Rakesh Jhunjhunwala, often referred to as India’s Warren Buffet, died on 14th August.
He was known as the father of share market. On August 16, India woke up to the news of the death of Rakesh Jhunjhunwala.
According to his magnanimity, anyone who believes he was born into the elite and has remained such his whole life is mistaken. Rakesh Jhunjhunwala was born in Bombay to a middle-class Marwari family.His father was an income tax commissioner, and it was through him that his passion in all things financial took flight.
After graduating from Mumbai and earning his CA in 1985, he entered the stock market with no financial assistance from his father.
His investing adventure, on the other hand, has been nothing short of a roller coaster trip. Starting with a paltry 5000/- investment, which at the time was considered pricey by standards, he made tremendous profits. Rakesh made a profit of INR 5 lakhs in the first year by investing in Tata Tea.
He purchased shares at INR 43 per share and sold 5000 shares for INR 143/- per share. The ace investor was usually a long-term investment.
His most valued listed holding was Titan. It was his largest investment, valued at INR 7,000 crores.
He also invested in Fortis Healthcare, Aurobindo Pharma, Ion Exchange, Lupin, Geojit Financial Services, VIP Industries, Rallis India, Jubilant Life Sciences, and other companies.
Just as ups and downs are a part of an investor’s life, his portfolio suffered during the 2008 recession.
He was able to recover the losses by 2012 because to his strong investing acumen and eye for numbers. His most recent job was with the ‘frugal airline’ Akasa Air, which only debuted last week.
He has been a staunch supporter of the airline’s debut since its start, believing that aviation stocks will soar. He also felt that PSUs were excellent at accumulating deposits, thus he was constantly optimistic on them.
Rakesh Jhunjhunwala, who rose from an investment of INR 5000/- to INR11,000 crore, was known as the “King of Bull Market” and was generally respected for stock market forecasts and positive outlooks. “You’re seeing public market software values reduced in half, and it’s beginning to trickle down, all the way to Series A and even seed-stage valuations,” he adds.
For the first time in the startup ecosystem, entrepreneurs can convert future revenue into upfront cash, deposit that capital into a digital bank account with all of the bells and whistles of a conventional bank account, and spend that capital more effectively using our insights and analytics.”
Arc Treasury was introduced in June as a “digitally native and vertically integrated deposit account that allows entrepreneurs to access all of the banking services they require, such as checking, card issuance, and FDIC insurance eligibility.”
Stripe assisted in the development of the product. With his entrepreneurial enterprises and portfolio, Jhunjhunwala was one of the wealthiest persons in the country.
And his narrative has been nothing short of iconic and legendary, and it will live on in the hearts of investors and others for a long time.
His wife Rekha and three children survive him.