Balkrishna swings into Forbes rich list

Balkrishna swings into Forbes rich list

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Today:- Sep – Acharya Balkrishna has come a long way since 1995 when he and Baba Ramdev approached authorities to get Patanjali registered as an organization. The two men had Rs 3,500 in their pockets while the officials demanded a fee of Rs 13, 000. The duo borrowed Rs 5,000 each from two friends to fill the gap.
Twenty-one years later, Balkrishna has stormed into India’s richest 100 club with a $2.5 billion net worth based on his 97% stake in the fast-growing Patanjali Ayurved Ltd, while e-tailer Flipkart’s co-founders Sachin Bansal and Binny Bansal lost out.
Balkrishna on Thursdya Made his debut on the annual Forbes list of India‘s 100 richest people at the 48th position. The Bansals who were ranked 86th last year with a net worth of $1.3 billion have missed the boat this year with a dip in their company’s valuation.
Balkrishna is among six newcomers on the list that was topped for the ninth consecutive year by Reliance Industries Chairamn Mukesh Ambani.

Both Flipkart and Patanjali are new businesses but with contrasting styles of functioning. While Flipkart is a modern-day technology driven company providing a purely trading plat from, Patanjali draws on traditional Indian knowledge t produce goods for the market.
Whatever we have achieved is without making any compromise with a two pronged strategy to give the right price to farmers and sell the goods at an affordable price to consumers,” Balkrishna said. Forbes said the combined net worth of India’s 100 wealthiest is $ 381 billion (nearly Rs 25.5 lakh crore), a rise of 10% from $345 billion in 2015.

Patanjali has grown into a company with annual turnover over Rs 5,000 crore and is targeting a Rs 10,000 crore turnover for next year. Balkrishna points out that now Patanjali is a talking point at malls and showrooms in big cities s as well as in kirana shops in small towns. Such is the demand of Patanjali, he says, “that we are not able to provide enough supply…we have to increase our production levels this year.”
Agency

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