Cyrus Poonawalla
In a historic moment for India’s art world, an iconic painting by Raja Ravi Varma has been sold for a record-breaking ₹167.2 crore at a recent auction, setting a new benchmark for Indian artworks.
The masterpiece, titled Yashoda and Krishna, was auctioned by Saffronart on April 1 and has now become the most expensive Indian painting ever sold. The sale comfortably surpassed the previous record by ₹49.2 crore—an increase of more than 40%, highlighting the rising global demand for Indian art.
The buyer behind this landmark purchase is Cyrus S Poonawalla, a prominent Indian billionaire and the founder of Serum Institute of India. His acquisition has not only drawn attention in the art community but also sparked curiosity about his influential background.
Who is Cyrus S Poonawalla?
Dr. Cyrus S. Poonawalla is one of India’s most respected industrialists, known for establishing the Serum Institute of India in 1966. Over the decades, he transformed it into the world’s largest vaccine manufacturer, playing a critical role in global healthcare.
His contributions have earned him recognition on global rich lists. According to the Hurun Global Rich List 2023, he ranked among the world’s top billionaires and was named the richest healthcare entrepreneur. In 2024, Forbes listed him and his family among India’s top 10 richest individuals, with a net worth exceeding $22 billion. By 2026, the Hurun India Rich List placed the family among the country’s top four wealthiest.
Poonawalla’s achievements extend beyond business. He has received prestigious civilian honours from the Government of India, including the Padma Bhushan in 2022 and the Padma Shri in 2005 for his contributions to medicine and healthcare.
He also holds an honorary Doctor of Science degree from University of Oxford, which is building a research facility named after him. During the COVID-19 pandemic, the Serum Institute played a crucial role in vaccine production, particularly through Covishield, developed in collaboration with University of Oxford and AstraZeneca.
His son, Adar Poonawalla, currently serves as CEO of the Serum Institute and is also associated with Dharma Productions. Adar is married to Natasha Poonawalla, a well-known figure in fashion and philanthropy.
About the Record-Breaking Painting
Yashoda and Krishna is a celebrated oil painting created by Raja Ravi Varma in the 1890s. Measuring approximately 35 x 28 inches, the artwork beautifully captures the emotional bond between mother Yashoda and child Krishna—one of the most cherished themes in Indian art.
Art experts have described the painting as a cultural treasure and a defining symbol of Indian heritage. Ashish Anand, CEO of DAG, called the sale a landmark moment, noting that the artwork far exceeded its initial estimate of ₹80 crore by more than double.
Often compared to global masterpieces for its emotional depth and universal appeal, the painting is regarded by many as one of Varma’s most iconic creations.
Following the purchase, Cyrus Poonawalla expressed pride in acquiring the artwork, calling it a “national treasure.” He also stated his intention to ensure that the painting is made available for public viewing from time to time, allowing art enthusiasts to experience its legacy.
A Milestone for Indian Art
This record-breaking sale marks a turning point for the Indian art market, signaling growing global appreciation for classical Indian artists. It also highlights how collectors like Cyrus Poonawalla are playing a key role in preserving and promoting India’s rich artistic heritage.
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