Meet the entrepreneur who, despite his humble beginnings in a Mumbai chawl, went on to establish a company valued at Rs 4.14 lakh crore—surpassing even the achievements of Dhirubhai Ambani.
While Dhirubhai Ambani’s journey from a chawl to becoming one of India’s most successful businessmen is well-known, other compelling stories are emerging from the bustling streets of Mumbai. One such narrative belongs to HT Parekh, the visionary founder of HDFC.
Hailing from Surat, Parekh was born into a banking family and faced the challenges of a modest upbringing in a Mumbai chawl. During his college years, he juggled part-time work alongside his studies, demonstrating early resilience. After graduating in economics from Mumbai, Parekh seized an opportunity to further his education in the UK, earning a BSc degree in Banking and Finance from the esteemed London School of Economics.
Upon returning to India, Parekh took on the role of a lecturer at the prestigious St Xavier’s College in Mumbai. His foray into the corporate world began at the stockbroking firm Harkisandass Lakhmidass. However, it was at ICICI that Parekh made a significant impact, starting as Deputy General Manager and eventually rising to the positions of Chairman and Managing Director before retiring after 16 years of dedicated service.
While retirement marks the end of a professional journey for many, Parekh, at the age of 66, envisioned a new chapter. In 1977, he founded HDFC to finance the homeownership dreams of the middle class in India. The company issued its first loan in 1978, marking the beginning of a transformative journey.
By 1984, HDFC, under Parekh’s leadership, was approving annual loans exceeding Rs 100 crore. In recognition of his outstanding contributions, Parekh was honoured with the prestigious Padma Bhushan in 1992. The subsequent merger of HDFC and HDFC Bank, after 30 years, gave rise to a colossal entity valued at Rs 4.14 lakh crore. HT Parekh’s story serves as a testament to resilience, vision, and determination, showcasing how a journey that begins in a Mumbai chawl can lead to the creation of a monumental business empire.