From Startup to ₹8,643 Crore: Razorpay Founders Become India’s Youngest Billionaires

India’s Billionaire Surge in 2025

India’s billionaire count has seen an impressive rise, reaching 284 in 2025, signaling a strong economic recovery. Among these elite names are Razorpay co-founders Shashank Kumar and Harshil Mathur, both aged 34, who have emerged as India’s youngest billionaires. With a net worth of ₹8,643 crore each, their success story highlights the rapid evolution of India’s fintech sector and the growing impact of startups on the economy.

From IIT Roorkee to Fintech Success

Mathur and Kumar’s entrepreneurial journey began at IIT Roorkee, where they first met as students. With a shared passion for technology and innovation, they co-founded Razorpay in 2014, aiming to simplify digital payments in India.

Before venturing into entrepreneurship, both had established careers in leading corporations. Kumar worked as a software development engineer at Microsoft, while Mathur served as a wireline field engineer at Schlumberger. However, their frustration with India’s online payment ecosystem led them to take matters into their own hands. As Mathur once stated, “We started Razorpay after discovering the dismal state of online payments in India.”

Razorpay’s Meteoric Rise

Razorpay rapidly disrupted India’s digital payments landscape, evolving into a fintech powerhouse. By the end of 2021, the company secured $375 million in its Series F funding round, pushing its valuation to $7.5 billion. The startup has drawn investments from global giants like Singapore’s sovereign wealth fund GIC, Sequoia Capital, Ribbit Capital, Tiger Global Management, Matrix Partners India, and Y Combinator.

India’s Growing Billionaire Club

The number of billionaires in India has fluctuated over the years. After peaking at 249 in 2022, the count dropped to 187 in 2023 due to economic uncertainties. However, 2024 witnessed a resurgence with 271 billionaires, followed by an increase to 284 in 2025.

According to Anas Rahman Junaid, founder and chief researcher of Hurun India, “The collective wealth of Indian billionaires has surpassed the trillion-dollar milestone, marking a new era of prosperity. Notably, 62% of these billionaires have experienced increased wealth, underscoring the positive economic trends sweeping the nation.”

A Global Perspective

While Kumar and Mathur have become India’s youngest billionaires, China’s Wang Zelong, aged 29, holds the same net worth of ₹8,643 crore. The average age of billionaires in India is 68, slightly above the global average of 66, reflecting a trend where wealth accumulation generally happens later in life.

Mukesh Ambani Slips in Rankings

Mukesh Ambani, once a consistent figure among the world’s top billionaires, has dropped out of the top 10 richest list. The Hurun Global Rich List 2025 attributes this decline to a ₹1 lakh crore drop in his wealth, influenced by rising debt levels. Meanwhile, Elon Musk remains the world’s richest person with a staggering net worth of $420 billion, followed by Mark Zuckerberg and Jeff Bezos.

A Testament to India’s Startup Ecosystem

The rise of Mathur and Kumar is more than just a tale of wealth accumulation. It signifies the strength and dynamism of India’s startup ecosystem, where innovation and resilience drive economic success. Their journey from college students to billionaires underscores the transformative power of entrepreneurship in shaping the future of Indian business.

As India continues to foster a thriving environment for startups, the success of Razorpay serves as an inspiration for aspiring entrepreneurs, proving that with the right vision and perseverance, groundbreaking success is within reach.