Anand Deshpande Biography
Anand Deshpande, the founder and CEO of Persistent Systems, made a life-altering decision when he left his high-paying job in the US to build a tech empire in India.
From being a star student to an ambitious entrepreneur, Anand’s journey is filled with determination, strategic thinking, and a desire to bring change to the IT industry.
Early Life and Education
Anand Deshpande, born on 6th March 1962 and currently 62 years old, was an exceptional student from a young age.
He cleared the entrance exams for the National Defence Academy (NDA) and MANIT but decided to pursue computer science engineering at IIT Kharagpur.
Hailing from Akola, Maharashtra, Anand made his family proud when he went to the United States to complete his PhD in computer science at Indiana University.
His academic journey reflected his brilliance and dedication.
The Start of a New Journey
Nine months before completing his PhD, Anand received an attractive job offer from HP to work in their research labs.
At just 28 years old, he was living the Silicon Valley dream, but a significant question loomed over him: should he settle in the US or return to India?
After careful thought, he chose the latter.
Leaving behind a promising career, Anand called his father to incorporate a company on his behalf in Pune, India.
On 30th March 1990, Persistent Systems was born. Anand’s vision was clear—to build a company around databases and software services.
Early Challenges and First Steps
Starting a company in India was no easy task.
Anand struggled to find office space for the first eight months but eventually became the first to secure a 350 sq. ft. office under the government’s STPI (Software Technology Parks of India) program.
With Rs 2 lakh from a tax refund and Rs 3.6 lakh borrowed from friends and family, Anand set up Persistent Systems with one computer and six employees.
First Clients and the Microsoft Breakthrough
Persistent’s first major break came when France-based object database firm, 02 Technologies, contracted them to develop a query process for Rs 7.5 lakh.
By 1992, the company clocked Rs 13 lakh in sales. But a game-changing moment arrived when Microsoft knocked on Persistent’s door with a small project.
Anand and his team successfully migrated assembly code from 16-bit to 32-bit for a FORTRAN compiler, marking the beginning of their partnership with Microsoft.
This success led to further collaborations with tech giants like HP and Illustra.
Shift to Technology Services
In 1994, the Internet made its way to India, sparking a new era for IT companies.
Sensing a shift in the market, Anand moved Persistent’s focus away from databases to broader technology services and software development.
By 2000, the company had crossed the ₹10 crore revenue mark and raised ₹4.3 crore from Intel at a valuation of ₹121 crore.
Persistent’s IPO and Rapid Growth
In the following years, Persistent Systems continued to grow. On 6th April 2010, Persistent made its stock market debut with an IPO worth ₹168 crore, which was oversubscribed by 93.60 times.
By this time, the company had achieved revenues of ₹612.38 crore, with a profit of ₹115 crore.
Post-listing, Persistent Systems expanded its portfolio, focusing on digital transformation and product development.
Between 2010 and 2019, it acquired fourteen companies specializing in content, mobile, and cloud services, further solidifying its position in the market.
By 2019, the company had grown its revenue to ₹3,565.8 crore, serving over 1,000 clients in 17 countries.
Anand Deshpande Net Worth
Anand Deshpande’s net worth varies across different sources.
As of mid-September 2024, Grizzly Bulls’ Billionaire Index and Forbes report his net worth to be approximately $2.75 billion.
Forbes lists him at $3 billion, while Indiatimes cites his net worth as $2.2 billion.
Persistent Systems Today
Today, Persistent Systems stands as a leader in Digital Engineering and Enterprise Modernization. With a workforce of 23,850 employees spread across 21 countries, the company has maintained an impressive annual growth rate of 14.5%.
Currently, Persistent Systems clocks revenue of ₹9,821.59 crore and is valued at ₹60,590 crore.
Personal Life
Anand Deshpande is married to Aruna Deshpande. The couple has two children, a son named Prasad and a daughter named Priya.
Despite his immense success, Anand remains grounded and committed to his family.
His personal values and dedication to sustainable business practices have significantly impacted the lives of many.
Anand Deshpande’s Vision
Anand Deshpande’s vision and perseverance have been key drivers behind Persistent’s success.
His decision to leave a comfortable life in the US and build something remarkable in India has paid off, making him a prominent figure in the Indian IT industry.
Today, Persistent Systems is a global powerhouse, helping businesses across the world navigate their digital transformation journeys.
Anand Deshpande’s legacy continues to inspire entrepreneurs to think big, stay resilient, and take bold steps toward success.
