Meet 7 new billionaires minted by India's 2024 IPO surge
What's the story
India saw an unprecedented IPO boom in 2024, raising a staggering ₹1.66 lakh crore. This is nearly three times the amount raised last year. The boom has catapulted seven Indian entrepreneurs into the dollar billionaires' club, with many coming from the renewable energy sector. This surge in wealth creation highlights the potential of the Indian start-up ecosystem and the growing investor interest in domestic companies.
Wealth accumulation
Waaree Energies's Doshi family leads new billionaire league
Renewable energy company Waaree Energies, which has a market valuation of $10.6 billion, is headed by Hitesh C Doshi and his family. Their net worth has soared to a staggering $7.1 billion, making them the richest of this new batch of billionaires. Another renewable energy success story is Premier Energies, which has a market value of $7.3 billion and whose founder Chiranjiv Singh Saluja and family have a net worth of $4.7 billion.
Tech and pharma
Ola Electric and Emcure Pharmaceuticals join billionaire club
The visionary behind Ola Electric, Bhavish Aggarwal, has also entered the billionaire club with a net worth of $2.8 billion. His company's market value is at $5 billion. In the healthcare sector, Emcure Pharmaceuticals reached a market valuation of $3.1 billion under the guidance of its founder, Satish R Mehta who now holds a net worth of $2.3 billion, showcasing India's pharmaceutical industry's strong potential.
Solar and automation
Acme Solar Holdings and Jyoti CNC Automation's billionaire journey
Acme Solar Holdings, which has a market value of $1.9 billion, saw its fortune rise to $1.6 billion under the stewardship of Manoj Kumar Upadhyay and his family. The driving force behind Jyoti CNC Automation, Parakramsinh Jadeja, also joined the billionaire club as his company's valuation reached $3.5 billion boosting his net worth to $1.6 billion.
Liquor industry
Allied Blenders & Distillers' Chhabria family enters billionaire league
In the liquor industry, Kishore Chhabria and his family have made their mark with Allied Blenders & Distillers. The company's market value stands at $1.3 billion, elevating their net worth to $1 billion. This achievement underscores the diverse range of sectors contributing to India's economic growth and wealth creation.