May 20, 2020

Forbes China Rich List: Jack Ma drops, Pony Ma takes second place and Evergrande's Xu Jiayin comes top

Jack Ma
Alibaba
Tencent
Forbes
2 min
Forbes China Rich List: Jack Ma drops, Pony Ma takes second place and Evergrande's Xu Jiayin comes top

Alibaba’s Jack Ma has slid down to third richest person in China despite an increase of over 30% in his net worth, which now totals $38.6bn.

Meanwhile, Pony Ma, CEO of Tencent, took over as second richest in China with a 60% increase in his fortune. This now totals $39bn.

All this is according to Forbes’ newly released China rich list, which names real estate tycoon Hui Ka Yan as the most valuable person in the country.

See also: 

Mukesh Ambani named richest Indian for 10th year in a row 

One billionaire created every two days in Asia 

Business Review Asia - November edition 

Hui is known popularly as Xu Jiayin and is chairman of the China Evergrande Group. The 59-year-old’s fortune increased four-fold last year and now totals $42.5bn.

The company’s stock prices rose significantly in the past year. Evergrande’s profits, according to Forbes, grew nine0fold in the first hald fo the year from residential and office projects.

Meanwhile, Wang Jianlin, chairman of Dalian Wanda, has dropped to fourth place in the rankings.

Another interesting change is the inclusion of one woman in the top ten. Yang Huiyan is a 36-year-ld real estate developer. She is also one of the youngest, with only four people under 40 in the top 100 list which has an average age of 55.

Yang is currently said to be worth £20.7bn and owns 57% of the real estate development company, Country Garden Holdings.

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Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

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