Indian-American entrepreneur-turned-politician Vivek Ramaswamy on Monday suspended his presidential campaign following his poor showing in the Iowa Caucus and announced his endorsement of its winner Donald Trump as the former US president sought to reclaim the White House in November.

“I looked at every which way, and I think it's true that we did not achieve the surprise that we wanted to deliver tonight... As of this moment, we are going to suspend this presidential campaign. There is no path for me to be the next president,” Ramaswamy, 38, told his disappointed supporters in Iowa as the results of the Republican presidential caucus came in.

The Iowa Caucus formally kicked off the 2024 race to the White House. Former president Trump won the Iowa Caucus, consolidating his place to bag the party's nomination for the November presidential elections to challenge incumbent Joe Biden.

Florida Governor Ron DeSantis came in second with 21.2 per cent of the votes polled, as against 51 per cent by Trump. Indian-American former South Carolina Governor Nikki Haley came a close third with 19.1 per cent of the votes polled.

Ramaswamy was a distant fourth with 7.7 per cent of the votes polled.

The biotech entrepreneur in February announced that he was running for the 2024 Republican presidential nomination.

With wife Apporva by his side, Ramaswamy told his supporters in Iowa that he called Trump to congratulate him on his caucus victory and throw his hat behind him.

“As I’ve said since the beginning, there are two America First candidates in this race. And earlier tonight I called Donald Trump to tell him that I — congratulate him on his victory, and now going forward, you will have my full endorsement for the presidency,” Ramaswamy said. One of his supporters was heard saying: “Don’t Do It.” The campaign now moves to New Hampshire where the primary is scheduled for January 23. Ramaswamy is scheduled to campaign along with Trump in this State.

Ramaswamy, whose parents migrated to the United States from Kerala and worked at a General Electric plant in Ohio, was the second Indian-American to enter the Republican Party's presidential primary after Nikki Haley.

A second-generation Indian American, Ramaswamy founded Roivant Sciences in 2014 and led the largest biotech IPOs of 2015 and 2016, eventually culminating in successful clinical trials in multiple disease areas that led to FDA-approved products, according to his bio.

He has founded other successful healthcare and technology companies, and in 2022, he launched Strive Asset Management, a new firm focused on restoring the voices of everyday citizens in the American economy by leading companies to focus on excellence over politics.

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