Uday Kotak
Banking · Mumbai
Net worth
$16.1B
Today
+$218M+1.37%Past month
+$1.7B+11.47%As of Nov 11, 2026, 1:50 PM EST
Spurning his family's trading business, Uday Kotak started a finance firm in 1985 then went on to convert it into a bank in 2003. His Kotak Mahindra Bank is now among India's top four banks in the private sector, boosted by its 2014 acquisition of ING Bank's Indian operations. In 2023, Kotak stepped down as CEO and managing director of the bank, four months ahead of his retirement. He's now a non-executive director on the board. The bank is now run by a former Citibanker. Kotak's son, Jay Kotak, a Harvard Business School grad, is vice president and co-head of the Kotak811 digital bank. The bank sold a 70% stake in its general insurance arm to Zurich Insurance for $670 million in 2024. The joint venture is now called Zurich Kotak General Insurance.
Net worth over time
Principal holdings
2 positions| Company | Industry | Share | Value |
|---|---|---|---|
Kotak Mahindra Bank Ltd. BSE INDIA: 500247-IN | Finance & Investments | 81.2% | $13.1B |
Private and other holdings | Finance & Investments | 18.8% | $3.0B |
Also known for
- Kotak was initially backed by tractor tycoon Anand Mahindra, who still holds a small stake in the bank.
- Kotak's 811 app draws its name from November 8, the day in 2016 when the government cancelled 86% of all rupees in circulation.
- In 2018, Kotak was appointed by the government as non-executive chairman of the debt-strapped Infrastructure Leasing & Financial Services until 2022.
- In 2020, Kotak sold some shares to reduce his stake in the bank as mandated by the Reserve Bank of India.
- In 2026, Kotak was conferred the Padma Bhushan, one of India's highest civilian awards.
“Things change so fast, you can't afford to be complacent.”