Indiabulls co-founder emerges among richest Singaporeans

Saurabh Mittal, the co-founder of India-based real estate and financial services group Indiabulls, has ranked 44th in Forbes Asia's latest Singapore Rich List with a net worth of US$650 million.

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Picture for representation Reuters

Saurabh Mittal, the Indian-origin business tycoon, who co-founded real estate and financial services conglomerate Indiabulls, has been named among Singapore's wealthiest residents, according to Forbes Asia's latest Singapore Rich List. The engineer from the Indian Institute of Technology (IIT), Delhi, is ranked 44th with a net worth of US$650 million.

Mittal partnered with entrepreneur Sameer Gehlaut to launch Indiabulls back in 1999. He moved to Singapore in 2014 after selling an undisclosed chunk of his stake from the Gurgaon-based company. However, months before stepping into the real estate industry, he established his private investment firm Mission Holdings in September 1996.

Singapore-based Mission Holdings holds stakes in ventures, including Asia's leading sports media company ONE Championship, fin-tech startup BSI Financial and SelfScore.

Prior to Mission Holdings, Mittal was a senior partner at Noonday, an affiliate of Farallon Capital Management. He holds an MBA from Harvard Business School and is an Electrical engineering graduate from IIT Delhi.

IT services in his portfolio

Though Mittal has a decade-long experience in the financial market, he co-founded data analytics firm Incedo in 2011 to cater the growing demand of IT services. The Bay Area, Calif.-headquartered company has a strong presence in the Asian market. It offers solutions in the fields of data management, business intelligence (BI) and analytics, data science, cloud and Internet of Things (IoT). Furthermore, Incedo Labs, the subsidiary of Incedo, serves start-ups with environments to incubate and accelerate their presence.

Other Indians in race

Alongside Mittal, four other Indian entrepreneurs are included in the Rich List. Father-son duo Raj Kumar and Kishin RK of Royal Holdings lead with combined assets of US$2.6 billion, while Arvind Tiku of AT Holdings is the second richest in the list with US$2 billion. Ashok Kumar Hiranandani, who co-founded property group Royal Brothers, stood at the third with US$1.42 billion and Singapore citizen BK Modi, chairman of Smart Group, has become the fourth richest India-born Singaporean with US$665 million.