Two Indian-origin men have been featured in Forbes magazine’s second annual list of US’s richest entrepreneurs under the age of 40. The list is topped by Facebook founder Mark Zuckeberg. The shares and net worth of Facebook has reached new heights. Zuckerberg is now worth $50 billion, up $2.9 billion from a year ago.
The first Indian name in the list is Vivek Ramaswamy, a successful biotech entrepreneur who has been ranked 24th on ‘America’s Richest Entrepreneurs Under 40 2016’ list. His networth stands at $600 million. Apoorva Mehta is the second name in the list who has gained the 31st spot with a $360 million networth.
Ramaswamy, 31, a Harvard University and Yale School of Management alumnus, continues to make waves in the biotech business with his deals and drug development plans, Forbes said.
He was behind the biggest biotechnology initial public offering of 2016, Myovant Sciences, which raised $218 million listing its shares on Nasdaq in October, it said. Last year, Ramaswamy pulled off the biggest IPO in the US biotech history by listing shares of Axovant, a company that is trying to develop a new Alzheimer’s drug.
Ramaswamy runs Roivant Sciences, a biotech holding company with an innovative and unique financial strategy to develop drugs, often by purchasing drugs that have been forgotten or abandoned by the pharmaceutical industry.
Mehta has been called one of Silicon Valley’s youngest immigrant success stories by Forbes.
Born in India, Mehta and his family moved to Canada in 2000, where he studied engineering at the University of Waterloo before working at Blackberry, Qualcomm, and then Amazon. In 2012, he cofounded Instacart, a grocery delivery service that partners with grocery chains.
Customers can order groceries through a mobile app, and pay fees of typically under $10 to get deliveries in an hour or two from Instacart contractors. The company is valued at an estimated $2 billion, and most recently raised funding from Whole Foods Market in March 2016, it said.
Newcomers to the 2016 ranks include NBA stars Kobe Bryant and LeBron James and boxer Floyd Mayweather as well as pop star Beyonce and actress-turned-consumer products marketer Jessica Alba. The last two are the only women among the top 40 under 40.
All five of these superstars have net worths that range from $275 million to $350 million, Forbes said.
The richest under 40 newcomer is Bryan Sheffield, who has struck it rich in the Texas oil patch. Sheffield is worth $1.45 billion. Another new billionaire is Kevin Systrom, cofounder of photo-sharing app Instagram.
The minimum net worth to make Forbes second annual list of wealthiest entrepreneurs under 40 dropped by nearly one third to $270 million, from $400 million a year ago, as four well known entrepreneurs aged out of the elite group including Uber’s Travis Kalanick, Twitter’s Jack Dorsey and What’s App’s Jan Koum.
To be eligible for the list, individuals had to be under the age of 40 as of December 12. These entrepreneurs also have to reside in the US and substantially have made their own fortunes in this country, Forbes said.
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