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Home / Companies / News /  India's newest billionaire is an IITian and founder of Pune-based tech firm

Technology services provider Persistent Systems' Anand Deshpande has joined the elite club of billionaires as his net worth stands at $1.1 billion, as per Forbes real-time billionaires data. Deshpande's new billionaire status comes on the back of a significant rally in Persistent Systems shares this year. The stock has jumped over 130% so far in 2021(year-to-date). 

Anand Deshpande is the Founder, Chairman and Managing Director of Persistent Systems since its inception and is responsible for the overall leadership, strategy and management of the company. Deshpande owns a 29.29% stake in the firm. 

Persistent Systems provides digital engineering and data and artificial intelligence products to the software, banking, financial services and healthcare sectors. US contributes close to 80% of the firm's annual revenue and the rest comes from Europe and India.

Anand holds a B. Tech. (Hons.) in Computer Science and Engineering from the Indian Institute of Technology (IIT), Kharagpur, and a M.S. and a Ph.D. in Computer Science from Indiana University, Bloomington, Indiana, USA.

As per Forbes, he pooled together around $21,000 from his savings and loans from his dad and friends to set up the database venture Persistent Systems in Pune. Prior to founding Persistent Systems, Anand began his professional career at Hewlett-Packard Laboratories in Palo Alto, California, where he worked as Member of Technical Staff from May 1989 to October 1990.

Deshpande has also served numerous positions at various professional and non-profit organizations viz. NASSCOM’s Executive Council, ACM (Association for Computing Machinery) India, where he was the first President, SEAP (Software Exporters’ Association of Pune), Pune Chapter of CSI (Computer Society of India), CII’s Pune Zonal Council, Trustee in the Computer History Museum, Dean’s Advisory Council in the School of Informatics, Computing and Engineering of Indiana University, and Member of the Executive Committee of MCCIA.

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