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Born on July 5, 1960, Jhunjhunwala grew up in Mumbai. His father was an income-tax officer, so he grew up hearing about finance in his house.
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Jhunjhunwala graduated from Sydenham College in 1985 with a bachelor of commerce degree.
After graduating from Sydenham College, Rakesh enrolled in the Institute of Chartered Accountants of India when he started dabbling in the stock market.
He borrowed money from his brother’s friends and promised to return it at a higher rate than commercial banks. He would go on to invest this money in Tata Tea and made over 200% profit.
Between 1986 and 1989 Rakesh Jhunjhunwala had earned ₹20-25 lakh. Although he did struggle a bit after that, trading in the undervalued stocks of Sesa Goa earned him 3 to 5 times the profit, pushing his wealth to ₹2.5 crore.
In 2003, Jhunjhunwala founded Rare Enterprises, a private equity investment firm. Over the years he invested with profit in Titan, Lupin, Crisil, Praj Industries, Aurobindo Pharma and NCC.
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The 2008 financial crisis caused him to lose 30% of his wealth, which he recovered by 2012. By 2022 his investments had made him ₹11,000 crore.
He also served as the chairman of Hungama Media and Aptech and was one of the board of directors of Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.
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As per Forbes, he was the 36th richest man in India with a net worth of $5.8 billion at the end of June 2022.
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Rakesh Jhunjhunwala, often called the “Warren Buffett of India” passed away on August 14, 2022, in Mumbai at the age of 62.
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Rakesh Jhunjhunwala will always be remembered as one of the instrumental figures who shaped the Indian financial world. He remains one of the figureheads of the Indian investment scene.
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