Harsh Mariwala: The Journey beyond parachute Oil, transforming a Traditional Business into a Global FMCG Leader
A journey that spans over five decades, Harsh Mariwala has built Marico Limited into a powerhouse in the beauty and wellness sector. From humble beginnings in a family-controlled commodity business, he faced numerous struggles, overcame obstacles, and took daring risks. He has transformed Marico into a household name across India, Asia and Africa.
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Who is Harsh Mariwala?
Harsh Mariwala is the founder and Chairman of the FMCG company Marico. He transformed a traditional commodity-driven business into a leading consumer. It has market-leading brands such as Parachute Advansed, Saffola, Mediker, Revive, Setwet and Livon.
History Of Business Family
Harsh Mariwala was born into a business-oriented family that has a rich entrepreneurial history. His grandfather, Vallabhdas Vasanji, migrated from Kutch to Mumbai in 1862. He was known as "Mariwala" due to his successful pepper trading business. Mariwala’s father, Charandas, co-founded Bombay Oil Industries Limited in 1948 and laid the foundation of their family business in Masjid Bunder, Mumbai.
Early Life and Education
Harsh Mariwala was born in Mumbai in 1951. He graduated in B.Com. from Sydenham College of Commerce and Economics in Mumbai in 1971. From an early age, Harsh knew that he wanted to be independent. He used to go to his father's office during holidays. Although he had a strong desire to pursue an MBA after graduation, at that time there were a limited number of schools and financial constraints. He gained admission to a foreign institute but couldn’t go, as his father refused to send him abroad. Then, Harsh fully joined the family business at the age of 20.
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Entering the Family Business
In 1971, Mariwala faced immediate challenges. The traditional family-run business had its own limitations. Harsh had a different vision. He saw potential beyond just trading and commodities and believed in creating a brand-driven company. His idea was met with resistance, but he persisted, driven by the conviction that he could build something bigger.
Founding Marico Limited
In 1990, Harsh Mariwala founded Marico Limited. This move marked a significant departure from his family’s traditional business, as he ventured into fast-moving consumer goods (FMCG) and brand-building, focusing on hair care and edible oils. With brands like Parachute coconut oil and Saffola refined oil, Marico began to carve out a place in the consumer market and turn what were once commodities into trusted brands.
Under Mariwala’s leadership, Marico expanded rapidly. Initially, the company’s reach was limited to India, but with strategic brand-building and an unwavering focus on quality, Marico soon went international. In the late 1990s, the company expanded to Bangladesh, opening its first manufacturing plant abroad. Over time, Marico spread across 25 countries in Asia and Africa.
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The 2000s saw Marico make major strides. In 2006, the company acquired Nihar from Hindustan Unilever, enhancing its portfolio in hair care. A decade later, Marico acquired Set Wet, Livon, and Zatak from Reckitt Benckiser, further strengthening its position. By 2017, Marico’s market cap had surpassed INR 25,000 crore, reflecting the company’s impressive growth and solidified financial position.
Harsh Mariwala also recognized the value of expanding Marico’s portfolio through acquisitions. Marico moved into male grooming and skincare in Southeast Asia, launching products such as Parachute Gold. Hair Cream and Parachute Advanced Body Lotion in Malaysia and Singapore. He understood the importance of adapting Marico’s offerings to regional needs, cementing its position as a trusted consumer brand internationally.
Overcoming Challenges
Building Marico wasn’t without challenges. Mariwala constantly faced obstacles, from talent acquisition issues to internal resistance to his modern ideas. One of his primary challenges was breaking free from the limitations of a family business structure. He introduced a culture of innovation, focusing on product quality, and building strong brand identities that resonated with consumers.
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Harsh Mariwal’s Foundations: Giving back to the society
His dedication to innovation led him to establish the Marico Innovation Foundation in 2003. This foundation supported start-ups and emerging businesses and fostered a culture of innovation and creativity beyond Marico. Mariwala also launched the Ascent Foundation, a peer-to-peer platform for entrepreneurs, and the Mariwala Health Initiative, which supports mental health awareness and accessibility. These efforts showed Mariwala’s commitment to giving back to society and mentoring the next generation of entrepreneurs.
Beyond Marico: Entrepreneurial Ventures
Harsh Mariwala’s entrepreneurial journey didn’t end with Marico. He founded Kaya Limited, a skincare chain, which soon became popular across India and the Middle East. His dedication to social responsibility led to the creation of multiple initiatives. In 2013, Kaya Skin Care separated from Marico, becoming an independent entity. Marico itself grew, crossing Rs 5,000 crore in revenue by 2014. By 2019, its market cap crossed Rs 75,000 crore, highlighting its financial strength and sustainability.
Personal Life
Harsh Mariwal is married to Archana, they have two children. His son Rishabh runs his venture Soap Opera and manages the family office Sharp Ventures and is also a non-executive director at Marico. Rajvi Mariwala is the daughter of Harsh Mariwal
Beyond business, Harsh Mariwala is committed to a healthy lifestyle and fitness. He is a vegetarian and advocates daily workouts, enjoying sports like golf, squash, swimming, and trekking. His dedication to mental health awareness is personal, as he has openly discussed his own struggles, and his passion extends to wildlife conservation and the arts.
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Harsh Mariwala Net worth
Mariwala is one of the wealthiest Indians, according to Forbes, he is among India's 100 richest tycoons. , Harsh Mariwala's estimated net worth of approximately $2.8 billion.
Awards
Harsh Mariwala’s journey is one of resilience, independence, and innovation. Recognized for his contributions to the business world, he received the Ernst & Young ‘Entrepreneur of the Year Award in 2009 and the Ernst & Young World ‘Entrepreneur of the Year Award in 2020. His achievements were further acknowledged when he received the AIMA Lifetime Achievement Award in 2022.
Mariwala’s legacy extends beyond Marico. He has shown a commitment to entrepreneurship, mental health awareness, and innovation through his various foundations and initiatives. He believes in the power of risk-taking, creating a positive work culture, and leveraging digital transformation to drive growth.
His journey is an example of risk-taking and innovation. From coconut oil to skincare and male grooming, Marico’s brands have become part of households across Asia and Africa. Mariwala’s story is one of a visionary who saw potential where others saw limitations, proving that with determination, a clear vision, and a passion for growth, one can overcome even the toughest challenges.
Today, Marico Limited stands as a symbol of the enduring legacy of one man’s ambition to make a difference.
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