Serum Institute Founder Cyrus Poonawalla Acquires Ravi Varma Masterpiece for ₹167 Crore

Cyrus Poonawalla Breaks Record for Most Expensive Modern Indian Art Purchase

The Indian art world is abuzz with news of the record-breaking sale of Raja Ravi Varma's painting, Yashoda and Krishna, which fetched a whopping ₹167.2 crore (approximately $18 million) on April 1. The buyer behind this monumental purchase is none other than Cyrus Poonawalla, the founder and managing director of the Serum Institute of India (SII), a company that has grown into the world's largest vaccine manufacturer by volume.

A Visionary Entrepreneur Cyrus S. Poonawalla, son of a horse breeder, founded SII in 1966 by raising $12,000 selling horses and borrowing the rest from his father. The closely held group supplies low-priced vaccines for immunizations, as reported by Bloomberg. Today, SII produces over 1.5 billion doses annually of a range of vaccines, including for measles, polio, and flu. Under the leadership of his UK-educated son, Adar Poonawalla, Serum's CEO, the company invested $800 million at the peak of the Coronavirus pandemic to build a new factory in Pune to make Covid-19 vaccines.

Cyrus Poonawalla's Net Worth According to a Forbes report released in March, Poonawalla's net worth in March is reported at $27 billion. As of April 2, his net worth is reported at $24.8 billion, making him the 97th richest man in the world. In 2025, he was India's ninth richest man.

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Cyrus Poonawalla's Assets Most of his wealth comes from his privately held company, SII. In addition to his vaccine business, Poonawalla holds a 62.6% stake in Poonawalla Fincorp, a non-banking financial company offering auto and housing loans. Formerly known as Magma Fincorp, the business was acquired for $441 million in February 2021. He also owns a majority stake in The Ritz-Carlton hotel in Pune, as reported by the Financial Express. Reports suggest that he also owns stud farms, nearly 250 acres of land and properties, and homes in Mumbai and Pune.

Luxury Car Collector Apart from his vast real estate empire, Poonawalla is often regarded as India's leading luxury car collector. He is one of the country's top collectors of Rolls-Royce cars, including custom limousines and the newest Phantom models. SII's head also owns a Rolls-Royce Silver Spur.

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Acquiring the Painting Commenting on the purchase of the oil painting, Poonawalla stated that he is privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna. This national treasure deserves to be made available for public viewing periodically, and it will be his endeavour to facilitate this going forward.