From Dilip Shanghvi's quiet leadership at Sun Pharma to Bhavish Aggarwal's disruption spree, our top stories of the week

In this week's newsletter, also read about how 81-year-old Meena Bindra built a fashion empire with BIBA, Raamdeo Agrawal's belief in Indian equity markets, Voltanova Energy's groundbreaking innovation, and much more

By Forbes India

Published: May 3, 2025 09:00:00 AM IST

1) The Reluctant Billionaire

Dilip Shanghvi, Managing director, Sun Pharma Image: Mexy Xavier

Dilip Shanghvi, founder of Sun Pharma, has transformed a ₹10,000 startup into India's largest pharmaceutical company with a turnover of ₹49,851 crore in FY24. His strategy: bold bets on complex generics, specialty drugs, and high-stakes acquisitions—including the $4 billion purchase of Ranbaxy. Now, at 69, Shanghvi is doubling down. Sun Pharma acquired Nasdaq-listed Checkpoint Therapeutics in March for $355 million, expanding its oncology portfolio. Despite market volatility, his net worth rose from $24.9 billion to $27.4 billion in April, ranking him 65th globally. Shanghvi’s quiet leadership continues to shape global pharma—patient-first, risk-ready, and far from finished.

2) Crafting a Fashion Empire

Meena Bindra, founder and chairperson, BIBA Image: Madhu Kapparath

In the 1980s, Meena Bindra started BIBA with a modest ₹8,000 loan, aiming to fill a gap in women's daily wear wardrobes. Today, BIBA stands as a leading ethnic-wear brand in India, boasting over 372 stores and around 250 multi-brand outlets nationwide. Bindra's innovative approach introduced the shop-in-shop model and attracted significant investment, notably a ₹300 crore infusion from Warburg Pincus and Faering Capital in 2013. Despite increasing competition from new-age D2C companies, BIBA's broad appeal across age groups and its expansion into segments like footwear and perfumes underscore its enduring relevance. At 81, Bindra remains the creative force behind BIBA, exemplifying how passion and perseverance can transform a homegrown idea into a household name. Watch her relive this journey.

3) Disruption and Bhavish Aggarwal

Bhavish Aggarwal, co-founder and CEO, Ola Consumer Image: Selvaprakash Lakshmanan for Forbes India

At 39, Bhavish Aggarwal has notched up an extraordinary feat: three unicorns, one IPO, and a $2 billion net worth that landed him on the Forbes World’s Billionaires List this year. But as Ola Electric battles intensifying competition and scrutiny over quality, and as AI venture Krutrim races to prove its promise, Aggarwal faces his toughest test yet. From electric vehicles to artificial intelligence, the Ola Group CEO has bet big on scale and speed—but layoffs, losses, and a softening mobility business have clouded the once-clear runway. Still, with bold plans and personal capital riding on the future, Aggarwal’s story is far from over.

1) "The World Wants More of India"

Raamdeo Agrawal, Chairman & Co-Founder of Motilal Oswal Financial Services. Image: Bajirao Pawar for Forbes India

Veteran investor and Motilal Oswal Chairman Raamdeo Agrawal believes Indian equity markets have turned a corner, forecasting a 15–20 percent rise in Nifty50 by FY26. In a conversation with Forbes India, he points to India’s structural strength, rising investor participation, and a shifting global landscape as catalysts. With global supply chains being redrawn, Agrawal says India is emerging as the preferred alternative to China, backed by strong domestic consumption and a market-driven economy. He expects a surge in IPOs, with 200–300 listings primed to hit the markets. Sectors to watch? Quick commerce, manufacturing, capital goods, and financial services, where India’s scale and digital backbone are driving massive transformation. “This is a moment for India to expand its funnel—and the world is ready,” he says.

2) By the Powers of BFSI

Image: Shutterstock

Despite global economic challenges, India's leading IT firms, Tata Consultancy Services (TCS) and Infosys, have reported robust performance in the Banking, Financial Services, and Insurance (BFSI) sector during Q4 FY25. For TCS, BFSI emerged as the second-fastest-growing vertical, with a total contract value of $4 billion. The company's core banking platform, BaNCS, secured four new contracts and achieved four go-lives. In the case of Infosys, Financial services contributed 28.4 percent to total revenue, up from 26.4 percent the previous year. The company secured seven large BFSI deals, totalling $2.6 billion in contract value. The sustained growth is attributed to increased investments in AI, cloud computing, and cybersecurity by financial institutions aiming to modernise operations and enhance customer experiences. Analysts anticipate continued momentum in the BFSI sector, driven by technological advancements and the need for regulatory compliance.

3) Powering a Greener Future

Jaicky Kumar and Deepak Mishra

Voltanova Energy is positioning itself as a game-changer in India’s journey toward sustainable, affordable energy solutions. Its innovation? A carbon-free thermal battery with a lifespan of over 40 years—delivered at one-fifth the cost of conventional alternatives. Incubated at the Indian Institute of Science’s Foundation for Science and Innovation Development, the startup is guided by Professor Saptarshi Basu and aims to revolutionise clean energy storage. In the latest Forbes India Tech Conversation podcast episode, co-founders Jaicky Kumar and Deepak Mishra introduce Voltanova Energy’s groundbreaking thermal battery energy storage system.

4) Trump vs Toyota?

This picture taken on April 25, 2025 shows Yosuke Fukuda, the owner of US car dealer Y-Tech, sitting at his company in Fukaya of Saitama Prefecture. Image: Philip Fong / AFP

"They don't take our cars, but we take MILLIONS of theirs!" US President Donald Trump said in April, accusing Japan of treating its ally "very poorly on trade." American cars are a rare sight on Japanese roads. While Trump points to alleged non-tariff barriers, such as a supposed "bowling-ball test" that Japan denies exists, the real reasons lie in market dynamics. Japanese consumers favour compact, fuel-efficient vehicles for narrow streets and urban environments. In contrast, many American models are larger, less fuel-efficient, and not tailored to local preferences, leading to poor sales. For instance, in 2024, General Motors sold just 597 Chevrolet vehicles in Japan. Both countries are in the middle of trade negotiations right now. But will that help American automakers gain footing in Japan? Or is adapting American vehicles to meet Japanese consumer preferences the key?