non-listed companies. The cut-off date to arrive at this list was 25th September 2024. This list refers to companies headquartered in India only (state-owned companies and subsidiaries of foreign companies are not included).

The cumulative value of all the companies on the list is INR 36 lakh crore. The “India’s Top 200 Self-made Entrepreneurs of the Millennia 2024” comprises individuals from 46 cities nationwide.

Bengaluru leads the chart with 98 entrepreneurs, followed by Mumbai with 73 and New Delhi with 51. These three cities account for over half of the entrepreneurs on the list. Financial services dominate the list with 50 companies, while Healthcare and Retail has 25 entrants each. Notably, 188 companies, representing nearly 94% of the list, have external investors, while the remaining are bootstrapped.

Mr. Vikas Sharma, Head-Wealth Management & Private Banking, IDFC FIRST Bank said: “We are proud to unveil the second edition of ‘IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millenia 2024’. The report highlights the extraordinary journeys of visionary entrepreneurs who are transforming India’s economic landscape.

These business leaders embody resilience, innovation, and the relentless pursuit for excellence – values we at IDFC FIRST Bank hold dear. Through this publication, we celebrate their achievements and reaffirm our commitment to fostering the entrepreneurial spirit that is driving India’s growth story. It’s an honor to spotlight these trailblazers and share their success and leadership with the world.”

Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said: “The IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024 showcases the extraordinary impact of self-made entrepreneurs on India’s economy, with a total business value of USD 431 billion—equivalent to a quarter of the value of India’s 200 Most Valuable Family Businesses, despite being founded within the last 24 years compared to the latter’s 69-year average age.

Four companies founded post-2020 are now collectively valued at INR 69,400 crores. These entrepreneurs are driving growth and contributing to nation-building, with employee benefits increasing from INR 49,000 crores to INR 54,000 crores this year, reflecting their investment in people.”

Methodology: The ‘IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024’ is a prestigious list that recognises the 200 most valuable companies based in India, established on or after 2000. This list focuses on the exceptional achievements of self-made Indian entrepreneurs who have built and nurtured the most valuable companies during this millennium. The ranking of this list is in the order of the value of the enterprises created by the Founders and not the net worth of the Founders themselves.

Hurun Report’s team of researchers has travelled the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers, and other publicly available data sources.

For listed companies, the market cap is based on the price of the respective companies as of the cut-off date. For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, and EV to EBITDA. Other methodologies, such as Discounted Cash Flow and Tobin’s Q, are also used. Financial information is from the latest annual reports or audited financial statements.

The Hurun research team has relied on the most recent valuations based on significant funding rounds to maintain consistency in valuations. Additionally, in some instances, we have considered investor-reported markdown valuations to provide a comprehensive analysis.

Dalal Street stalwart Radhakishan Damani, the visionary behind Avenue Supermarts (Dmart), continues his reign as the leading self-made entrepreneur in the IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2024.

Damani’s retail empire is now valued at Rs 3.4 lakh crore, marking a robust 44% jump from last year’s figures.

Close on his heels, Deepinder Goyal, Chief Executive Officer of Zomato, has emerged as the second-largest self-made entrepreneur in the country.

Goyal’s rise is closely trailed by Sriharsha Majety and Nandan Reddy of rival food delivery platform Swiggy. According to Hurun India, Swiggy’s public listing earlier this year has propelled its valuation by 52%, pushing it above the Rs 1 lakh crore mark.