Radha Vembu and Byju Raveendran named among India’s richest in 2023 Hurun Rich List
- ByStartupStory | March 23, 2023
The M3M Hurun Global Rich List of 2023 has recognized Indian entrepreneurs Radha Vembu, co-founder of Zoho Corporation, and Byju Raveendran, founder and CEO of BYJU’S, among the wealthiest individuals.
Radha Vembu was ranked as the second richest self-made woman globally in the software and services sector.
In 1996, Radha Vembu co-founded AdventNet Inc, which later became Zoho, India’s biggest self-funded software-as-a-service (SaaS) company, with her brother Sridhar Vembu. She currently works as a product manager for Zoho Mail, an email service owned by Zoho.
According to the 2023 Hurun Rich List, Vembu climbed 103 spots from last year and now ranks among India’s richest individuals with a net worth of $4 billion, largely due to her significant stake in Zoho Corporation. As of March 31, 2022, Vembu owns 47.8% of Zoho, worth an estimated $2.2 billion, making her the company’s largest shareholder, while her brother owns just 5% of the company.
According to a recent Forbes report, Sridhar Vembu’s wife, Pramila Srinivasan, accused him of transferring a significant portion of his Zoho stake to his sister and her husband through a complex transaction that allegedly violated local California laws. Sridhar denied the allegations, calling them unfounded.
Byju Raveendran, the co-founder of the edtech startup BYJU’S, and his family jumped 1,005 spots on this year’s Hurun Rich List, ranking 994th with a net worth of $3.3 billion. Raveendran is now recognized as the second-wealthiest entrepreneur in the education sector globally.
Despite being an early player in the edtech industry, BYJU’S has faced numerous challenges related to its financial situation, unpaid loans, customer complaints regarding unethical selling practices, and accusations of a harsh working environment leading to layoffs.
On the other hand, Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, overtook Gautam Adani, the Founder and Chairman of Adani Group, to become the wealthiest Indian on the Hurun Rich List with a total wealth of $82 billion.
The Adani Group has come under severe scrutiny and criticism following allegations of financial misconduct, fraud, and price rigging made by the US-based short-seller Hindenburg Research. As a result, Adani’s wealth has plummeted by 60%, and he has lost his position as the second-richest individual globally.
The M3M Hurun Global Rich List of 2023 revealed that India has the third-largest number of billionaires, with 187 individuals, a decrease of 28 from the previous year. However, this number would increase to 217 if Indian-origin billionaires were included.
Among Indian cities, Mumbai has the highest number of billionaires (66), followed by Delhi (39) and Bengaluru (21).
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