Shashvat Nakrani: Bio, Wiki, Age, Family, Career, Net Worth
The most thorough wealthy list in the nation, the Hurun India Rich List is a ranking of people having a net worth of over 1,000 crore.
This IIT dropout is one of the 13 people on the list who were born in the 1990s and who the listing entity considers to be self-made.
The youngest individual to appear on the IIFL Wealth Hurun India Rich List is Shashvat Nakrani, a 23-year-old who founded the payment app BharatPe while he was still in college.
This IIT dropout is one of the 13 people on the list who were born in the 1990s and who the listing entity considers to be self-made.
Shashvat Nakrani: Who Is He?
Together with Ashneer Grover, Nakrani co-founded the BharatPe payment app in 2018. In his third year of college, Nakrani saw a significant market gap: there wasn’t a payment gateway available to merchants that didn’t reduce their profit margins. He then came up with a solution using the Unified Payments Interface’s (UPI) standout feature, interoperability, to benefit these merchants. His approach was original because it allowed businesses to utilize just one QR code for purchases on any other payment app as well. To accept payments from all payment applications, including PayTm, PhonePe, Google Pay, BHIM, and more than 150 UPI apps, BharatPe provides merchants with a single QR code.
There are quite a few new faces on the most recent list of the 100 richest persons in India, which was released by IIFL Wealth Hurun. Notably, 23-year-old Shashvat Nakrani is the youngest individual on the list. The payment platform BharatPe was started by him as an entrepreneur and founder in his third year of college. He is one of 13 people on the list who were born in the 1990s and who the listing entity considers to be self-made.
With his colleague Ashneer Grover, Nakrani co-founded the BharatPe payment gateway in 2018. Remember that he only recently began attending the Indian Institute of Technology in Delhi in 2015. In just two years, he founded his own business, which has since posed a threat to Indian payment gateway platforms like Paytm and PhonePe.
Nakrani earned his bachelor’s degree in textile technology and was a member of the IIT Delhi class of 2015. This young businessperson, who is originally from Bhavnagar, India, has come a long way. He had discovered a significant market gap in his third year—the absence of a payment gateway that was available to merchants and did not reduce their profit margins.
He then came up with a solution using the Unified Payments Interface’s (UPI) standout feature, interoperability, to benefit these merchants. The closed ecosystems of payments businesses at the time generally disregarded this. The Reserve Bank of India didn’t get involved until October 2020, when it issued a directive requiring the payment companies to switch to interoperable QR codes by March 31, 2022.
The Nakrani solution was distinctive in that it permitted businesses to utilize a single QR code for transactions with any other payment app as well. One of the factors contributing to this young entrepreneur’s success in the field of business is his level of commercial compatibility and inventiveness.
It should be emphasized that the business has had a lot of success since it was founded. In order to create the 12% club, BharatPe has so far collaborated with other non-banking financial companies (NBFCs) that the RBI has approved. This app-based platform for investments, consumer lending, and borrowing is the first of its type. Customers will be able to invest using this app and earn up to 12% of yearly interest without a lock-in period, thus the name.
The business’s income model hinges on offering a digital payment platform to its clients. For its merchant partners, it also has a separate app. To increase the revenue from its platform, the company primarily relies on the interdependent cyclical linkage of credit to merchants and application usage. After Google Pay, PhonePe, and Paytm, the company is currently the fourth-largest UPI provider.
“The rising wealth creation documented in IIFL Wealth Hurun India Rich List 2021 is a reflection of the robust foundation of the Indian businesses and the confidence they command from their respective stakeholders,” said Karan Bhagat, founder, MD, and CEO of IIFL Wealth, in a statement regarding the launch of the new list. The rise of female wealth creators, the decline in average age, and the inclusion of Tier 2 cities like Pune, Rajkot, Surat, Faridabad, and Ludhiana in the top 20 are significant statistics from the list that stick out to us. These elements are already influencing newer wealth management business solutions and strategies for us at IIFL Wealth.
What Made Nakhrani So Wealthy?
The Nakrani narrative is the foundation around which business myths are built. He enrolled at IIT Delhi in 2015 in order to pursue a degree in textile technology. But he dropped out of the course in the middle of his third year to work with Ashneer Grover to create BharatPe.
The UPI was not highly interoperable for Merchants, which was the issue that Nakrani and Ashneer Grover noticed. There were over 150 different UPI apps, all of which had unique QR codes and were incompatible with one another. A single QR code from BharatPe allows businesses to accept payments from all of these unique UPI apps! These apps included several more, such as Google Pay, BHIM, PhonPe, and bank UPIs.
This helped BharatPe gain widespread acceptance within the corporate community. BharatPe’s exceptional development and widespread adoption allowed it to reach unicorn status in August 2021, when its valuation was estimated to be $2.5 billion. It is anticipated to increase to $3.8–4 billion after new investment rounds.
The company presently provides its platform to 70 lakh merchants spread over 140 Indian cities and makes money by lending to these merchants. Additionally, they have provided up to 3,00,000 enterprises with loans totaling Rs. 2,800 crores.
Even more intriguingly, BharatPe is getting ready to enter the banking industry. Centrum Financial Services and BharatPe received authorisation from the Reserve Bank of India (RBI) in June to establish a microfinance bank to take over the struggling PMC Bank.
We can anticipate BharatPe’s entry into the banking industry. BharatPe became the first startup company in India to manage a small financing bank as a result.
But BharatPe is more than just a place to work; when new engineers joined the engineering department early last year, the business gave them superbikes and work vacations in Dubai. Perhaps the company’s young co-founder spearheaded this initiative.
Although it was an unconventional technique of hiring, Shashvat Nakrani is probably familiar with the community of new college grads who are interested in technology and he is looking for creative ways to grow his team.
Shashvat Nakrani’s Startup Plan
Young people in their twenties who have already experienced remarkable success in the startup world are in no short supply. As many as 13 people who independently acquired their money and were born in the 1990s are included on Hurun’s rich list for the previous year. Of them was Nakrani.
Each person has a personal fortune that exceeds Rs. 1 billion. The current startup boom in India is noteworthy for a number of factors, including the creation of new technology and jobs. Millions of individuals in India have seen a general increase in their quality of life as a result of this innovation.
Most significantly, it has given young people in India hope that they can change the world for the better.
Personal Life: Shashvat Nakrani
Mansukhbhai Nakrani gave birth to Shashvat Nakrani in the year 1999. Mansukhbhai, a businessman himself, operated a school in Bhavnagar, Gujarat. It is safe to say that Shashvat Nakrani inherited his entrepreneurial spirit from his family.
Shashvat was a deserving pupil. He took the IIT JEE after finishing his education, and he received an All India Ranking of 3796! In 2015, he enrolled at IIT Delhi to study textile technology. However, he left the IIT after three years. He did this to follow his entrepreneurial aspirations, and together with Ashneer Grover, another IIT alum, they founded BharatPe. They built the basis for the future unicorn together. But he came back later to finish his studies at IIT.
Conflict Involving Ashnir Grover and Shashvat Nakrani
Beginning in 2022, Ashneer Grover and his family were charged with embezzling and stealing money from businesses for their own purposes. During the company’s internal audit, they were determined to be guilty. They were charged with disseminating false information about BharatPe. The Board of BharatPe resolved to remove MD Ashneer Grover from all roles within the organization as a result of these accusations. He owns 9.5 percent of BharatPe.
Following his eviction, Shashvat Nakrani spoke out about the situation, saying that the business acted swiftly and appropriately. In an internal memo, he stated:
“While the details of the inquiry report are private and I am not authorized, in my capacity as a board member, to reveal its conclusions, I am pleased that our board moved swiftly and firmly to defend good corporate governance.”
Shashvat Nakrani is certain that BharatPe would see a fourfold growth in revenue this year. Making BharatPe the first truly digital bank is Shashvat Nakrani’s next goal.
Shashvat Nakrani’s Achievements
- At the young age of 23, Shashvat has achieved the extraordinary feat of being listed as the youngest richest self-made individual in IIFL Wealth Hurun India Rich list 2021.
- He is also the youngest co-founder in the Fintech space in India.
BharatPay’s Awards and Achievements
- BharatPe is India’s largest Fintech Company with a network of over 20 lakh merchants and supports them with free UPI payments through a single QR code.
- It won the DigiDhan mission Fintech award 2018-19 at the MeitY startup summit 2019, for innovation in digital payments through emerging technology.
- The company won the national startup award 2020 in the Fintech category.
- BharatPe is the first-ever digital payments app that acquired 100 percent of Payback India, a multi-brand loyalty program from American Express and ICICI Investments’ strategic fund.
Shashvat Nakrani Personal Details
| Name | Shashvat Nakrani |
| Age | 23 years |
| Date of Birth | Not mentioned |
| Place of Birth | Bhavnagar, Gujarat |
| Profession | Entrepreneur |
| Designation | Co-founder of BharatPe |
| BharatPe Headquarters | New Delhi, India |
| Father’s Name | Name not mentioned (Owner of an education institute in Bhavnagar, Gujarat) |
| Mother’s Name | Name not mentioned |
| Siblings | Not mentioned |
| Marital Status | Not mentioned |
| Net worth | Not mentioned |