Rakesh Jhunjhunwala facts for kids
Quick facts for kids
Rakesh Jhunjhunwala
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Jhunjhunwala at his office in 2004
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| Born | 5 July 1960 |
| Died | 14 August 2022 (aged 62) Mumbai, Maharashtra, India
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| Education | Chartered Accountant |
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| Occupation | Businessman, investor, stock trader |
| Spouse(s) | Rekha Jhunjhunwala |
| Children | 3 |
Rakesh Jhunjhunwala (born July 5, 1960 – died August 14, 2022) was a very successful Indian businessman and investor. Many people called him "India's Warren Buffett" because he was so good at investing in the stock market. He was also known as the "Big Bull of India" for his positive views on the market.
He started investing with a small amount of money, just ₹5,000, in 1985. By the time he passed away, his investments were worth about $5.8 billion. He was the 438th richest person in the world. Rakesh Jhunjhunwala was a partner in his own investment company called Rare Enterprises. He also helped start a new airline called Akasa Air.
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Early Life and Education
Rakesh Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai, India, in a family from Rajasthan. His father, Radheshyam Jhunjhunwala, worked as a tax officer.
Rakesh went to Sydenham College for his studies. After that, he joined the Institute of Chartered Accountants of India to become a Chartered Accountant.
His Journey in Investing
Rakesh Jhunjhunwala became interested in the stock market by watching his father. His father often talked about the market with his friends. Even though his father taught him about investing, he never gave Rakesh money for it. He wanted Rakesh to learn on his own.
Rakesh started investing when he was still in college, using his own savings. He began with ₹5,000 in 1985. His first big success came in 1986 when he made a profit of ₹5 lakh (which is ₹500,000). Between 1986 and 1989, he earned about ₹20–25 lakh. By 2022, his investments had grown to an amazing ₹11,000 crores (which is ₹110 billion). One of his biggest investments was in a company called Titan Company.
Rakesh Jhunjhunwala managed his own money through his company, Rare Enterprises. He was also the chairman of companies like Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd.. He also served on the boards of many other companies.
In 2021, he invested a lot of money, about 400 million dollars, to start Akasa Air. This is a low-cost airline in India. He owned 40% of the airline at first, and later increased his share to 46%. Akasa Air started flying in August 2022.
Giving Back to Society
Rakesh Jhunjhunwala was very generous. He planned to give away a quarter of his huge wealth to charity. He supported many good causes, especially in health care and education.
Some of the organizations he helped include St. Jude India, Agastya International Foundation, and Ashoka University. He also supported Olympic Gold Quest, which helps Indian athletes. He was also involved in building an eye hospital in Navi Mumbai.
In Popular Culture
Rakesh Jhunjhunwala was so famous that a funny online blog was created about him. It was called The Secret Journal of Rakesh Jhunjhunwala.
In the web series Scam 1992, an actor played a character based on Rakesh Jhunjhunwala.
His Family
Rakesh Jhunjhunwala married Rekha Jhunjhunwala on February 22, 1987. They had three children together. Their daughter, Nishtha, was born in 2004. Their twin sons, Aryaman and Aryaveer, were born in 2009.
Passing Away
Rakesh Jhunjhunwala passed away on August 14, 2022, in Mumbai. He was 62 years old. Doctors said he had kidney problems and other organ issues.
The Indian Prime Minister Narendra Modi shared his sadness. He said that Rakesh Jhunjhunwala was "indomitable" and had made a huge contribution to the financial world. He also mentioned that Rakesh was very passionate about India's progress.
