Veteran trader and investor, known as India’s Warren Buffett, Rakesh Jhunjhunwala passed away on August 14, 2022. The Big Bull of Dalal Street had recently launched Akasa Air with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh. Runjhumwala had a net worth of around $5.8 billion.
The veteran trader-cum-investor had an interest in the stock market in the early years. He started investing in the stock market when he was still in college. The chairperson of Hungama Media and Aptech, and one of the board of directors of firms such as - Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services, started by investing Rs 5000.
He graduated from Sydenham College in 1985 with a BCom degree after which he enrolled with the Institute of Chartered Accountants of India (ICAI). A CA by profession, Runjhunwala went on to be an investor instead. In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore. This made him turn his career.
Rakesh Jhunjhunwala School of Economics and Finance
He has also been an investor at Ashoka University. He was one of the biggest and earliest investors in the varsity. Ashoka University had plans to launch the Rakesh Jhunjhunwala School of Economics and Finance.
Ashoka in a letter after his demise said, “Rakesh Bhai was one of the early supporters of Ashoka…made a special effort to visit Ashoka in November last year. The students loved interacting with him and learning about both his investment genius and zest for life. He was due to visit Ashoka later this year to launch the Rakesh Jhunjhunwala School of Economics and Finance at Ashoka."
The varsity added, “Rakesh Bhai was a legend. He will also was be remembered with affection by Ashoka Family."
Jhunjhunwala was also known for his philanthropic portfolio. He had invested in several ventures related to nutrition and education including St Jude, Agastya International Foundation, Arpan, Friends of Tribals Society, and the Olympic Gold Quest. By the year 2020, Jhunjhunwala had reportedly given away about 25 per cent of his wealth to charity.