In this article, we will talk about the top 20 Indian entrepreneurs. If you want to skip our detailed analysis, head straight to the Top 5 Indian Entrepreneurs.
India’s Economic Outlook
India is one of the fastest growing economies in the world. According to Deloitte, India is expected to grow between 6.9% and 7.2% through fiscal year 2023/2024. The Asian giant is projected to grow between 6.4% and 6.7% in the fiscal year 2024/2025. High inflation is projected to persist till the second half of fiscal 2024, driven by high food and volatile oil prices. About 10 years ago, India’s economy was on a rollercoaster ride in 2013 when the inflation was around 10% and the foreign exchange reserves were around $292 billion. In addition, the country suffered from weak fundamentals and economic situations which led to the Indian rupee depreciating below 20% against the US dollar in 2013.
After 10 years, India’s foreign exchange reserves have almost doubled to $568 billion and inflation stands at around 5%, as of 2023. Moreover, India is one of the countries that have the largest gold reserves in the world with a total gold reserve of 803.58 tonnes. India is expected to be the third largest economy, according to the IMF’s GDP forecast for 2030.
Indian Billionaires
According to a report by Hurun India, the world has added 167 billionaires, taking the total to 3,279 in 2024. Indian billionaires are progressing and fueling the country’s economy. India has the third highest number of billionaires in the world, as of 2024. The country added 84 new faces to the global billionaires list, taking the total number to 271. Mumbai surpassed Beijing to become the third-largest city with the highest number of billionaires. Mumbai has 92 billionaires compared to 91 in Beijing, as of 2024. Around 54% of the billionaires in India are self-made. Mukesh Ambani is the richest person in Asia in 2024. His net worth rose by more than 40% year-over-year in 2024. Gautham Adani’s wealth soared by almost 60% year-over-year as he is the second richest person in India, as of 2024. Mukesh Ambani and Gautham Adani are some of the most influential entrepreneurs today. These two have influenced today’s Indian generation and it has had a massive impact on India’s entrepreneurial economy.
India is emerging as one of the biggest economies for entrepreneurial endeavors, with a large contribution from women entrepreneurs. India has 19 female billionaires, as of 2024. According to Women in India’s Startup Ecosystem Report (WISER) 2023, almost 18% of startups were led by women while 17% of women led unicorns in 2022. In 2022, around 18% of funding was given to women-led startups. Moreover, women-led startups give higher chances to women to be part of their teams. Startups with a woman founder have 2.5x women in senior roles compared to startups founded by men. Startups could help build more than 2 million new jobs for women in India by 2030.
Even though the wealthiest people in India contribute massively to the country’s economy, inequality has also risen. By the end of 2023, more than 40% of the wealth was shared by the top 1% in the country. India’s top 1% income share is higher than Brazil, South Africa, and the US, as per the World Inequality Database.
Companies of Leading Indian Entrepreneurs
Some of the biggest companies owned by the leading Indian entrepreneurs include Reliance Industries Limited (NSE:RELIANCE), Adani Enterprises Limited (NSE:ADANIENT), and HCL Technologies Limited (NSE:HCLTECH).
Reliance Industries Limited (NSE:RELIANCE) is one of the biggest companies in India. The company operates in energy, retail, entertainment, textiles, mass media, telecommunications, and petrochemicals, among others. Reliance Industries Limited (NSE:RELIANCE) was founded by Mukesh Ambani’s father Dhirubhai Ambani in 1957. Mukesh has been on the company’s board since 1977 and has taken the company to the next level through diversification. Mukesh led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India. In addition, Mukesh developed one of India’s largest retail networks and created one of the region’s largest 4G networks. On January 19, Reliance Industries Limited (NSE:RELIANCE) announced the results for the third quarter of fiscal year 2024. The company posted a gross revenue of $28.9 billion while having an EBITDA of almost $5.4 billion. Reliance Industries Limited (NSE:RELIANCE) is a profitable company and recorded a $2.5 billion profit after tax.
Founded by Gautham Adani, Adani Enterprises Limited (NSE:ADANIENT) is one of the leading Indian multinational companies operating mainly in mining, coal, and iron ore. Gautham began from the gross root level and is now the second richest person in Asia. Adani Enterprises Limited (NSE:ADANIENT) is one of the largest multinational companies that plays a pivotal role in India’s economy. On February 26, Adani Enterprises Limited (NSE:ADANIENT) announced that the company’s subsidiary, Adani Defence & Aerospace, inaugurated two mega facilities to manufacture ammunition and missiles. These two facilities are the first of their kind in the private sector in India and will pave the way for the country’s technological advancement in the defense sector. The defense project is expected to have a total investment of over 3,000 crore Indian rupees and will create more than 4,000 jobs. Here is what the CEO of Adani Defence & Aerospace said:
“The establishment of these ammunition and missiles complexes represents a leap forward in our quest for self-reliance. With a planned investment of over Rs. 3,000 Crores, its impact extends far beyond the defence sector. It will create over 4,000 jobs, with five times the multiplier effect on MSMEs and the local ecosystem benefiting from it indirectly. We are committed to ensuring that our efforts are inclusive and sustainable, fostering growth while preserving the environment for generations to come.”
HCL Technologies Limited (NSE:HCLTECH) operates as HCLTech and it is one of the largest information technology consulting companies in India. Billionaire Shiv Nadar founded HCL Technologies Limited (NSE:HCLTECH) and took the company to new heights. On March 28, HCL Technologies Limited (NSE:HCLTECH) reported that the company was declared a leader in the inaugural IDC MarketScape Canadian Managed Multicloud Services 2024 Vendor Assessment. Here is what the report highlighted about HCL Technologies Limited (NSE:HCLTECH):
“HCLTech’s innovation capabilities, delivery strategy, and offering portfolio have combined to fuel the company’s strong revenue growth in the market. Investments by HCLTech in its cloud management platform and IP portfolio illustrate its innovation strategy.
HCLTech has competencies in most emerging cloud technologies, supports major container platforms, and has sound edge computing capabilities. It has large resource pools in Canada and globally, and its Canadian resources are known to have good industry and business process expertise.”
With this context, let’s take a look at the top 20 Indian entrepreneurs.
Pixabay/Public Domain
Our Methodology
For our list of the top 20 Indian entrepreneurs, we considered net worth to identify the top Indian entrepreneurs. We have listed all the entrepreneurs who founded, co-founded, built businesses, or have any sort of role in the management of their businesses. The entrepreneurs are ranked in ascending order of their net worth. We gathered net worth data from the Forbes Real Time Billionaires list, as of March 26.
Top 20 Indian Entrepreneurs
20. Benu Gopal Bagur
Net Worth: $7.1 Billion
Benu Gopal Bagur owns Shree Cement Limited (NSE:SHREECEM). Bagur is the director of the company and he served the company as chairman before he stepped down in October 2022. Benu Gopal Bagur has a net worth of around $7.1 billion and ranks among the top 20 Indian entrepreneurs.
19. M.A. Yusuff Ali
Net Worth: $7.6 Billion
M.A. Yusuff Ali is one of the top Indian entrepreneurs who has built his retail empire in the Emirates, LuLu Group International. Ali’s LuLu Group International owns around 256 hypermarkets and malls in the Gulf and elsewhere.
18. Gopikishan Damani
Net Worth: $7.7 Billion
Gopikishan Damani owns around 5.60% stake in retailing giant Avenue Supermart Limited (NSE:DMART), as per CNBC TV18. The company was founded by Gopikishan’s brother Radhakishan Damani and the Damani brothers control the retail firm. Gopikishan Damani ranks 18th among the top Indian entrepreneurs.
17. Hasmukh Chudgar
Net Worth: $7.7 Billion
Hasmukh Chudgar founded the generics maker Intas Pharmaceuticals in 1977. Chudgar handed over operations to his sons Nimish and Binish in the early 90s. With a net worth of $7.7 billion, Hasmukh Chudgar ranks among the top 20 Indian entrepreneurs.
16. Sunil Mittal
Net Worth: $9.3 Billion
Sunil Mittal founded India’s largest mobile phone operator, Bharti Airtel Limited (NSE:BHARTIARTL). Sunil Mittal is one of the richest people in India.
15. Pankaj Patel
Net Worth: $9.6 Billion
Pankaj Patel is the chairman of pharma magnate Zydus Lifesciences Limited (NSE:ZYDUSLIFE). Patel joined the company in 1976 and took charge in 1995. Pankaj Patel has a net worth of around $9.6 billion and ranks 15th among the top Indian entrepreneurs.
14. Mangal Prabhat Lodha
Net Worth: $10.2 Billion
Mangal Prabhat Lodha founded the Macrotech Developers Limited (NSE:LODHA) or Lodha Group in 1980. Macrotech Developers Limited (NSE:LODHA) is one of the leading real estate companies in India.
13. Azim Premji
Net Worth: $11.8 Billion
Azim Premji ran Wipro Limited (NSE:WIPRO) for almost four decades before giving the company to his sons Rishad and Tariq. Premji has an almost 4.12% stake in Wipro Limited (NSE:WIPRO), as per the Economic Times. Azim Premji ranks among the top 20 Indian entrepreneurs.
12. Uday Kotak
Net Worth: $13.4 Billion
In 1985, Uday Kotak started a finance firm which was later converted into a bank, Kotak Mahindra Bank. Kotak is now the non-executive director on the board before he stepped down as the CEO and managing director of Kotak Mahindra Bank in September 2023. Uday Kotak ranks 12th among the top Indian entrepreneurs.
11. Ravi Jaipuria
Net Worth: $15.7 Billion
Ravi Jaipuria controls India’s cola king, Varun Beverages Limited (NSE:VBL). Jaipuria presides over RJ Corporation which operates in beverages, fast food, healthcare, and education sectors. With a net worth of around $15.7 billion, Ravi Jaipuria ranks among the top Indian entrepreneurs.
10. Lakshmi Mittal
Net Worth: $16.8 Billion
Lakshmi Mittal is the chairman of ArcelorMittal SA (AMS:MT), one of the world’s largest steel and mining companies by output. Lakshmi Mittal has a net worth of $16.8 billion and ranks 10th among the top Indian entrepreneurs.
9. Kumar Birla
Net Worth: $19.5 Billion
Kumar Birla is the fourth-generation head of the Aditya Birla Group, which owns 14 companies in different sectors. Being the chairman of the Aditya Birla Group, Kumar Birla is one of the top Indian entrepreneurs.
8. Radhakishan Damani
Net Worth: $19.5 Billion
Radhakishan Damani is a Mumbai-based investor and the founder of Avenue Supermart Limited (NSE:DMART). Radhakishan became India’s retail king following the IPO of his supermarket chain Avenue Supermart in March 2017. Radhakishan Damani ranks among the top 20 Indian entrepreneurs.
7. Kushal Pal Singh
Net Worth: $19.7 Billion
Kushal Pal Singh joined his father’s company, DLF Limited (NSE:DLF), in 1961. DLF Limited (NSE:DLF) is one of the leading commercial real estate companies in India. Singh built the famous township, DLF City, in Gurgaon. Kushal Pal Singh ranks among the top 20 Indian entrepreneurs.
6. Cyrus Poonawalla
Net Worth: $21.4 Billion
In 1966, Cyrus Poonawalla founded the Serum Institute of India, which is the world’s largest vaccine maker by doses, as per Forbes. Poonawalla has stakes in financial service firm Poonawalla Fincorp Limited (NSE:POONAWALLA). Cyrus Poonawalla ranks sixth among the top Indian entrepreneurs.
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Disclosure: None. Top 20 Indian Entrepreneurs is originally published on Insider Monkey.