India's Richest 2019: Adar Poonawalla diversifies into finance

Poonawalla recently set up Poonawalla Finance to provide loans to low- and middle-income consumers as well as to small businesses.

Published: Nov 19, 2019 11:21:26 AM IST
Updated: Nov 19, 2019 11:23:18 AM IST

g_123799_adar_poonawala_280x210.jpgAdar Poonawalla
Image: Vikas Khot

Since taking charge of his family’s vaccine business Serum Institute in 2011, Adar Poonawalla, the son of Cyrus Poonawalla (No 12), has diversified. He recently set up Poonawalla Finance to provide loans to low- and middle-income consumers as well as to small businesses. One product is Anyday Money, which offers unsecured personal loans to cover items such as medical emergencies and home renovation. The company operates in 23 cities across the country and has lent $110 million within four months of starting operations. Poonawalla says the new venture is in line with his philosophy of meeting the needs of mass-market consumers. Serum, meanwhile, is preparing to launch new low-cost vaccines, including ones for dengue and pneumonia. 

(This story appears in the 27 December, 2019 issue of Forbes India. You can buy our tablet version from Magzter.com. To visit our Archives, click here.)

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