A historic moment now shocked the Indian art world when an oil painting by Raja Ravi Varma was sold for a record-breaking ₹167.2 crore at the Saffronart spring auction on April 1, 2026. The artwork, Yashoda and Krishna , is now the most expensive Indian painting ever sold at auction.
The sale surpassed the previous record by ₹49.2 crore, marking a sharp rise of over 40% and signalling strong global demand for Indian art.
The masterpiece was acquired by Cyrus S Poonawalla, founder and managing director of the Serum Institute of India, based in Pune. The purchase has attracted widespread attention, not only for its record value but also for its cultural and historical significance.
Who is Cyrus S Poonawalla?
Dr Cyrus Poonawalla founded the Serum Institute of India in 1966 and transformed it into the world's largest vaccine manufacturer by volume. Over the decades, he has consistently featured among the richest individuals globally.
He has received international recognition, including an honorary Doctor of Science degree from the University of Oxford, which is currently developing the Cyrus Poonawalla Vaccines Research Building. During the COVID-19 pandemic, Serum Institute's Covishield vaccine developed by AstraZeneca and Oxford University became the most widely used vaccine in India.
For his outstanding contribution to medicine and public health, he was awarded the Padma Bhushan in 2022 and the Padma Shri in 2005. His son, Adar Poonawalla, serves as the CEO of the Serum Institute and is also associated with Dharma Productions.
Cyrus S Poonawalla Family
Dr Cyrus S. Poonawalla was born in 1941. He is a pioneering Indian billionaire who built the Serum Institute of India into the world's largest vaccine producer. His son, Adar Poonawalla, currently leads the company as CEO and played a key role in expanding its global presence, especially during the COVID-19 pandemic.
Cyrus S Poonawalla Net Worth
Cyrus S. Poonawalla's net worth is estimated to be between ₹2.04 lakh crore and ₹2.89 lakh crore (around $24-25 billion). He ranks among the top 10 richest individuals in India, with most of his wealth derived from the Serum Institute of India. According to the Hurun Global Rich List 2023, he was the 46th richest person in the world and the wealthiest healthcare billionaire.
In October 2024, Forbes ranked Poonawalla and his family ninth among India's richest, with a net worth of $22.1 billion. By 2026, the Hurun Rich List placed the family as the fourth richest in India.
Cyrus S Poonawalla Religion
Cyrus Poonawalla was born into a Parsi (Zoroastrian) family. The Parsi community in India follows Zoroastrianism, an ancient religion that originated in Iran.
Cyrus S Poonawalla Business
Dr Cyrus S. Poonawalla founded the Serum Institute of India in 1966 and built it into a global leader in vaccine production. The company manufactures more than 1.5 billion doses annually and supplies vaccines to over 170 countries, including those for polio, tetanus, and COVID-19.
Key aspects of his business empire include:
- Serum Institute of India (SII): Established to provide affordable vaccines, helping India achieve self-sufficiency in essential vaccines like tetanus, diphtheria, and whooping cough by the 1980s. It is also known for producing cost-effective vaccines such as Rotavirus and Meningococcal.
- Poonawalla Group: A diversified conglomerate with interests in biotechnology, pharmaceuticals, clean energy, hospitality, real estate, and aviation.
- Poonawalla Fincorp: A major financial services arm of the group.
- Leadership: Adar Poonawalla has been leading the Serum Institute as CEO since 2011, expanding its global footprint.
- Philanthropic approach: The group focuses on providing vaccines at affordable prices to improve global healthcare access.
Dr Poonawalla was honoured with the Padma Shri in 2005 and the Padma Bhushan in 2022 for his contributions to healthcare.
Cyrus S Poonawalla Wife & Children
Cyrus Poonawalla was married to Villoo Poonawalla, who passed away in 2010. The couple has a son, Adar Poonawalla, who is currently the CEO of the Serum Institute of India. He also has two grandchildren.
Who Was Raja Ravi Varma? Painting Bought By Cyrus S Poonawalla
Raja Ravi Varma (1848-1906) was one of India's most influential artists and is widely known as the "Father of Modern Indian Art." He combined European realism with Indian mythological themes, making art accessible to the masses through printed reproductions of his works.
About Yashoda and Krishna Painting
Yashoda and Krishna is a 35 x 28.25-inch oil painting created in the 1890s and bears Raja Ravi Varma's signature. The artwork beautifully portrays the emotional bond between mother and child, making it universally relatable and timeless.
Ashish Anand, MD and CEO of DAG, described the sale as a landmark moment, saying, "Raja Ravi Varma's Yashoda and Krishna, a universal subject reminiscent as much of Madonna and Christ, or of any mother and child, and arguably the most iconic and desirable work, the Mona Lisa of Indian art - has not only achieved a new world record, it has done so with conviction, more than doubling its lower estimate of ₹80 crore, exceeding it by ₹87.2 crore an increase of over 100%."
Cyrus Poonawalla on Acquiring the Painting
Speaking about the purchase, Cyrus Poonawalla said,"I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna. This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward."
The record-breaking sale not only highlights the rising value of Indian art globally but also reinforces the enduring legacy of Raja Ravi Varma in the international art landscape.