Bio, Wiki, Age, Family, Career, Net Worth

Bio, Wiki, Age, Family, Career, Net Worth

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

One of the 13 individuals on the list who were born in the 1990s and who consider the entity on the list self-made is this IIT dropout.

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

One of the 13 individuals on the list who were born in the 1990s and who consider the entity on the list self-made is this IIT dropout.

shashvat nakrani

shashvat nakrani

Shashvat Nakrani: Who is he?

In 2018, Nakrani and Ashneer Grover co-founded the BharatPe payment app. Nakrani discovered a major market gap during his third year of college: there was no payment gateway available to retailers that did not impact their profit margins. He then devised a method that would help these merchants by leveraging the unique feature of the Unified Payments Interface (UPI), interoperability. His strategy was new as it allowed businesses to also use a single QR code for transactions on another payment app. BharatPe gives retailers a single QR code so they can accept payments from all payment apps, including PayTm, PhonePe, Google Pay, BHIM, and more than 150 UPI apps.

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

In 2018, Nakrani and Ashneer Grover co-founded the BharatPe payment gateway. Keep in mind that he only recently started studying at the Indian Institute of Technology in Delhi in 2015. He started his own business in just two years, and since then it has threatened Indian payment gateway services like Paytm and PhonePe.

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Nakrani graduated from IIT Delhi in 2015 with a bachelor’s degree in textile technology. Hailing from the Indian city of Bhavnagar, this young businessman has come a long way. In his third year, he had noticed a major market gap: the lack of a payment gateway that was accessible to merchants and did not affect their profit margins.

He then devised a method that would help these merchants by leveraging the unique feature of the Unified Payments Interface (UPI), interoperability. The closed ecosystems of the time payment firms largely ignored this. It was not until 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 also allowed businesses to use a single QR code for transactions with any other payment app. His degree of commercial compatibility and originality is one of the elements that influence the success of this young entrepreneur in the business world.

It is important to underline how successful the company has been since its inception. BharatPe has so far partnered with other non-banking financial firms (NBFCs) that the RBI has authorized to build the 12% club. This app-based lending, consumer lending and investing platform is the first of its kind. The name of the app refers to the fact that users can invest with it and earn up to 12% of the annual income without a lock-in period.

Offering a digital payment platform to customers is essential to the financial viability of the business. It also has a separate app for its trading partners. The company mainly relies on the interdependent cyclical linking of credit to merchants and application usage to increase the revenues of its platform. The company is now the fourth largest UPI provider, after Google Pay, PhonePe and Paytm.

According to Karan Bhagat, Founder, MD and CEO of IIFL Wealth, “The rising wealth generation highlighted in IIFL Wealth Hurun India Rich List 2021 is a reflection of the solid foundation of the Indian enterprises and the trust they command from their respective stakeholders. Significant numbers from the list that stand out to us include the increase in female wealth creators, the decline in the median age and the presence of Tier 2 cities such as Pune, Rajkot, Surat, Faridabad and Ludhiana in the top 20. IIFL Wealth, these factors are already impacting more recent business solutions and wealth management strategies.

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What made Nakhrani so rich?

The Nakrani story serves as the cornerstone around which business myths are constructed. To obtain a degree in textile technology, he enrolled at IIT Delhi in 2015. However, he left the program midway through his third year to work with Ashneer Grover on the development of BharatPe.

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Nakrani and Ashneer Grover noted that the UPI was not very interoperable for merchants. There were over 150 separate UPI apps, each with their own QR code that prevented them from working together. Businesses can accept payments from all these distinctive UPI apps with just one QR code from BharatPe! These apps also include a number of others, including banking UPIs, OHIM, PhonPe, and Google Pay.

This allowed BharatPe to get a lot of support in business. BharatPe achieved unicorn status in August 2021, when it was valued at $2.5 billion, thanks to its extraordinary development and extensive use. After new financing rounds, this is expected to rise to $3.8 to $4 billion.

The company currently serves 70 lakh companies in 140 Indian locations and generates income through financing to these traders. In addition, they have provided loans worth Rs. 2,800 crores up to 30,000 companies maximum.

What is even more intriguing is that BharatPe is preparing to enter the banking sector. The Reserve Bank of India (RBI) authorized Centrum Financial Services and BharatPe to set up a microfinance bank in June to take over the faltering PMC Bank.

We could expect BharatPe to enter the banking sector. As a result, BharatPe became the first new venture in India to run a small credit bank.

However, BharatPe is more than just a place to work; when new engineers joined the engineering department early last year, the company arranged for superbikes and work trips to Dubai. The idea may have been spearheaded by the company’s young co-founder.

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

Shashvat Nakrani .’s Startup Plan

There is no shortage of young adults in their twenties who have achieved extraordinary success in the startup industry. On Hurun’s wealthy list from the previous year, there are up to 13 people who independently amassed their wealth and were born in the 1990s. Nakrani was one of them.

There are more than a billion rupees in each person’s personal fortune. Some key aspects of the current startup boom in India are the development of new technology and jobs. The introduction of this innovation has improved the quality of life of millions of people in India.

Most importantly, it has inspired young people in India to make the world a better place.

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Personal life: Shashvat Nakrani

Shashvat Nakrani was born in 1999 as the son of Mansukhbhai Nakrani. In Bhavnagar in Gujarat, businessman Mansukhbhai ran a school. It is safe to conclude that Shashvat Nakrani’s family was the source of his entrepreneurial spirit.

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Shashvat was a worthy student. After completing his studies, he tried the IIT JEE, earning him an All India Ranking of 3796! He enrolled at IIT Delhi in 2015 to get 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 started BharatPe. Together they laid the foundation for the final unicorn. But he later returned to complete his courses at IIT.

Conflict between Ashnir Grover and Shashvat Nakrani

As of 2022, Ashneer Grover and his family were charged with stealing and embezzling money from businesses for their own use. They were found guilty during the company’s internal audit. They were accused of spreading false information about BharatPe. In response to these allegations, BharatPe’s board of directors has decided to ban MD Ashneer Grover from all positions within the company. He is the 9.5% owner of BharatPe.

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

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

Shashvat Nakrani is sure that the turnover of BharatPe will quadruple this year. Shashvat Nakrani’s next goal is to make BharatPe the first fully digital bank.

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shashvat nakrani wiki

The Achievements of Shashvat Nakrani

Shashvat, who is only 23 years old, has achieved the remarkable feat of being ranked as the youngest self-made billionaire on the 2021 IIFL Wealth Hurun India Rich List.

In addition, he is India’s youngest co-founder in the Fintech industry.

BharatPay’s Awards and Achievements

With a network of more than 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 2019 MeitY Startup Summit, it received the 2018-19 DigiDhan Mission Fintech 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, was bought by BharatPe, the first ever digital payments app, from the strategic fund of American Express and ICICI Investments.

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