Top industries in India generating the wealthiest entrepreneurs

IDFC FIRST Private Banking and Hurun India celebrate India’s leading Top 200 Self-made Entrepreneurs of the Millennia, 2024. The list featured the leading companies founded after the year 2000 and highlights the top industries in India producing the wealthiest entrepreneurs.

Which sectors emerged at the top? Let’s find out.

‘IDFC FIRST Private & Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2024’ report: Top industries in India
 

Here’s a look at the top five industries with the number of companies in each industry -

The top-ranking industries accounted for 70% of the leading self-made entrepreneurs featured in the ‘IDFC FIRST Private & Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2024’ list.

Insights into the top industries in India
 

Now that you know the top industries in India, let’s delve deeper. Here’s a look at the wealthiest businesses in each sector, their respective founders, and valuation –

A look at the leading self-made entrepreneurs
 

Topping the ‘IDFC FIRST Private & Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2024’ list is no small accomplishment. These self-made entrepreneurs are not only running a successful business of their own but are also contributing to the overall growth of the Indian industrial ecosystem. Here’s a look at the achievements of these leaders –

1. Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar

The trio launched Policybazaar in 2008, an aggregator platform that helps individuals buy insurance seamlessly. Amounting to ₹57,900, their company increased its valuation by 68% compared to last year. The company’s revenue also jumped 82% from last year, which shows the company’s steady growth.   

2. Abhay Soi

Abhay Soi has grown Max Healthcare Institute’s profits by 82% since last year, according to Hurun India, securing his position in the IDFC FIRST Private Hurun India 2024 list. He first secured funding from JP Morgan and launched his company, Radiant Life Care. After that, Radiant Life Care, backed by Kohlberg Kravis Roberts & Co. (KKR), acquired a 49.7% stake in Max Healthcare, putting Abhay Soi on the map.

3. Radhakishan Damani

Radhakishan Damani founded the popular supermarket chain DMart at the age of 45, showing that age is no bar when you want to achieve something. After going public, his company has been posting steady profits, which grew by 38% in the financial year 2023, based on Hurun India’s findings.

4. Deepak Kalra and Rajesh Magow

The duo founded MakeMyTrip to serve the US-India travel market. However, with increasing consumer demand and technological development, the NASDAQ listing in 2010, and the merger with Ibibo, MakeMyTrip has become a leading travel aggregator.

5. Deepinder Goyal

Deepinder Goyal revolutionised the food delivery system by founding Zomato, which is now a household name. The idea for his company struck him when he was working at Bain and encountered the demand for food delivery and menus among colleagues. The company started in his apartment and soon became a unicorn.

Factors driving the growth of the top industries in India
 

While these companies are wealth-creation tools for their stakeholders, what drives their growth? Here are some factors that contribute –

1. Growth in e-commerce

Increased internet penetration, smartphone use, and affordable data connectivity have led to the growth of the online marketplace. E-commerce businesses have removed barriers, allowing them to thrive and grow.

2. Changing demography

India has become the most populous country in the world. The middle-class segment has grown, and their spending patterns have also changed. They are spending more on a wide variety of goods and services, which has also resulted in increased demand.

3. Technological development

Advancements in technology have been game-changers for businesses. Artificial Intelligence (AI), data mining, the Internet of Things (IoT), etc., have revolutionised business models, allowing companies to become more consumer-centric. This has also affected spending behaviour, making consumers spend more.

4. Improved infrastructure

Logistics and transportation have improved considerably. Ten-minute grocery delivery, one-day delivery, inter-city food delivery, etc., have become quite common. This has improved customer experience, boosting demand and industrial growth.

5. Government initiatives

The government is also aiding companies in boosting their revenue and profitability with various incentives and schemes. Start-up India, Made in India, Digital India, Atmanirbhar Bharat, etc., have contributed to the growth of Indian companies.

6. Increased consumer awareness

Modern-day consumers have become aware of good quality goods and services. This is due to rising social media marketing, word-of-mouth promotion, environmental sustainability, etc. Consumers today are willing to pay more for premium products.

Be a part of India’s growth story
 

The top industries in India are attracting both domestic and foreign investments, which are driving the growth of the Gross Domestic Product (GDP). Backed by demand and popularity, these top sectors are shaping the tastes and preferences of the modern-day consumer.

The ‘IDFC FIRST Private & Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2024’ report highlights how entrepreneurship is not dependent on age, gender, or education. All you need is an innovative idea, the will, and the perseverance to convert it into a lucrative business venture. With IDFC FIRST Private Banking, you can get an unmatched banking experience that supports your entrepreneurial journey and takes your business to new heights.