The Indian art market hit a massive milestone this week as an oil painting by the legendary Raja Ravi Varma sold for a staggering Rs 167.2 crore ($18 million). Titled Yashoda and Krishna, the 1890s masterpiece was the star of the Saffronart spring auction held on Wednesday, April 1. This sale didn’t just break the previous record; it completely smashed it by over Rs 49 crore, a 40% jump that makes it the most expensive Indian painting ever sold at auction to date.
The man behind this historic buy is Dr Cyrus S. Poonawalla, the billionaire founder and managing director of the Pune-based Serum Institute of India (SII). Often called the ‘Vaccine King,’ Dr Poonawalla’s latest purchase cements his reputation as one of the country’s most serious collectors of national treasures.
The ‘Mona Lisa of Indian Art’
Measuring 35 x 28.25 inches, the oil painting captures the universal bond between mother and child. Speaking to the Hindustan Times, Ashish Anand, MD and CEO of Delhi Art Gallery, called the sale a defining moment for the market, even comparing the work’s iconic status to the Mona Lisa. The final Rs 167.2 crore price tag was more than double the initial lower estimate of Rs 80 crore.
In a press release following the auction, Dr Poonawalla talked about his responsibility toward the piece. “I am privileged to have the opportunity to acquire, preserve, and care for this iconic painting,” he stated in the release. He also promised that this ‘national treasure’ would be made available for the public to see periodically in the future.
From horse breeding to global vaccines
Dr Cyrus Poonawalla started the Serum Institute of India back in 1966, famously launching the business with just $12,000 raised from his family’s horse-breeding venture. Today, SII is the largest vaccine manufacturer in the world by volume. According to Forbes, Dr Poonawalla holds an honorary Doctor of Science degree from the University of Oxford, which is currently building the Cyrus Poonawalla Vaccines Research Building.
His impact on global health is hard to overstate; Serum’s Covishield was the backbone of India’s vaccination drive during the pandemic. For his massive contributions to medicine, the Government of India awarded him the Padma Shri in 2005 and the Padma Bhushan in 2022.
Cyrus Poonawalla’s net worth, luxury assets and more
Dr Poonawalla’s finances place him among the absolute elite. The Hurun Global Rich List 2023 previously named him the world’s richest healthcare billionaire. In April 2026, Forbes estimated his net worth at roughly $24.8 billion, ranking him as the 97th richest person on the planet. Meanwhile, the Hurun Rich List 2026 currently lists the Poonawalla family as the 4th richest in India.
Beyond vaccines, Dr Poonawalla is famous for his love of the finer things. Bloomberg reveals that while most of his wealth comes from his private stake in SII, he also owns 62.6% of Poonawalla Fincorp. His real estate holdings are just as impressive, valued at over Rs 1,600 crore as of 2025.
His properties, as per Siasat, include the massive Lincoln House in Mumbai, worth between Rs 750 and Rs 934 crore, and the Aberconway House in London’s Grosvenor Square, valued at about Rs 440 crore. He’s also known as one of India’s top car collectors, owning a world-class fleet of Rolls-Royces that includes everything from custom limousines to the newest Phantom models.