Rakesh Jhunjhunwala, the founder of Akkasa Air and India’s Warren Buffett: A look into his life and career

Rakesh Jhunjhunwala, the founder of Akkasa Air and India's Warren Buffett: A look into his life and career

Known as India’s Warren Buffett, veteran stock market investor Rakesh Jhunjhunwala passed away in Mumbai at the age of 62. As a co-founder of Akasa Air, he built the company from the ground up.

An airline source said Jhunjhunwala died early this morning from cardiac arrest. According to Forbes, Jhunjhunwala is often called ‘India’s Warren Buffett’ and the Big Bull of Indian markets.

At the launch of the airline, he was seen in a wheelchair.

The ace investor’s facts include:

  • With just Rs 5,000 in capital, he began his journey into the stock market while still in college.
  • Recently, he teamed up with former Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air. From Mumbai to Ahmedabad, the airline began commercial operations this month.
  • In 2021, he ranked 36th on Forbes’ list of richest Indians. The 438th spot on the global rankings was occupied by him this year. Currently, he is the 48th richest man in the country.
  • As a chartered accountant, he chose Dalal Street over auditing. Jhunjhunwala invested Rs 5,000 as capital in 1985. Today, that capital is worth Rs 11,000 crore. Sensex was 150 points when he first entered the stock market.
  • Jhunjhunwala grew up in Bombay, where his father was an income tax commissioner.
  • After graduating from Sydenham College, he enrolled at the Institute of Chartered Accountants of India.
  • Jhunjhunwala’s passing was expressed with grief by Prime Minister Narendra Modi. As he tweeted, “Rakesh Jhunjhunwala was indomitable.”. His wit and insight will leave an indelible mark on the financial world.”
  • He was married to Rekha Jhunjunwala, who is also an investor in the stock market.