Xero chief Rod Drury misses out on world title

Photo / HOS

Xero chief executive Rod Drury has lost out on claiming the World Entrepreneur of the Year title.

The Hawke's Bay millionaire is in Monaco for the awards, billed as the entrepreneurial version of the World Cup.

More than 50 of the world's top entrepreneurs - with combined revenues of more than US$32 billion ($38 billion) - were competing for the title.

But the Kiwi businessman lost out to Indian billionaire, Uday Kotak, founder of Kotak Mahindra Bank.

Drury tweeted his congratulations after the announcement.

"Thrilled for Uday. Met him and his wife. Lovely people #weoy," he posted.

No New Zealander has won the international title of World Entrepreneur of the Year, which is sponsored by Ernst and Young.

Drury was the winner of the NZ entrepreneur of the year award last October.

Drury founded Xero in 2006 and the company was floated on the stock exchange in 2007.

Since then its market value has soared to $3.8 billion.