Who is Dinesh Thakkar? Tycoon who bought Mumbai tower for ₹711 crore in record home deal | India News

Dinesh Thakkar, founder of one of India’s largest retail stockbroking firms, Angel One Ltd., has acquired a luxury residential tower in Mumbai for more than ₹711 crores, making it the country’s most expensive known purchase of a single residential property, as per Bloomberg.The eight-storey, sea-facing tower spans 63,000 square feet (5,853 square meters) and is located in one of Mumbai's upscale neighborhoods. The transaction was confirmed in a joint statement on Tuesday by developer Embassy Developments Ltd. and Thakkar himself. Following the announcement, Embassy's stock climbed as much as 8.3% in early trading.Also Read | NSE IPO Allotment Status: How to check NSE IPO allotment today online, step-by-step guideThakkar's education and upbringingBorn in Mulund, Mumbai, into a family engaged in textile trading, Thakkar was exposed to business from an early age, according to Moneycontrol. He studied at St John the Baptist High School in Thane and later pursued science at Mumbai’s Kishinchand Chellaram College, according to Moneycontrol.He chose not to continue with formal higher education. In an interview, Thakkar described his decision to leave his studies after Class 12 as one of the biggest risks he had taken, saying he believed he could build a business without a college degree.First step into businessHe reportedly initially joined his family’s textile business but soon found the constraints of the traditional setup frustrating. He eventually borrowed money from friends and entered the stock market as an investor.The early years were far from smooth. Instead of stepping away from the markets, he began studying the brokerage business and looking for gaps in the way traditional brokers served retail investors.Also Read | Stock market today: Sensex, Nifty see positive start; NSE IPO receives 6x subscription on final dayThat eventually led him into stock broking. In the early days, he differentiated his business by offering clients real-time trade confirmations through a walkie-talkie—an unusual proposition at a time when technology had yet to transform the brokerage industry, as reported by Moneycontrol.Purportedly, the business suffered another major setback during the 1992 securities scam associated with Harshad Mehta.The beginning of Angel OneThe turning point came when three investors backed his vision, investing ₹50 lakh each. That support helped provide the business with the capital it needed to continue and grow, eventually laying the foundation for what would become Angel One, said the report.Angel One was incorporated in 1996 and initially operated as a traditional stock brokerage. Over the years, it evolved into a digital-first financial services company. The digital transformation began in 2019 with the launch of an end-to-end digital investment platform.Also Read | Why is QQQ rising? AI stocks rally as Treasury yields fall below 5%Today, Thakkar has more than three decades of experience in the broking industry and continues to serve as Angel One’s chairman and managing director.Away from business and property, Thakkar is also known for his passion for high-performance cars. Reportedly, his collection includes models such as the Lamborghini Huracán Performante, Ferrari 488 Pista and Porsche GT3 RS.(With inputs from Bloomberg)