Shashvat Nakrani co-founded BharatPe in 2018, during his third year in college. (Image Credit: Twitter)
Shashvat Nakranis is one of 13 others on the list who were born in the 90s who are all considered self-made individuals by the IIFL Wealth Hurun India Rich List
- News18.com
- Last Updated:September 30, 2021, 15:57 IST
- FOLLOW US ON:
The IIFL Wealth Hurun India Rich List came out with its latest top 100 wealthiest people in the country and there are quite a few new faces on there. Notably, the youngest person on the list is 23-year-old Shashvat Nakrani. He is the entrepreneur and founder behind the payment platform BharatPe, which he founded in his third year of college. He is among 13 individuals on the list who were born in the 90s who are all considered self-made individuals by the listing entity.
Nakrani co-founded the BharatPe payment gateway with his colleague Ashneer Grover, in 2018. Keep in mind that he had only joined the In Indian Institute of Technology, Delhi in 2015. In just 2 years he established his very own company, which has gone on to give competition to the likes of Paytm and PhonePe and other payment gateway paltforms in India.
Nakrani, who was part of the 2015 batch of IIT Delhi, got his bachelor’s degree in Textile Technology. Hailing from Bhavnagar, India, this young entrepreneur has come a long way. During his third year, he had identified a large gap in the market, the presence of a payment gateway that was accessible to merchants that did not cut into their margins.
He went on to figure out a solution that would help these merchants by leveraging the Unified Payments Interface’s (UPI) star feature – interoperability. This was largely ignored by the closed ecosystems of payments companies back then. It was only in October of 2020 that the Reserve Bank of India stepped in with a mandate that required the payment companies to shift to interoperable QR codes by March 31, 2022.
Nakrani’s solution was unique as it allowed merchants to just use one QR code that would be used to conduct transactions for any other payment app as well. This level of commercial compatibility and innovation is one of the reasons behind this young businessman’s success in the industry.
Read all the Latest News, Breaking News and Coronavirus News here. Follow us on Facebook, Twitter and Telegram
Source: News18