DMart’s Damani, Zomato’s Goyal top list of self-made entrepreneurs 

Sriharsha Majety, CEO, Swiggy Limited, speaks at the Swiggy bell ringing listing ceremony, at the National Stock Excgange, in Mumbai, Wednesday, Nov. 13, 2024.
| Photo Credit: PTI

Avenue Supermarkets Ltd. (DMart) promoter Radhakishan Damani, Zomato founder Deepinder Goyal and Swiggy’s Sriharsha Majety and Nandan Reddy have secured the top three positions respectively in the second edition of IDFC First Private Banking and Hurun India’s ‘India’s Top 200 Self-made Entrepreneurs of the Millennia 2024’ which was released on Wednesday.

In the face of emerging challenges from quick-commerce, Mr. Damani grew his company’s valuation by 44% to ₹3.4 lakh crore while Zomato and Swiggy saw their valuation growing up by 190% and 52% respectively to ₹2.52 lakh crore and ₹1.01 lakh crore.

Kaivalya Vohra, 21, and Aadit Palicha, 22, co-founders of Zepto, were the youngest self-made entrepreneurs with their valuation more than doubling to ₹41,800 crore.

Happiest Minds Founder Ashok Soota, 81, was the eldest in the list of self-made entrepreneurs.

Among the 19 women on the list, Falguni Nayar of Nykaa leads as the highest-ranked woman, breaking into the top 10 with a 30% valuation gain.

Ghazal Alagh (36) of MamaEarth has become the youngest woman entrepreneur, with her company’s valuation increasing 55% to ₹15,500 crore.

As many as 56 founders representing 32 companies were added to this year’s list and the cumulative value of all the 200 companies in the list was up 20% at ₹36 lakh crore which was almost equivalent to the GDP of Maharashtra.

“The total value of the companies found by self-made entrepreneurs worth $431 billion is equivalent to a quarter of the value of India’s 200 Most Valuable Family Businesses, despite being founded in the last 24 years compared to the latter’s average existence of 69 years,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

“While the valuation of unlisted companies were arrived at based on their past fund raising, some of them were knocked out of the list due to their unjustifiably valuation,” he added.

Vikas Sharma, Head-Wealth Management & Private Banking, IDFC First Bank said, “The report highlights the extraordinary journeys of visionary entrepreneurs who are transforming India’s economic landscape and these business leaders embody innovation and the relentless pursuit for excellence.”