Ravi Modi had drawn attention of millions of people when his position got changed unsurprisingly from 246 to 41 in IIFL Hurun India Rich List 2022. With an exceptional 376% increase, Ravi Modi net worth rose to Rs 32,400 crore last year. While, according to Forbes the real time net worth of Modi as of 16th January 2023 is $3.5 Billion.
He is the leader behind a globally-recognized ethnic wear brand ‘Manyavar’. He had started Vedant Fashions, titled after his only son, in the year 2002. The company was established in Kolkata India for the purpose of manufacturing traditional Indian garments. Today, the company is best-known for selling women’s sarees, lehengas, and gowns, and men’s sherwanis, kurtas, and jackets targeting the Indian wedding market.
|Did you Know? Ravi Modi is the owner of renowned ethnic wear brand Manyavar, the Founder and MD of Vedant Fashions . With the $85 million revenue, Manyawar owns over 600 stores in India and 11 global stores. The first international store of Manyawar was opened in Dubai in the year 2011. The position of Ravi Modi has unsurprisingly changed from 246 to 41 in IIFL Hurun India Rich List 2022. Manyawar went public with an IPO in the month of February 2022. Ravi Modi fulfilled his dream of buying Mercedes car in 2017 which he thought to buy in 2002. He postponed the plan of buying Mercedes for 15 years and invested the profits into expansion of his business.|
Ravi Modi Net Worth 2023
|Full Name||Ravi Modi|
|Popular as||Ravi Modi|
|Who is Ravi Modi?||Founder and MD of Vedant Fashions and owner of ethnic wear brand Manyavar|
|When was Manyavar opended?||Year 2002|
|Ravi Modi Net Worth||$3.5B|
|Ravi Modi real time net worth as of 16th January 2023||$3.5 Billion|
What is Hurun Rich List?
Hurun Rich List is released every year in order to highlight the richest individuals born or residing and bred in India. The ultimate purpose of Hurun rich list is to promote entrepreneurship through lists and research.
It is indeed an inspiration for entrepreneurs seeing the position of Ravi Modi changed from 246 to 41 in Hurun rich list 2022. The net worth of Ravi Modi witnessed a huge hike of 376%.
As of now, Ravi Modi net worth is $3.5 billion.
Ravi Modi Biography
The lifestyle tycoon Ravi Modi was born 45 years ago. His hometown is Kolkata, India. He was the only son of his parents and good at Mathematics. His father used to run 140-sq-ft retail store in an AC market in Kolkata.
According to Ravi Modi, his mother gave a party when he scored 100 in Mathematics in class 2, however, she didn’t gave a party when he scored the same marks in class 3. He said, I realized that nobody actually notice the same achievement twice. Then he said that if anyone still remembers me from my school days it is just because I was actually good at Mathematics.
He was graduated in Commerce from St Xavier’s college, Kolkata. He joined his father’s store as a salesman when he was just 13 years old. His father had a store which used to sell shirts and pants to jeans.
Modi was married to Shilpi when he was 21 years old and became father at an age of 22.
Let us give you some more insights of this billionaire who believes in modest living, destiny, and of course wealth beyond money.
|Birth Name||Ravi Modi|
|Date of birth||Born 45 year ago|
|Education||Completed B.Com from St Xavier’s College Calcutta|
|Ravi Modi Wife Name||Shilpi (she owns a board seat in which his only son Vedant is the company’s chief marketing officer.|
|Ravi Modi Father’s Name||Not Available|
|Ravi Modi Mother’s Name||Not Available|
|Number of children||One|
|Profession||Founder and MD of Vedant Fashions and owner of ethnic wear brand Manyavar|
|Ravi Modi Net worth||$3.5 Billion|
Ravi Modi Career Highlights
- Ravi Modi started his career as a salesman in his father’s retail store when he was just 13 years old. The store used to sell shirts and pants to jeans.
- He had interest in working in his father’s store where he used to deal buyers his staff didn’t want to deal. Soon, he sold 20 number of clothes to a customer who was visited the store to buy only one cloth.
- Later, Modi took Rs.10,000/- from his mother and entered in the business of manufacturing Indian wear. He used to sell his products to multi-brand outlets in West Bengal, Uttar Pradesh, Madhya Pradesh, Bihar, and Odisha. This dedication of Modi was the foundation stone of Manyavar.
- After the Manyavar is introduced he started by selling his 20% stock to Kolkata-based Vishal Mega Mart for raising a sufficient capital in order to sustain in his business. Modi said, Vishal Maga Mart was the place that used to buy my products on cash. He generated the working capital from Vishal Maga Mart for the first 8 months.
- Along with that, Manyavar’s clothes were also available to buy at Kala Mandir and Kashmir Vastralaya collection in the initial days.
What was the turning point of Ravi Modi’s business?
During 2005-06, Modi started selling his products to Shoppers Stop, Future Group and Westside in order to give his products a national exposure. His father suggested him not to take loan and he followed it. He used to invest most of his money to the business only.
The very first exclusive brand outlet of Manyavar was set up in the year 2008 and it was the time when the real journey of Modi starts. The first store of Manyavar was opened in Bhubaneswar and in the following year the company opened another 12 stores.
By 2016-17, the company converted all their stores into the FOFO (franchise-owned-franchise-operated) model. Virat Kohli was appointed as the brand ambassador of Manyavar in the year 2016.
Today, the company owns over 600 stores across India with 11 international stores and the net worth of Ravi Modi has risen to Rs 32,400 crore.
Ravi Modi is the chairman and managing director of Vedant Fashions.