An oil painting by the pioneering Indian painter Raja Ravi Varma was sold for ₹167.2 crore at the Saffronart spring auction on Wednesday, April 1. Titled Yashoda and Krishna, it is the most expensive Indian painting ever sold at auction to date. The sale surpassed the record by ₹49.2 crore, an increase of over 40 percent.
Also Read | ₹167.2 crore”>Raja Ravi Varma’s oil painting ‘Yashoda and Krishna’ sells for record ₹167.2 crore
The painting was bought by Cyrus S Poonawalla, the founder and managing director of the Pune-headquartered Serum Institute of India. Here’s everything you should know about the man who bought the most expensive Indian painting ever.
Who is Cyrus S Poonawalla?
Dr Cyrus Poonawalla founded the Serum Institute of India in 1966 and built it into the world’s largest vaccine maker. He was recognised as the 46th-richest person in the World and the richest Healthcare Billionaire by the Hurun Global Rich List 2023.
In October 2024, Poonawalla and his family were ranked ninth on Forbes list of India’s 100 richest tycoons, with a net worth of $22.1 billion. Meanwhile, in 2026, the Hurun Rich List ranked them as the 4th richest in India.
Cyrus Poonawalla has an honorary Doctor of Science degree from the University of Oxford, which is constructing the Cyrus Poonawalla Vaccines Research Building, according to Forbes. Moreover, Serum’s Covishield, the vaccine developed by AstraZeneca and Oxford University, was the most widely used in India during the pandemic.
In 2022, Poonawalla was conferred the Padma Bhushan, one of India’s highest civilian honours, and in 2005, he received the Padma Shri from the Government of India for his contributions to the field of medicine. His son, Adar Poonawalla, is the CEO of the Serum Institute of India and co-owner of Karan Johar’s Dharma Productions. He is married to Natasha Poonawalla, a socialite and fashion powerhouse.
About Raja Ravi Varma’s Yashoda and Krishna painting
The Yashoda and Krishna is a 35 x 28.25-inch oil painting by the feted Indian artist, made in the 1890s, and bears his signature.
Ashish Anand, MD and CEO of DAG (formerly Delhi Art Gallery), described the sale as a defining moment for the Indian art market. He told Hindustan Times, “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%.”
Meanwhile, Cyrus Poonawalla said in a press release, “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.”
