U35 at a glance
Insights into the industries, geographies and founder profiles shaping the Avendus Wealth – Hurun India U35 List 2026:
The List features 180 entrepreneurs, up 16% from 155 in 2025
The cumulative valuation of companies represented in the List stands at INR 48 lakh cr, up 23% YoY
33 is the average age of founders on this year’s U35 List, one year younger than in the 2025 edition
First-generation entrepreneurs account for 71% of the cohort, followed by second-generation leaders at 16%, third-generation at 9% and fourth-generation or later at 4%
AI & ML representation increased fourfold, from 3 to 12. The cohort includes Aravind Srinivas (32) of Perplexity and Ashwin Sreenivas (31) of Decagon AI, alongside 2026 debutants Mayank Bhola (34) of TestMu AI and three Co-founders of Flam
DeepTech and HardTech account for 21 founders, about 1 for every 9 in the List – AI & ML (12), SpaceTech (4), Aerospace & Defence (3) and Cybersecurity (2)
Clean Energy & Renewables has 7 founders on the List, including Chirag Nakrani (33) and Hardik Kothiya (32), Co-founders of Rayzon Solar, and Neelesh Garg (34) and Manik Garg (31), Co-founders of Saatvik Green Energy
Anmol Bhansali (31), Managing Director of Goldiam International, is the youngest leader on the List
Romita Mazumdar (31), founder of Foxtale, is the youngest woman on the list
23 women feature on the 2026 List (12.8% of the cohort), up from 9.7% in 2025, representing a 53% rise in women's representation
Ayush Sinhal (35), co-founder of Kimbal, with 15 years of entrepreneurial experience, is the most seasoned founder on the U35 List
Wint Wealth, co-founded by Abhik Patel (35), Ajinkya Kulkarni (35), Anshul Gupta (35) and Shashank Chimaladari (35), is the most investor-backed U35 startup with 52 investors, followed by Perplexity (48) and Jar (45)
Among undergraduate institutions, IIT Delhi leads with 11 alumni, followed by IIT Kharagpur with 10 and IIT Madras and the University of Delhi with 7 each
IIT Madras and the Indian School of Business top the postgraduate rankings with 5 alumni each, followed by IIT Bombay with 4
Software Products & Services is the most represented industry, with 18 entrepreneurs, FinTech with 17 stands in second place, while Education & EdTech are in third place with 15
In terms of digital reach, Ritesh Agarwal of PRISM (OYO) tops the list with 14.97 lakh LinkedIn followers, followed by Aravind Srinivas (32) with 9.08 lakh
11 entrants are from non-metro cities, such as Surat, Indore, Chhatrapati Sambhajinagar, Nashik and Mohali
The U35 cohort employs over 5.88 lakh people. Reliance Retail Ventures is the U35 cohort's largest employer with 2,47,782 employees. The top 5 employers together account for over 72% of the cohort's total workforce
Listed companies account for 40 U35-led businesses, the largest group by funding stage, followed by Series B with 23 companies
U35-led companies are deploying capital towards growth, with 27% allocated to Product Development & Expansion and 23% to Market & Geographic Expansion
Avendus Wealth and Hurun India present the Uth Series 2026
Marking the second year of partnership, Avendus Wealth and Hurun India present the 2026 edition of the Avendus Wealth – Hurun India Uth Series, with the U35 List recognising 180 young leaders building and scaling businesses across India. Now in its second edition, the list has grown 16% from 155 entrepreneurs in 2025, reflecting the expanding cohort of young business leaders making their mark across the country.
Umang Papneja, Executive Vice Chairman & CEO, Avendus Wealth Management, said, “The decisions that shape a business rarely begin or end with the business itself. How entrepreneurs allocate capital, pursue growth and manage risk has implications for their investments, families and the legacy they build. The U35 List offers a compelling view of the people making these decisions and the ambition shaping India’s next phase of growth.
This year’s cohort has grown 16% to 180 entrepreneurs, with a combined valuation of INR 48 lakh crore, up 23% from last year. With 71% first-generation entrepreneurs and the number of founders in AI and Machine Learning growing fourfold, from 3 to 12, the list reflects the breadth of enterprise creation underway in India.
At Avendus, we work closely with entrepreneurs through the lifecycle of their businesses, from raising growth capital and accessing financial markets to managing and transitioning wealth across generations. At Avendus Wealth, we take a multidimensional approach, recognising that wealth extends beyond investments to encompass business interests, family priorities and the aspirations of successive generations. Understanding how this next generation approaches capital, growth and wealth creation will be increasingly important as these entrepreneurs shape the future of Indian enterprise.”
Anas Rahman Junaid, Founder & Chief Researcher, Hurun India, said, “The Avendus Wealth Hurun India U35 List 2026 puts a number to the economic weight of young entrepreneurship: 180 leaders whose businesses employ over 5.88 lakh people, including 37 companies valued at more than USD 1 billion.”
“The composition is equally revealing. First-generation founders account for 71% of the cohort, while 53 next-generation leaders are renewing established businesses. India’s entrepreneurial capacity is expanding through both new enterprise creation and the transformation of family businesses.”
“AI and machine-learning entrants have risen fourfold, alongside founders building in space, defence and manufacturing. This points to an ambition to own technology and products, serve international markets and capture more of the value they create.”
“The U30 list tells us where businesses begin; the U35 list shows how far they can grow. The next economic test is whether that scale delivers sustained productivity, profitable growth and skilled employment. This cohort gives India a substantial foundation to build on.”
“We thank Avendus Wealth for its continued partnership in recognising the entrepreneurs shaping India’s economic future,” concluded Anas Rahman Junaid.
About Avendus Wealth Management
Avendus Wealth Management, the wealth business of Avendus Group, manages an AUM of over USD 9 bn. Started in 2010, it caters to a wide range of clients, including leading family offices, UHNIs and corporates. The diverse profile of its clients is a testimony to its ability to serve them across life stages and business cycles by crafting bespoke and differentiated solutions to grow and protect wealth. Avendus Wealth Management has been consistently recognised by reputed global platforms such as Asian Private Banker, Euromoney and The Asset Triple A.
About Avendus Group
Avendus Group is a leading financial services firm with a presence in the areas of Investment Banking, Institutional Equities, Wealth Management, Credit Solutions and Asset Management. Established in 1999 in Mumbai, India, Avendus is today present in 12 cities across India, US and Singapore. Avendus partners with the Indian entrepreneur ecosystem to provide differentiated solutions that enable clients to meet their strategic aspirations.
For more information, visit: www.avendus.com
Avendus Wealth Management Disclaimer
This document is for informational purposes only and does not constitute an offer or invitation to purchase or subscribe to any units, securities, investment/stocks, services in any jurisdiction and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any such offer or invitation to purchase or subscribe for any products or services shall be made solely pursuant to the related documents. This document is a summary only, is not complete and does not claim to contain all information that an investor or potential investor may require for the purposes of making an investment. Potential investors or existing investors should not construe any information contained herein as advice relating to business, financial, legal, taxation or investment matters and any decision to invest should only be made following consultation with the potential investor’s own legal, accounting, tax and other advisors in order to make an independent determination of the suitability and consequences of an investment. This is not a research report within the meaning of the Securities and Exchange Board of India (Research Analysts) Regulations 2014 as amended from time to time. All data used in the document have been derived from and are dependent upon information obtained from third parties or information available publicly. AWMPL cannot guarantee the accuracy of such information and has not independently verified the accuracy of such information. No representation or warranty (expressed or implied) is made as to, the fairness, accuracy, completeness or correctness of such information or opinions contained herein and nothing contained herein should be relied upon as a promise, representation or indication of the future performance.
View full disclaimer here
About Hurun Report
Hurun Report is a leading research, luxury publishing and events group established in London in 1999. With operations in India, China, France, the UK, the USA, Australia, Japan, Canada and Luxembourg, it is widely recognised worldwide for its comprehensive evaluation of the wealthiest individuals. Hurun Report is the largest compiler of the rich lists globally.
Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high-net-worth individuals; and Hurun Investments, an INR 191 Cr early-stage venture capital fund with investments in tech, media, retail and education.
About Hurun India
“Promoting Entrepreneurship Through Lists and Research”
Hurun India was launched in 2012 under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford and the duo believed it was the right time to discuss wealth creation in India, as they saw the country booming. Since then, Hurun India has pursued celebrating the stories of India’s transparent wealth creation, innovation and philanthropy. The five core pillars of Hurun India are:
First, we spotlight Value Creation by companies, the heartbeat of a developing India. It is through their innovation and excellence that economic growth is fuelled, paving the way for a prosperous tomorrow.
Next, we focus on Wealth Creation. As these companies thrive, wealth is generated, birthing a new era of affluent entrepreneurs and businesses. This wealth is not just financial; it is a wealth of knowledge, experience and opportunity, essential for India’s next 10 to 15 years. For exponential growth, disruption is key.
Enter our third pillar: Start-Ups. These engines of innovation are the primary source of leapfrog growth, challenging the status quo and opening new doors of possibilities.
Our fourth pillar, Philanthropy, is about giving back and creating a balanced ecosystem where everyone progresses together. While economic development is crucial, philanthropy plays an equally vital role in ensuring broader prosperity.
Lastly, we celebrate our rich heritage with the fifth pillar: Culture. India, home to one of the oldest civilisations, is home to a myriad of artists. Yet, they remain undervalued on the global stage.
For the full details, please refer to www.hurunindia.com
Insights into the industries, geographies and founder profiles shaping the Avendus Wealth – Hurun India U35 List 2026:
The List features 180 entrepreneurs, up 16% from 155 in 2025
The cumulative valuation of companies represented in the List stands at INR 48 lakh cr, up 23% YoY
33 is the average age of founders on this year’s U35 List, one year younger than in the 2025 edition
First-generation entrepreneurs account for 71% of the cohort, followed by second-generation leaders at 16%, third-generation at 9% and fourth-generation or later at 4%
AI & ML representation increased fourfold, from 3 to 12. The cohort includes Aravind Srinivas (32) of Perplexity and Ashwin Sreenivas (31) of Decagon AI, alongside 2026 debutants Mayank Bhola (34) of TestMu AI and three Co-founders of Flam
DeepTech and HardTech account for 21 founders, about 1 for every 9 in the List – AI & ML (12), SpaceTech (4), Aerospace & Defence (3) and Cybersecurity (2)
Clean Energy & Renewables has 7 founders on the List, including Chirag Nakrani (33) and Hardik Kothiya (32), Co-founders of Rayzon Solar, and Neelesh Garg (34) and Manik Garg (31), Co-founders of Saatvik Green Energy
Anmol Bhansali (31), Managing Director of Goldiam International, is the youngest leader on the List
Romita Mazumdar (31), founder of Foxtale, is the youngest woman on the list
23 women feature on the 2026 List (12.8% of the cohort), up from 9.7% in 2025, representing a 53% rise in women's representation
Ayush Sinhal (35), co-founder of Kimbal, with 15 years of entrepreneurial experience, is the most seasoned founder on the U35 List
Wint Wealth, co-founded by Abhik Patel (35), Ajinkya Kulkarni (35), Anshul Gupta (35) and Shashank Chimaladari (35), is the most investor-backed U35 startup with 52 investors, followed by Perplexity (48) and Jar (45)
Among undergraduate institutions, IIT Delhi leads with 11 alumni, followed by IIT Kharagpur with 10 and IIT Madras and the University of Delhi with 7 each
IIT Madras and the Indian School of Business top the postgraduate rankings with 5 alumni each, followed by IIT Bombay with 4
Software Products & Services is the most represented industry, with 18 entrepreneurs, FinTech with 17 stands in second place, while Education & EdTech are in third place with 15
In terms of digital reach, Ritesh Agarwal of PRISM (OYO) tops the list with 14.97 lakh LinkedIn followers, followed by Aravind Srinivas (32) with 9.08 lakh
11 entrants are from non-metro cities, such as Surat, Indore, Chhatrapati Sambhajinagar, Nashik and Mohali
The U35 cohort employs over 5.88 lakh people. Reliance Retail Ventures is the U35 cohort's largest employer with 2,47,782 employees. The top 5 employers together account for over 72% of the cohort's total workforce
Listed companies account for 40 U35-led businesses, the largest group by funding stage, followed by Series B with 23 companies
U35-led companies are deploying capital towards growth, with 27% allocated to Product Development & Expansion and 23% to Market & Geographic Expansion
Avendus Wealth and Hurun India present the Uth Series 2026
Marking the second year of partnership, Avendus Wealth and Hurun India present the 2026 edition of the Avendus Wealth – Hurun India Uth Series, with the U35 List recognising 180 young leaders building and scaling businesses across India. Now in its second edition, the list has grown 16% from 155 entrepreneurs in 2025, reflecting the expanding cohort of young business leaders making their mark across the country.
Umang Papneja, Executive Vice Chairman & CEO, Avendus Wealth Management, said, “The decisions that shape a business rarely begin or end with the business itself. How entrepreneurs allocate capital, pursue growth and manage risk has implications for their investments, families and the legacy they build. The U35 List offers a compelling view of the people making these decisions and the ambition shaping India’s next phase of growth.
This year’s cohort has grown 16% to 180 entrepreneurs, with a combined valuation of INR 48 lakh crore, up 23% from last year. With 71% first-generation entrepreneurs and the number of founders in AI and Machine Learning growing fourfold, from 3 to 12, the list reflects the breadth of enterprise creation underway in India.
At Avendus, we work closely with entrepreneurs through the lifecycle of their businesses, from raising growth capital and accessing financial markets to managing and transitioning wealth across generations. At Avendus Wealth, we take a multidimensional approach, recognising that wealth extends beyond investments to encompass business interests, family priorities and the aspirations of successive generations. Understanding how this next generation approaches capital, growth and wealth creation will be increasingly important as these entrepreneurs shape the future of Indian enterprise.”
Anas Rahman Junaid, Founder & Chief Researcher, Hurun India, said, “The Avendus Wealth Hurun India U35 List 2026 puts a number to the economic weight of young entrepreneurship: 180 leaders whose businesses employ over 5.88 lakh people, including 37 companies valued at more than USD 1 billion.”
“The composition is equally revealing. First-generation founders account for 71% of the cohort, while 53 next-generation leaders are renewing established businesses. India’s entrepreneurial capacity is expanding through both new enterprise creation and the transformation of family businesses.”
“AI and machine-learning entrants have risen fourfold, alongside founders building in space, defence and manufacturing. This points to an ambition to own technology and products, serve international markets and capture more of the value they create.”
“The U30 list tells us where businesses begin; the U35 list shows how far they can grow. The next economic test is whether that scale delivers sustained productivity, profitable growth and skilled employment. This cohort gives India a substantial foundation to build on.”
“We thank Avendus Wealth for its continued partnership in recognising the entrepreneurs shaping India’s economic future,” concluded Anas Rahman Junaid.
About Avendus Wealth Management
Avendus Wealth Management, the wealth business of Avendus Group, manages an AUM of over USD 9 bn. Started in 2010, it caters to a wide range of clients, including leading family offices, UHNIs and corporates. The diverse profile of its clients is a testimony to its ability to serve them across life stages and business cycles by crafting bespoke and differentiated solutions to grow and protect wealth. Avendus Wealth Management has been consistently recognised by reputed global platforms such as Asian Private Banker, Euromoney and The Asset Triple A.
About Avendus Group
Avendus Group is a leading financial services firm with a presence in the areas of Investment Banking, Institutional Equities, Wealth Management, Credit Solutions and Asset Management. Established in 1999 in Mumbai, India, Avendus is today present in 12 cities across India, US and Singapore. Avendus partners with the Indian entrepreneur ecosystem to provide differentiated solutions that enable clients to meet their strategic aspirations.
For more information, visit: www.avendus.com
Avendus Wealth Management Disclaimer
This document is for informational purposes only and does not constitute an offer or invitation to purchase or subscribe to any units, securities, investment/stocks, services in any jurisdiction and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any such offer or invitation to purchase or subscribe for any products or services shall be made solely pursuant to the related documents. This document is a summary only, is not complete and does not claim to contain all information that an investor or potential investor may require for the purposes of making an investment. Potential investors or existing investors should not construe any information contained herein as advice relating to business, financial, legal, taxation or investment matters and any decision to invest should only be made following consultation with the potential investor’s own legal, accounting, tax and other advisors in order to make an independent determination of the suitability and consequences of an investment. This is not a research report within the meaning of the Securities and Exchange Board of India (Research Analysts) Regulations 2014 as amended from time to time. All data used in the document have been derived from and are dependent upon information obtained from third parties or information available publicly. AWMPL cannot guarantee the accuracy of such information and has not independently verified the accuracy of such information. No representation or warranty (expressed or implied) is made as to, the fairness, accuracy, completeness or correctness of such information or opinions contained herein and nothing contained herein should be relied upon as a promise, representation or indication of the future performance.
View full disclaimer here
About Hurun Report
Hurun Report is a leading research, luxury publishing and events group established in London in 1999. With operations in India, China, France, the UK, the USA, Australia, Japan, Canada and Luxembourg, it is widely recognised worldwide for its comprehensive evaluation of the wealthiest individuals. Hurun Report is the largest compiler of the rich lists globally.
Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high-net-worth individuals; and Hurun Investments, an INR 191 Cr early-stage venture capital fund with investments in tech, media, retail and education.
About Hurun India
“Promoting Entrepreneurship Through Lists and Research”
Hurun India was launched in 2012 under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford and the duo believed it was the right time to discuss wealth creation in India, as they saw the country booming. Since then, Hurun India has pursued celebrating the stories of India’s transparent wealth creation, innovation and philanthropy. The five core pillars of Hurun India are:
First, we spotlight Value Creation by companies, the heartbeat of a developing India. It is through their innovation and excellence that economic growth is fuelled, paving the way for a prosperous tomorrow.
Next, we focus on Wealth Creation. As these companies thrive, wealth is generated, birthing a new era of affluent entrepreneurs and businesses. This wealth is not just financial; it is a wealth of knowledge, experience and opportunity, essential for India’s next 10 to 15 years. For exponential growth, disruption is key.
Enter our third pillar: Start-Ups. These engines of innovation are the primary source of leapfrog growth, challenging the status quo and opening new doors of possibilities.
Our fourth pillar, Philanthropy, is about giving back and creating a balanced ecosystem where everyone progresses together. While economic development is crucial, philanthropy plays an equally vital role in ensuring broader prosperity.
Lastly, we celebrate our rich heritage with the fifth pillar: Culture. India, home to one of the oldest civilisations, is home to a myriad of artists. Yet, they remain undervalued on the global stage.
For the full details, please refer to www.hurunindia.com
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