Under Azim Premji’s vision, Wipro transformed from a simple oil company into a global tech giant. His bold leadership and sharp business instincts revolutionized the company and made him one of the world’s most successful entrepreneurs by the early 2000s.
Image Source: Google
Nurtured in Bombay’s vibrant bosom, Azim Hashim Premji went on to earn his Electrical Engineering degree from Stanford University. The entrepreneurial spirit runs in the family. Azim’s son, Rishad now leads Wipro as its Chairman, carrying forward his father’s business legacy.
In 1945, Azim Premji’s father Muhammed Hashim Premji incorporated Western Indian Vegetable Products Ltd. It used to manufacture cooking oil under the brand name Sunflower Vanaspati and a laundry soap called 787. The soap was a by-product of oil manufacture. In 1966, tragedy struck when 21-year-old Azim had to leave his engineering studies at Stanford following his father’s death. Returning home to take over the family business might have seemed daunting for a young man. But Premji turned this challenge into an opportunity. Employing his marketing expertise, he expanded the industry into various products. He redefined his industry’s boundaries by incorporating bakery fats, toiletries, hair care soaps, and hydraulic cylinders.
His most brilliant move came in the 1980s when Premji saw the future in technology. After rebranding the company as Wipro, he boldly ventured into the computer business. This wasn’t just a change in business direction. It was a visionary shift “from soaps to software” that would redefine India’s technology landscape. Western India Palm Refined Oil Ltd initially abbreviated its name to Wipro. This transformation from a small cooking oil company to a global tech giant perfectly captures Premji’s entrepreneurial spirit and foresight.
In 2001, Azim Premji established the Azim Premji Foundation. It’s a not-for-profit organization that works to provide quality and equity in education in India. In 2010, he made headlines with a staggering $2 billion donation to improve India’s school education, transferring 213 million Wipro shares to his foundation’s trust.
In 2019, he went even further, pledging an additional 34% of his Wipro holdings, worth about $7.5 billion. This brought his total commitment to an extraordinary $21 billion, showing his deep dedication to transforming education in India.
Today, the Foundation employs more than 1000 people. It has field institutes in 40+ districts across 6 states and 1 union territory, reaching more than 3,50,000 schools countrywide. The Wipro wizard, Azim Premji, led the company for 53 years. Afterwards, Rishad Premji took over as the Executive Chairman of Wipro in July 2019.
“I strongly believe that those of us, who are privileged to have wealth, should contribute significantly to try and create a better world for the millions who are far less privileged”, Azim Premji affirmed.
In 2019, Forbes recognized him as one of the “Heroes of Philanthropy list of 30 altruists” in the Asia-Pacific region. Azim Premji is the award winner of Padma Bhushan (2005), and India’s second-highest civilian honor, Padma Vibhushan (2011). According to Forbes, Premji’s net worth is circa 1,220 crores USD, as of 2024.
The first Indian to sign the Giving Pledge, in April 2019, Azim Premji became the top Indian philanthropist. Premji’s foundation verily deeply impacts Indian education. Additionally, it functions as a powerful example of how businesses can channel their success into meaningful social change