Rakesh Jhunjhunwala, born on July 5, 1960, and sadly passing away on August 14, 2022, was not only an Indian billionaire but also a prominent business magnate, Chartered Accountant, stock trader, and investor. His remarkable journey in the world of finance and investments has left an enduring mark, and his legacy continues to inspire many. Zatrun.com had the privilege to delve into the life and career of this financial luminary.
The Life and Journey of Rakesh Jhunjhunwala
Rakesh Jhunjhunwala’s life is a testament to the pursuit of excellence and the indomitable spirit of an individual who aimed for the stars. His impact on the financial world, philanthropy, and beyond is immeasurable. Let’s explore the key facets of his life, from his early years to his incredible achievements.
Rakesh Jhunjhunwala’s journey began with humble roots. He was born into a Rajasthani Marwadi family on July 5, 1960, and his surname, “Jhunjhunwala,” reflects his ancestral connection to Jhunjhunu in Rajasthan. His early years provided the foundation for his future success.
Jhunjhunwala’s interest in the world of stock markets was piqued during his childhood when he observed his father engrossed in discussions about the markets with friends. However, his father’s guidance did not entail financial support. Rakesh was not given money to invest, and he was discouraged from seeking financial assistance from friends. Undeterred, with his savings in hand, he embarked on his investment journey while still in college.
In 1985, armed with a modest capital of ₹5,000, Rakesh made his initial foray into the world of investments. The very next year, in 1986, he reaped his first substantial profit, a remarkable ₹5 lakh. This marked the beginning of an extraordinary journey. Between 1986 and 1989, he amassed almost ₹20–25 lakh in profit, demonstrating his financial acumen.
As of 2022, Rakesh Jhunjhunwala’s investments had grown to a staggering ₹11,000 crores. One of his most notable investments was in Titan Company, valued at ₹7,294.8 crores as of 2021.
Apart from being a successful investor, Rakesh Jhunjhunwala was the chairman of several prominent companies, including Aptech and Hungama Digital Media Entertainment. He also served on the boards of various renowned organizations such as Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, and more. His multifaceted career extended beyond finance to encompass diverse business ventures.
In 2013, Jhunjhunwala made headlines by acquiring 12 units at Malabar Hill, totaling ₹371 crore. In 2021, he embarked on the construction of a new 70,000 square feet, 13-story home at the same location, underlining his penchant for grandeur.
In July 2021, he ventured into the aviation sector by investing $400 million in Akasa Air, a low-cost airline in India. His commitment to this venture saw the airline expand its fleet and reach 16 cities by September 2023. Rakesh Jhunjhunwala’s relentless pursuit of success and diversification in the business world was evident through his investments.
Controversy and Philanthropy
Rakesh Jhunjhunwala’s life was not devoid of controversies. In 2021, he faced an investigation for insider trading related to Aptech Computers. The Securities and Exchange Board of India (SEBI) alleged that Jhunjhunwala and others traded in Aptech while in possession of unpublished price-sensitive information. The issue was settled in July 2021, with Jhunjhunwala and his associates paying a total of ₹35 crore to resolve the matter.
Despite his wealth, Jhunjhunwala was committed to philanthropy. He had plans to donate a quarter of his wealth to various charitable causes. His philanthropic endeavors included support for healthcare and education-related initiatives, contributing to organizations such as St. Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Society, and Olympic Gold Quest. He also played an active role in the construction of the R J Sankara eye hospital in New Panvel.
In Popular Culture
Rakesh Jhunjhunwala’s impact extended to popular culture. His life was documented in various forms, including a revealing revelation in 2012 about the authors behind a notable publication discussing his life. Furthermore, in the web series “Scam 1992,” actor Kavin Dave portrayed a character inspired by Jhunjhunwala.
On August 14, 2022, Rakesh Jhunjhunwala left behind a legacy that continues to inspire. His contributions to the financial world, his philanthropic initiatives, and his relentless pursuit of success serve as a lasting testament to a remarkable individual. Indian Prime Minister Narendra Modi aptly described him as “indomitable” and recognized his profound contributions to both finance and the nation’s progress.
Rakesh Jhunjhunwala was more than a financial genius. He was a loving family man who shared his life with Rekha Jhunjhunwala, whom he married on February 22, 1987. The couple was blessed with three children. Nishtha, their daughter, was born on June 30, 2004, and twin sons, Aryaman and Aryaveer, were born on March 2, 2009.
