Why Paytm's Vijay Shekhar Sharma is the 'Usain Bolt' of India's list of richest men

Vijay Shekhar Sharma, founder and CEO, Paytm, may well be called 'Usain Bolt' of India's list of richest men.

According to Hurun's latest India rich list, Sharma was the fastest riser among all with his wealth surging by 162 per cent to Rs 7,300 crore in the past one year, making him the richest entrepreneur under 40.  

The rise in wealth can be attributed to Chinese e-commerce behemoth Alibaba's investment in the company and subsequent funding rounds that have raised Paytm's valuation.

Sharma holds about 21 per cent stake in the company. It was reported recently that Paytm is in the process of raising $300 million in a round that will value the company at $5 billion.

In Hurun's overall list, Paytm's Sharma is ranked only 103. At the top are familiar names. Mukesh Ambani of Reliance Industries is on the top with his wealth at Rs 1.63 lakh crore, almost the same as that last year.

Ambani is followed by Dilip Sanghvi of Sun Pharma, Pallonji Mistry of Shapoorji Pallonji, SP Hinduja & family of the Hinduja Group, and Cyrus Poonawalla of vaccine manufacturer Serum Institute. Poonawalla is a new entrant to the top.

Acharya Balakrishnan, CEO, Patanjali made it to the list for the first time, surpassing well-known industrialists like Rahul Bajaj of Bajaj Auto, Adi Godrej of Godrej, Ajay Piramal of Piramal Enterprise and Essar's Ravi Ruia.

With a wealth of a whopping Rs 25,600 crore, Balakrishnan is now the 25th richest man in the country, according to the report.

Overall, 339 Indians passed the Hurun cut-off of Rs 1,600 crore, up 43 from last year. The average wealth, however, dropped 7 per cent due to lacklustre performance of key sectors such as technology, jewellery and trading, the report said.