1, March, 2024
HomeIndiaMysore Entrepreneur Ramesh Kunhikannan Hits Billionaire Status with Chandrayaan-3 Success

Mysore Entrepreneur Ramesh Kunhikannan Hits Billionaire Status with Chandrayaan-3 Success

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Ramesh Kunhikannan, a 60-year-old electrical engineer from Mysore, has achieved billionaire status following the successful mission of Chandrayaan-3, where his company, Kaynes Technology India, played a crucial role. India’s fourth successful moon landing near the south pole catapulted Kunhikannan’s net worth to approximately $1.1 billion.

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As the founder of Kaynes Technology India, Kunhikannan supplied electronic systems that powered both the Chandrayaan-3 rover and lander. The company’s shares, which had already tripled in value since its debut on the Bombay Stock Exchange in November 2022, surged an additional 40 percent after the public acknowledgment of its role in the moon mission.

Kaynes Technology India, generating over half of its $137 million annual revenue from manufacturing printed circuit board assemblies, provides electronic systems and design services to various industries, including automotive, aerospace, medical, and defense. The company’s products are utilized in electronic controls for electric vehicles, ventilators, and railway signals.

A graduate of Mysore’s National Institute of Engineering, Kunhikannan founded Kaynes in 1988 as a contract manufacturer of electronics. His wife, Savitha Ramesh, joined him in 1996 and currently serves as the company’s chairperson. Benefiting from the “Make in India” program, aimed at bolstering local manufacturing, Kaynes has experienced significant growth.

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In recent years, the company’s annual revenue nearly tripled from $49 million in the financial year 2020, with net profit increasing ten-fold to $11.4 million in the fiscal year ending March. For the six months until September, revenue surged by 39 percent to $78 million, with a net profit of $7 million. Kaynes anticipates reaching a revenue of around $208 million in the fiscal year ending March 2024.

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