In Forbes' 2025 Billionaires List, India ranks third globally with 205 billionaires, an increase from 200 last year. While the usual names like Ambani, Adani, Mittals and the likes continue to lead the list, here are a few billionaires, most of whom, choose to stay away from the limelight, as their business empires continue to reach newer heights. And while we may use some of these products in our daily lives, you’d be hard-pressed to find them on instagram or getting papped elsewhere. From the founders of Haldiram, to Nirma to suppliers of fast fashion giants like H&M and even homegrown brands like Maanyavar, these tycoons, though less visible in mainstream media, have indelibly shaped their respective industries. Their stories underscore the diverse avenues through which entrepreneurial acumen can culminate in monumental success.
Ravi Jaipuria
President, RJ Corp
Jaipuria’s listed company Varun Beverages is PepsiCo’s biggest bottler outside the US. His company Devyani International, which operates operates KFC, Pizza Hut and Costa Coffee stores, got listed in 2021, got listed in 2021.
Murali Divi
Founder, Divi’s Laboratories
Founder of Divi’s Laboratories, a top global supplier of active pharmaceutical ingredients, also making nutraceuticals and offering custom manufacturing for big pharma. Nearly 90% of its $953 million revenue comes from exports
Hasmukh Chudgar
Founder, Intas Pharma
Hasmukh Chudgar founded Intas Pharmaceuticals in 1977. Now led by his sons Nimish and Binish, the $3.3 billion generics maker, backed by Temasek, has 15 factories (10 in India) and makes Eleftha, an affordable breast cancer drug, among other medicines.
Lachhman Das Mittal
Founder, Sonalika International
Lachhman Das Mittal founded Sonalika Group at 60 after retiring as an LIC Agent. Now India’s third-largest tractor maker, its unit International Tractors is 30% owned by Japan’s Yanmar. Mittal has passed operations to his sons and grandsons but stays actively involved.
Renuka Jagtiani
Founder, Landmark Group
Renuka Jagtiani chairs Dubai-based Landmark Group, that owns Lifestyle and Max fashion. The retail giant now operates 2,200 stores across 24 countries. She leads strategy while her children—Aarti, Nisha, and Rahul—serve as directors.
Karsanbhai Patel
Founder, Nirma detergents
Patel founded Nirma, mixing detergents in his backyard and selling them door-to-door. Now a global leader, Nirma took on giants like Unilever. Patel privatised Nirma in 2012, and listed cement arm Nuvoco in 2021. In 2024, Nirma bought 75% of Glenmark Life Sciences for $680M.
Sunny Varkey
Founder, GEMS Education
Sunny Varkey, son of Indian teachers in Dubai, leads GEMS Education, a global K-12 school operator. Private equity firm CVC invested in 2019 and is now partially exiting.In 2024, His sons Dino (CEO) and Jay (deputy CEO) manage operations.
Leena Tewari
Chairperson, USV Pharmaceuticals
Leena Tewari chairs USV India, a $511M pharma firm founded by her father in 1961. Specialising in diabetes and cardiovascular drugs, it’s run by her husband Prashant. USV acquired Germany’s Juta Pharma in 2018. Daughter Aneesha, an MIT PhD, joined the board in 2022.
Shiv Kishan Agrawal
Haldiram’s Nagpur
Shiv Kishan Agrawal merged his Nagpur-based Haldiram Foods International with Delhi’s Haldiram Foods, reuniting two branches of the snack empire founded by his grandfather. The brand, split among grandsons earlier, now operates as Haldiram Snacks Food Limited, with stores across western and southern India.
Harish Ahuja
Shahi Exports
Harish Ahuja chairs Shahi Exports, India’s largest apparel exporter with 50 factories across eight states. Known for employing 70% women in its 100,000-strong workforce, it supplies global brands like Calvin Klein, Gap, and H&M.
T.S. Kalyanaraman
Kalyan Jewellers
Kalyanaraman transformed his family’s century-old textile business into Kalyan Jewellers, now a 277-outlet strong chain across India and the Middle East. Warburg Pincus invested in 2014, and the firm went public in 2021. His sons serve on the board.
Rafique Malik
Founder, Metro Shoes
Rafique Malik's Metro Brands, a leading Indian footwear retailer, operates brands like Mochi, Metro, and Walkway. Managed by daughter Farah Malik Bhanji, the company went public in 2021.
Ravi Modi
Founder, Vedant Fashion
Ravi Modi founded Vedant Fashions in 2002, launching the popular Manyavar brand for Indian wedding wear. With 660+ stores globally, his wife Shilpi sits on the board, while son Vedant leads marketing. In 2023, Modi sold 10% to meet regulatory public holding norms.
Kabir Mulchandani
Dubai-based real estate firm FIVE Holdings
Kabir Mulchandani owns Dubai’s FIVE Holdings, a luxury hospitality firm with assets in the Middle East, Spain, and Switzerland. Founded in 2011, it plans a 2025 Dubai IPO. After surviving Dubai’s 2008 crash and legal troubles, he acquired Pacha Group for $330M in 2023.
Dhruv Sawhney
Founder, Triveni Group
Dhruv Sawhney transformed his family’s struggling sugar and engineering businesses into Triveni Engineering, now a diversified firm in sugar, liquor, and power transmission. His sons Tarun and Nikhil lead Triveni Engineering and Triveni Turbine, respectively.
