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Two Indian-origin men rank in US young rich list

Vivek Ramaswamy, a successful biotech entrepreneur has been ranked 24th on 'America's Richest Entrepreneurs Under 40 2016' list with a networth of 600 million dollars and Apoorva Mehta stands at 31st spot with a 360 million dollars networth.

Mail Today Bureau   New Delhi     Last Updated: December 14, 2016  | 13:17 IST
Two Indian-origin men rank in US young rich list

Two young men of Indian-origin have made it to Forbes magazine's second annual list of wealthiest entrepreneurs under the age of 40 which is topped by Facebook founder Mark Zuckerberg.

Vivek Ramaswamy, a successful biotech entrepreneur has been ranked 24th on 'America's Richest Entrepreneurs Under 40 2016' list with a networth of 600 million dollars and Apoorva Mehta stands at 31st spot with a 360 million dollars 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 USD 218 million listing its shares on Nasdaq in October, it said.

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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. He runs Roivant Sciences, a biotech holding company with an innovative financial strategy to develop drugs, often by purchasing drugs that have been forgotten or abandoned by the pharmaceutical industry.

Forbes called Mehta one of Silicon Valley's youngest immigrant success stories. 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 USD 10 to get deliveries in an hour or two from Instacart contractors. The company is valued at an estimated USD 2 billion, and most recently raised funding from Whole Foods Market in March 2016, it said.

The list has been topped by Zuckerberg, whose Facebook shares and net worth soared to new heights. He is now worth USD 50 billion, up USD 2.9 billion from a year ago. 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.


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