According to the IIFL Wealth Hurun India Rich List 2021, there are 1007 individuals in India with a fortune of more than Rs 1,000 crore.
Startup Byju’s
Byju Ravindran, the founder of India’s most valued startup Byju’s, is now richer than Anand Mahindra, chairman, Mahindra & Mahindra group, and Rakesh Jhunjhunwala. According to the IIFL Wealth Hurun India Rich List 2021, Byju Raveendran & family’s wealth stood at Rs 24,300 crore, making him the 67th richest person in India. The wealth of the family has grown 19% this year. Since 2017, Raveendran has climbed 504 ranks, the most by anyone on the list.
In comparison, Rakesh Jhunjhunwala & family’s wealth stood at Rs 22,300 crore, Anand Mahindra & family are at Rs 22,000 crore, and Nandan Nilekani & family’s wealth at Rs 20,900 crore, according to the list. All these wealthy families saw comparatively bigger wealth growth in percentage terms during the year.
During the pandemic
Byju’s, which is now valued at $16.5 billion, has been on a dream run since the pandemic. It acquired a number of its competitors and become the most valuable startup in the country. According to reports, the company is in talks with several investors to raise $1-1.5 billion at a valuation of nearly $21 billion. At the same time, some of the bankers are chasing the company for an IPO, with projected valuations as high as $50 billion!
If Byju manages to achieve such a valuation, the wealth of the Byju Ravindra family will almost triple from current levels.
Educational Services
In April 2021, it acquired Aakash Educational Services in a Rs 7,300 crore cash and stock deal. Additionally, it acquired Singapore-based Great Learning for Rs 4,500 crore and a California-based kids digital reading platform for Rs 3,700 crore. Besides, it has also acquired a number of small startups, consolidating its presence in the industry.
Byju’s has spent more than Rs 15,000 crore on acquisitions this year.
According to the IIFL Wealth Hurun India Rich List 2021, there are 1007 individuals in India with a fortune of more than Rs 1,000 crore. This count is 179 higher than last year’s count.
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