Most people require decades to accumulate wealth through a steady process. The journey of Shashvat Nakrani from co-founder of BharatPe to one of India's youngest billionaires proved extraordinary despite his young age. Nakrani established his financial worth at 26 years old to INR 1,300 crore, which positions him as a leading figure in India's fintech revolution.

Born in Bhavnagar, Gujarat, Nakrani made a courageous decision to leave IIT Delhi to pursue a vision to reshape India's digital payment systems. BharatPe emerged from the partnership between Nakrani and Bhavik Koladiya, which Ashneer Grover later joined to co-found the company in 2018. BharatPe transformed into a leading fintech company that reached a valuation of $2.9 billion in 2021 within its brief three-year existence.

Success pursued Nakrani through a challenging journey. BharatPe encountered significant storms that included major legal disputes and executive changes during its operation. Through steady leadership, Nakrani steered the company toward success and established himself as a key figure in India's startup industry.

What steps did this textile technology student take to transition into fintech and establish a multi-billion-dollar enterprise? This article explores Shashvat Nakrani's entrepreneurial journey and takes us through his transformative approach to disrupting an entire industry.

Shashvat Nakrani - Biography

Shashvat Nakrani - Early Life & Education
Shashvat Nakrani - Career
Shashvat Nakrani - Investments
Shashvat Nakrani - Controversies
Shashvat Nakrani - Awards and Recognitions
Shashvat Nakrani - Interesting Facts

Shashvat Nakrani - Early Life & Education

The visionary entrepreneur Shashvat Nakrani hails from Bhavnagar in Gujarat. Nakrani completed his Bachelor of Textile Technology degree at the Indian Institute of Technology, Delhi (IIT Delhi) from 2015 to 2019.

During his third year at IIT, Delhi Nakrani established BharatPe with Ashneer Grover at nineteen. His enrollment in Textile Technology at the university did not stop him from pursuing his fintech and digital payment interests, leading him to create BharatPe to transform India's merchant payment system.

As a 26-year-old, Nakrani remains an essential member of BharatPe while leading fintech innovation efforts throughout India.

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Shashvat Nakrani - Career

Shashvat Nakrani showcases his entrepreneurial excellence through visionary thinking and strategic operational methods. During his time at IIT Delhi, Nakrani studied textile technology, but his interest in fintech forced him to take an unexpected path.

As the leader of BharatPe, Nakrani steered the company toward becoming one of India's dominant fintech organisations. Nakrani developed the fundamental payment solution at BharatPe by creating a QR code system that enables small merchants and Kirana store owners to receive transactions from 150 different UPI applications, including Paytm, PhonePe and Google Pay. Through this innovative payment system, BharatPe enabled digital transactions that benefited millions of Indian businesses nationwide.

Nakrani expanded BharatPe's operations by developing Bharat Swipe to provide merchants with card acceptance services and small business financing solutions for filling credit gaps. Through his vision, Nakrani established the '12% Club,' which enables merchants to obtain credit and find high-yield investment options through peer-to-peer lending.

Through his leadership, Nakrani transformed BharatPe into a nationwide fintech powerhouse by expanding its operations to 100 cities and reaching both tier 2 and 3 regions. Nakrani demonstrated entrepreneurial spirit by choosing innovation above job security to turn his innovative concept into reality.

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Shashvat Nakrani - Investments

Shashvat Nakrani has solidified his position as a strategic investor by providing financial support to innovative startups through various industries beyond his BharatPe success. He has made 16 investments to date while actively working with emerging businesses that operate in fintech, healthcare, technology, and consumer brands. 

His most recent business move involved investing in WTF Gyms and Technology during its Seed Round in July 2024. 

Nakrani demonstrates his dedication to developing entrepreneurship and innovation in India's startup environment through his ability to identify disruptive ventures.

Shashvat Nakrani - Controversies

The legal dispute between Shashvat Nakrani and Ashneer Grover continues to be the most crucial point in BharatPe's corporate history. Nakrani, as co-founder of BharatPe, approached the Delhi High Court to stop Grover from transferring shares that Nakrani had previously sold to him.

The court disposed of the appeal while requiring Ashneer Grover to notify the Court about any plans to sell or transfer the disputed shares. According to Grover, who shared his success on social media, the legal system's truth, combined with patience and faith, led to a favourable outcome.

Shashvat Nakrani and Bhavik Koladiya established BharatPe in March 2018 and maintained equal ownership of 50% each in the company. Ashneer Grover established his co-founder role at BharatPe in July 2018. The situation between Grover, Nakrani and Koladiya worsened after Grover bought 3,192 shares from their ownership, resulting in legal disputes about share transfers.

BharatPe initiated legal proceedings against Ashneer Grover and his family members in December 2022 to recover INR 88.67 crore in damages while charging embezzlement of funds. BharatPe filed a legal request to stop Grover from sharing company secrets.

The ongoing legal dispute represents a critical point in BharatPe's development that demonstrates the intricate issues startups face regarding corporate governance, leadership conflicts, and ownership disputes.

Shashvat Nakrani - Awards and Recognitions

• India’s Youngest Self-Made Billionaire (2021): Featured in the IIFL Wealth Hurun India Rich List as the youngest self-made billionaire at 23 years old.
• Recognised Fintech Visionary: The Economic Times, Forbes, and Business Standard have recognised me as a leading fintech visionary in India.
• Pioneer in India’s Digital Payment Revolution: Through his leadership, this entrepreneur became a driving force behind India's digital payment revolution by increasing UPI adoption among small businesses to reshape digital payment systems.

Shashvat Nakrani - Interesting Facts

• Shashvat Nakrani left his studies at IIT Delhi during his third year to establish BharatPe as an entrepreneur after many IITians focused on corporate careers for high salaries. When he reached his third year at IIT Delhi, Shashvat Nakrani left to start BharatPe at 19.
• At 23, he became the youngest billionaire to appear on the IIFL Wealth Hurun India Rich List in 2021 among 13 fellow billionaires born in the 1990s.
• Shashvat Nakrani recognised a significant business opportunity since small merchants required a payment gateway without any costs. His understanding of UPI interoperability led him to establish BharatPe, which provided shopkeepers with easy digital payment solutions.
• BharatPe's $370 million funding drive in 2021 elevated its value to $2.9 billion (INR 23,000 crore), demonstrating Nakrani's daring market insights and business acumen.

FAQs

Who is Shashvat Nakrani?

Shashvat Nakrani is a co-founder of BharatPe, a prominent Indian fintech company.

How old was Shashvat Nakrani when he co-founded BharatPe?

He co-founded BharatPe at the age of 19, while still an IIT Delhi student.

What is BharatPe?

BharatPe is a fintech company that provides payment and lending services to small merchants in India.