A 23-year old co-founder of the payments app Bharatpe, Shashvat Nakrani, has become the youngest person to make it to the IIFL Wealth Hurun India Rich List. He is among the 13 other self-made billionaires on the list who were born in the 90s.
The IIT dropout co-founded FinTech start-up BharatPe at the age of 19 with Ashneer Grover. He was pursuing the third-year of his degree in IIT-Delhi at that time. He got his bachelor’s degree in Textile Technology.
During his third year of college, Nakrani observed a large gap in the market which was the presence of a payment gateway that would have been accessible to merchants and also, did not cut into their margins.
He tried to figure out a solution that would help these merchants handle payments without cutting into their margins by establishing his own company which bridged this gap by the Unified Payments Interface’s (UPI) star feature – interoperability.
His solution was simple and unique as it allowed merchants to use just one QR code that would be used to conduct transactions for any payment app. BharatPe offers merchants a single QR code to accept all payment apps such as Paytm, PhonePe, Google Pay, BHIM, and 150+ other UPI apps.
Shashvat is now among the 1,007 individuals and stands as the youngest self-made founder on the list. This time, India has 179 more super-rich people and the number of such individuals has crossed the 1,000-mark in the list.
According to the recently published Hurun India Rich List 2021, the number one position has been held by the Chairman and MD of Reliance Industries, Mukesh Ambani for the 10th consecutive year.
Both the Adani brothers have their positions escalated to the top 10 ranks for the very first time.