Who is Cyrus S. Poonawalla? Padma Bhushan winner who splurged ₹167 crore on a Raja Ravi Varma masterpiece

Raja Ravi Varma's Yashoda and Krishna fetched a staggering ₹167.2 crore at Saffronart's Spring Live Auction in Mumbai, marking the highest price ever for an Indian artwork at auction.

Billionaire Cyrus S. Poonawalla, the vaccine maestro behind Serum Institute of India, outbid rivals to claim a masterpiece that's more than just a painting; it’s like a slice of history, blending mythology with the artist’s strokes.

The highest bid auction for artwork

According to PTI, the 1890s oil painting was estimated at Rs 80-120 crore but soared far beyond after fierce bidding. Cyrus S. Poonawalla, Serum Institute's founder, bought it, eclipsing M.F. Husain's previous record of over Rs 118 crore.

The 35 x 28.25-inch signed piece depicts Yashoda milking a cow as baby Krishna sneaks toward a milk goblet.

Who Is Cyrus S. Poonawalla?

Cyrus S. Poonawalla founded the Serum Institute of India in Pune in 1966, turning it into a global vaccine powerhouse. Forbes ranked his family ninth among India’s richest in 2024 with $22.1 billion, while the 2026 Hurun Rich List placed them fourth. He is the world’s richest healthcare billionaire, according to the Hurun Global Rich List 2023, and holds an honorary Doctor of Science from Oxford University.

India honored him with the Padma Shri in 2005 and Padma Bhushan in 2022; his son Adar is now CEO. In a statement to PTI, 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."

More about Yashoda and Krishna

Created in the 1890s at the peak of Ravi Varma's fame, Yashoda and Krishna captures a tender Krishna mythological tale with European oil techniques. Its vivid human-like proportions and detailed expressions almost bring it to life, making it a benchmark for Indian art.

Raja Ravi Varma's legacy

Born in 1848 in Kerala, Raja Ravi Varma revolutionised Indian art by combining mythology with realistic oil portraits of figures from the Ramayana and Mahabharata, as well as deities like Lakshmi. He also pioneered oleograph prints through his press, making divine imagery accessible beyond the elite.