Anand Deshpande started the company three decades ago with his tax refund for seed capital. Today, it has a market cap of nearly Rs 45000 crore.
While most success stories in the IT space emerge from hubs like Bengaluru and Chennai, Anand Deshpande created his tech giant in Maharashtra’s Pune. Today, he is one of the richest persons in the city and a billionaire with a net worth of over Rs 13000 crore ($1.6 billion. Deshpande draws his wealth from his around 29 percent stake in the leading software firm Persistent Systems. He started the company three decades ago with his tax refund for seed capital.
An ace student, Anand Deshpande cleared the entrance exams for both NDA and MANIT but opted for IIT Kharagpur before flying abroad to continue his education. In the US, Deshpande landed a job with technology giant Hewlett Packard (HP). Getting a green card would be the next move for most such professionals but Deshpande decided to move back to India just six months after he was hired.
Back in Pune, Deshpande used the tax refund from his earnings in the US to found Persistent Systems in 1990. With the help of some loans from family and friends he built an office with a computer and six employees. His company today has a market capitalisation of nearly Rs 45000 crore.
Deshpande was born in Akola, Maharashtra. He is the son of an engineer father working with Bharat Heavy Electricals Limited. Deshpande grew up in Bhopal in Madhya Pradesh. He is an alumnus of the prestigious Indian Institute of Technology (IIT) Kharagpur and the Indiana University in the US. He led Persistent to a successful IPO in 2010. An active philanthropist, Deshpande has invested part of his wealth into promoting entrepreneurship through his DeAsra Foundation.
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