Bio, Wiki, Age, Family, Career, Net Worth

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Hurun India Rich List is a ranking of people with a net worth of over 1,000 crores and is the most comprehensive list of the richest people in the country.

One of the 13 people on the list was born in the 1990s and considers the listed institution to be self-made, this IIT dropout.

23-year-old Shashwat Nakrani, who founded payments app Bharatpay while still in college, is the youngest person to feature in the IIFL Wealth Hurun India Rich List.

One of the 13 people on the list was born in the 1990s and considers the listed institution to be self-made, this IIT dropout.

Shashwat Nagrani

Shashwat Nagrani

Shashwat Naqrani: Who is he?

In 2018, Naqrani and Ashneer Grover co-founded the BharatPay payment app. During his third year of college, Naqrani discovered a huge market gap: Retailers couldn’t find a payment gateway that didn’t hurt their profit margins. He then developed a system to help these merchants using the unique feature of Unified Payments Interface (UPI), interoperability. His strategy was innovative as it allowed companies to use a single QR code for transactions over any other payment app. BharatPe provides retailers with a QR code so they can make payments from all payment apps including PayTm, PhonePe, Google Pay, BHIM and over 150 UPI apps.

The most recent list of India’s 100 richest people published by IIFL Wealth Hurun features a significant number of new names. Notably, 23-year-old Shashwat Naqrani is the youngest person on this list. In his third year of college, he became an entrepreneur and founder and started Bharatpay Payment Network. He is one of only 13 people born in the 1990s who are considered self-made by the listed company.

In 2018, Naqrani and Ashneer Grover co-founded the BharatPay payment gateway. Keep in mind that he only recently started studying at the Indian Institute of Technology, Delhi in 2015. Within two years he started his own company, which has since gone on to threaten Indian payment gateway services like Paytm and PhonePe.

Nakrani graduated from IIT Delhi in 2015 with a bachelor’s degree in textile technology. This young entrepreneur from the Indian city of Bhavnagar has come a long way. In his third year, he identified a major market gap: the lack of a payment gateway that was accessible to merchants and didn’t hurt their profit margins.

He then developed a system to help these merchants using the unique feature of Unified Payments Interface (UPI), interoperability. The closed ecosystems of the paid institutions of the time largely ignored this. The Reserve Bank of India intervened by October 2020 and directed payment providers to switch to interoperable QR codes by March 31, 2022.

A unique feature of the Naqrani solution was that it allowed companies to use the same QR code for transactions in any other payment application. His business adaptability and originality are among the factors that influence the success of this young entrepreneur in the business world.

It is important to underline how successful the company has been since its inception. Bharatpay has so far worked with other RBI-approved Non-Banking Financial Institutions (NBFCs) to create the 12% club. It is the first of its kind app-based platform for borrowing, consumer lending and investing. The name of the app indicates that users can invest using it and earn up to 12% annual income without any lock-in period.

Providing a digital payment platform to customers is essential to the company’s financial viability. It also has a separate app for its business partners. The company mainly relies on an interdependent circular link for loans to merchants and application usage to increase revenue from its platform. The business is now the fourth largest UPI provider after Google Pay, PhonePe and Paytm.

According to Karan Bhagat, Founder, MD and CEO of IIFL Wealth, “The rising wealth profile highlighted in the IIFL Wealth Hurun India Rich List 2021 is a reflection of the solid foundation of Indian companies and the trust they command from their respective stakeholders.” The increase in women wealth creators, the decrease in average age and Pune, Notable statistics from the list that stand out for us are tier 2 cities like Rajkot, Surat, Faridabad and Ludhiana in the top 20. IIFL Wealth, these factors are already influencing the most recent wealth management business solutions and strategies.

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What made Nagrani so rich?

The Naqrani story serves as the cornerstone on which business myths are built. To pursue a degree in textile technology, she joined IIT Delhi in 2015. However, he left the project in the middle of his third year to collaborate with Ashneer Grover on the development of Bharatbe.

Naqrani and Ashneer Grover observed that UPI was not interoperable for merchants. There were more than 150 separate UPI apps, each with its own QR code, making it impossible for them to work together. Businesses can accept payments from all these unique UPI apps with just one QR code from BharatPe! The app also includes banking UPIs, BHIM, PhonPe and Google Pay among others.

As a result Bharatbe was able to gain considerable support in the business world. BharatPay achieved unicorn status in August 2021, valued at $2.5 billion, thanks to its extraordinary growth and extensive usage. After fresh funding rounds, this is expected to rise to $3.8–4 billion.

Currently serving over 70 lakh businesses across 140 Indian locations, the company generates revenue by financing these merchants. Also, they have Rs. 2,800 crore to 30,000 businesses.

What is more interesting is that Bharatpay is gearing up to enter the banking sector. The Reserve Bank of India (RBI) gave approval to Centrum Financial Services and Bharatpay to set up a microfinance bank to acquire BMC Bank in June.

Bharatpay is expected to enter the banking sector. As a result, BharatPay became the first new business to run a small lending bank in India.

However, BharatPe is more than just a place to work; When new engineers joined the engineering department early last year, the company offered them superbikes and work trips to Dubai. The idea may have been spearheaded by the young co-founder of the business.

Shashwat Nakrani may not be familiar with the community of tech-savvy recent college graduates, but he’s looking for innovative ways to expand his staff. Despite the personal recruitment method he used,

Shashwat Naqrani’s inaugural project

There is no dearth of twenty-year-olds who have achieved great success in the startup industry. Huron’s rich list for the previous year listed up to 13 people born in the 1990s who amassed their wealth independently. Naqrani is one of them.

Each person has more than a billion rupees in their personal wealth. Many key aspects of the current startup boom in India include the growth of new technology and jobs. The introduction of this innovation has improved the quality of life of millions of people in India.

Most importantly, it has inspired the youth in India that they can improve the world.

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Personal Life: Shashwat Naqrani

Shashwat Nagrani was born in 1999 to Mansukhbhai Nagrani. A businessman named Mansukhbhai ran a school in Bhavnagar, Gujarat. It is safe to conclude that Shashwat Naqrani’s family was the source of his entrepreneurial spirit.

Saswat is a meritorious student. After graduation, he attempted the IIT JEE and secured an all-India rank of 3796! Joined IIT Delhi in 2015 to pursue a degree in Textile Technology. After three years, he left IIT. He did this to pursue his entrepreneurial ambitions, and he and fellow IIT alumnus Ashneer Grover later started Bharatbe. Together, the two eventually laid the foundation for Unicorn. But he returned later to complete his studies at IIT.

Conflict involving Ashnir Grover and Shashwat Naqrani

Ashneer Grover and his family were accused of embezzling money from companies for their own use since 2022. They were found guilty during an internal audit of the business. They were accused of spreading false information about Bharatbe. In response to these allegations, Bharatbe Board, Md. Ashneer decided to bar Grover from all positions in the company. He owns 9.5% of BharatPe.

Shashwat Naqrani addressed the incident after his eviction, saying the company acted responsibly and promptly. He wrote in an internal memo:

“I am pleased that our board is acting swiftly and decisively to secure good corporate governance,” said the board member. “While the details of the inquiry report are confidential, I am not authorized to disclose its findings while acting as a committee member.

Shashwat Nakrani is confident that Bharatbey’s revenue will quadruple this year. Shashwat Nakrani’s next mission is to make BharatPay the first fully digital bank.

Shashwat Nagrani Wiki

Shashwat Nagrani Wiki

Achievements of Shashwat Naqrani

At just 23 years of age, Shashwath has made a remarkable achievement by ranking as the youngest self-made billionaire in IIFL Wealth Hurun India Rich List 2021.

Additionally, he is India’s youngest co-founder in the fintech industry.

Bharatbeh’s Awards and Achievements

With a network of over 20 lakh merchants and the ability to accept free UPI payments using a QR code, BharatPe is India’s largest fintech company.

At the MeitY Startup Summit 2019, DigiDhan received the Mission Fintech Award 2018-19 for its innovation in digital payments using cutting-edge technologies.

The business won the fintech category of the 2020 National Startup Awards.

Payback India, a multi-brand loyalty program, has been acquired by BharatPay, the first ever digital payments app, from strategic fund American Express and ICICI Investments.

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Content Source: Theancestory

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