Uday Kotak is the Executive Chairman and MD of Kotak Mahindra Bank, the third largest private bank of India. He is a self-made billionaire and is considered an astute financial acumen. In less than two decades, he made Kotak Mahindra a name to reckon with in the Indian banking and money market.
Profile of Uday Kotak
Uday Kotak was born on 15th March, 1959 in Mumbai. His family has a long history of business. However, they were initially involved in cotton trading. Uday did schooling from Hindi Vidya Bhavan, Mumbai. In school, he was known for being a very good at Mathematics as well as a brilliant cricketer. He was initially looking forward to become a cricketer, but the family insisted that he should continue to study. He did graduation from Sydenham College and during graduation he deserted the idea of being a cricketer after a fatal accident on the field and decided to become a businessman. He went to the prestigious Jamnalal Bajaj Institute of Management Studies for MBA. While he was a student, he had formed a small financial company and give money to Nelco, a Tata Subsidiary with a lower interest rate than what was offered by banks.
In 1986, Uday started Kotak Mahindra Finance Limited. He took 50 % of the share of the company and invested Rs. 30 lakhs from the money he had made through Tata. The rest was invested by Anand Mahindra, and hence the company was known as Kotak Mahindra – the surname of both partners. Since then, he has not looked back. He got the license in 2003 for banking and converted Kotak Mahindra Finance Ltd. to Kotak Mahindra Bank. He has won many recognition and awards, including ET Businessman of the year, Banker of the year, E&Y World Entrepreneur and CNBC Innovator of the Year, among others at various stages of his mercurial life.
Wife of Uday Kotak
Pallavi Kotak is the wife of Uday. They met in a party in 1985 and literally fell in love instantly. They married within 2 months of hooking up. It is also worth mentioning that Pallavi had supported Uday to start his own venture just after marriage rather than going for a job with an MNC with fat pay package.
The couple has two children – one son and one daughter. Their son Jai Kotak is currently doing MBA from Harvard Business School.
Net Worth of Uday Kotak
As per Forbes, Uday Kotak is worth 7. 1 billion dollars or we can say that he is having around Rs. 42, 000 Crores. It is really a pleasant surprise to know that he has made a fortune within 2 decades after coming from nowhere. Remember, none of his family members are from financial business world. He started everything from scratch and borrowed money from friends, apart from investing his own savings.