New Delhi, Oct 12 (IANS) Leading stock broker Zerodha co-founder Nikhil Kamath has become India's youngest billionaire at the age of 37.

According to Forbes' latest list of India's 100 richest people, brothers Nithin and Nikhil Kamath were ranked 40th among the country's wealthiest people, with a combined net worth of $5.5 billion. 

"They have a net worth of Rs 45,754.50 crore and their rich list rank improved 18 places this year," Forbes said.

The Kamath brothers founded Zerodha in 2010, which revolutionised zero-cost equity investing.

Earlier this week, the duo featured in the Hurun India rich list of 2023.

Nithin and Nikhil Kamath were ranked 42 and 81, respectively, with net worths of Rs 35,300 crore and Rs 23,100 crore. 

Meanwhile, Zerodha has reported a revenue of Rs 6,875 crore and a profit at Rs 2,907 crore for the financial year 2022-23 (FY23), representing a 38.5 per cent and 39 per cent growth in revenue and profit, respectively, as compared to the previous financial year.

In FY22, the company had reported a revenue of Rs 4,964 crore and a profit of Rs 2,094 crore.

In a blogpost, Nithin Kamath said that despite fierce competition from newer discount brokerage firms, the company will maintain onboarding and maintenance fees.

New Delhi, Sep 4 (IANS) Nazara Technologies' stock is up 10 per cent after the company announced a preferential issue of shares to Zerodha co-founder Nikhil Kamath.

Nazara stock was up 10 per cent at Rs 835 on BSE on Monday.

Nazara Technologies Limited, an India-based, diversified gaming and sports media platform today announced that its board has approved preferential allotment of equity shares to raise up to Rs 100 crores subject to the receipt of approval of the shareholders of the Company.

The company is proposing to issue 14,00,560 equity shares of face value of Rs 4 each at a price of Rs 714 per equity share aggregating to Rs 999,999,840 proportionately to Kamath Associates and NKSquared.

As per the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), Regulations, 2018, these equity shares will be locked in for a period of 6 months from the date of issue.

This infusion of fresh funds will be utilized to invest in funding requirements and growth objectives of the Company including for making strategic acquisitions and investments in various companies / body corporates / entities, meeting growth and funding requirements based on the business opportunities across the subsidiaries / associates / joint venture of the Company, as applicable, through investment in subsidiaries / associates / joint venture of the Company.

Nitish Mittersain, CEO of Nazara Technologies, remarked: "Nikhil Kamath symbolizes success in India's tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investmentstands as a resounding vote of confidence in Nazara."

Commenting on the investment in Nazara, Nikhil K. Kamath, Partner of Kamath Associates & NKSquared said: “Gaming in India is poised for strong growth in the years to come and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead. We look forward to supporting Nitish and his team in achieving their growth aspirations for Nazara.”

Washington, June 23 (IANS) Only three Indian businessmen -- Mukesh Ambani, Anand Mahindra and Nikhil Kamath -- are part of the guest list for the state dinner hosted by US President Joe Biden in Prime Minister Narendra Modi's honour at the White House.

Deadline reported that the guest list for the White House State Dinner for Indian Prime Minister Narendra Modi includes a number of entertainment and media figures, including Netflix's Bela Bajaria, Universal's Donna Langley, director M. Night Shyamalan, Wasserman Media Group's Casey Wasserman and James Murdoch.

Also on the list were OpenAI CEO Sam Altman, Apple CEO Tim Cook, and Google CEO Sundar Pichai.

In the news business, guests include columnists Tom Friedman and David Ignatius, The Wall Street Journal's Tarini Parti, writer Anand Giridharadasas, as well as CBS News' Neeraj Khemlani. Former Los Angeles Mayor Eric Garcetti, who is now US Ambassador to India, also attended, Deadline reported.

Other notables include Billie Jean King, Anne Wojcicki, Ralph Lauren, and Maria Teresa Kumar.

House Speaker Kevin McCarthy, who hosted Modi at a joint session of Congress earlier on Thursday, was also on the list. The President's son Hunter Biden, who faces tax and gun charges as part of a plea deal announced this week, also is on the list.

Other CEOs include Marriott CEO Anthony Capuano, GE CEO Larry Culp, Discover CEO Roger Hochschild, Cisco Systems CEO Chuck Robbins and Deloitte CEO Punit Renjen, Deadline reported.