BUSINESS
In 2021, Shashvat Nakrani was the youngest person to make it to the prestigious IIFL Wealth Hurun India Rich List.
BharatPe has become one of the most successful fintech companies in India. BhartPe was the first company to launch interoperable zero MDR UPI QR. But do you know who's the brain behind BhartPe?
The company was co-founded by an IIT dropout Shashvat Nakrani in 2018. He co-founded BhartPe at the age of 19 with Ashneer Grover. During this time, he was a third-year student at IIT-Delhi. But who is Shashvat Nakrani?
Shashvat Nakrani is a co-founder of the payment app BharatPe. He was born in Bhavnagar, Gujarat. He is a 23-year-old entrepreneur. He is still with BharatPe. He was pursuing his bachelor’s degree in Textile Technology from the Indian Institute of Technology, Delhi (IIT Delhi 2015 - 2019) when he co-founded BharatPe.
In 2021, Nakrani was the youngest person to make it to the prestigious IIFL Wealth Hurun India Rich List. He was among the 13 other self-made billionaires born in the 90s.
The 23-year-old Indian entrepreneur during his third year of college realized the need to have a specified payment gateway. Later, he came up with the idea of BharatPe which helped merchants to accept all payment apps like Paytm, Google Pay, BHIM, Phone Pe and others with just a single QR code.
To develop a payment gateway that fulfilled these requirements, he made use of the interoperability feature of the Unified Payment Interface (UPI). This is how ‘BharatPe’ came into existence.
Shashvat Nakrani's net worth
As the IIFL Wealth Hurun India Rich List comprises self-made billionaires, this means Shashvat's net worth is more than Rs. 1000 Crore. According to an Outlook report, he has assets worth Rs 1,700 crore.
According to its financial statement filed with the Registrar of Company (RoC), Shashvat Nakrani was paid Rs 29.8 lakh in FY 22. However, this did not take stock payments into account as the company incurred Rs 70 crore worth stock-based payment expenses in FY22, up 218 per cent (YoY), according to MoneyControl.
READ | Ratan Tata's investment: List of startups funded by him
BharatPe is involved in a legal battle with Ashneer. The firm sued him and his family for allegedly siphoning off company funds worth Rs 88.6 crore.
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