Burman family has a net worth of $8.9 billion which is made up of five branches of the family business. They have a majority stake in the listed Dabur company. This company was founded in 1884 by S.K. Burman who was an ayurvedic practitioner. The founder was manufacturing medicine at his home for diseases such as Malaria and Cholera. Later he started sending medicine to far-flung places and his reputation grew.
The customers of his medicine started calling him “Daktar” which means doctor. In 1919 the family set up their first Research & Development Unit. At the time they had expanded to 2 two factories.
In 1998, Dabur India generated $209 million in revenues. They were making more products including chewing gum, cheese and snack foods among others.
Later following advise from a consultant, the family decided to hire professionals only to run the family company. No member of Burman was allowed to draw a salary. Instead they were encouraged to started their own independent business so long as they do not compete with the family business.
Burman family wrote their own constitution which spells out everything from succession processes to share of dividends among other business related issues. Burman family distributes 50% of the company profits every year.
Burman family has interests in various sectors such as fast moving consumer goods (FMCG) and insurance and controlling stakes in various companies such as Milky Investment Trading Company, Finmart Private Limited, Puran Associates Ltd, M.B. VIC Enterprises Ltd and Religare Enterprises Limited.
The family company sells more than 400 products such as skin care bleaches, shampoos and fruit juices. These products are sold through 6 million outlets across India. They own 68 percent stake in the company which is valued at $5 billion.
Dabur company was established in 1884 in Kolkata by one S.K. Burman. He was a practitioner of Ayurveda. The company was manufacturing medicine used to fight malaria and cholera.
The company also produces and sales other products such as Hajmola digestive candy, Vatika hair oil and real fruit juices. The company sells its Indian Gooseberry hair oil to more than 60 million customers in India and around the globe.
The family also has interests in life insurance, restaurants and home healthcare. Mohit Burman is the chairman of the company and his cousin Saket is the vice chairman.
Mohit Burman encouraged all family members to start new businesses outside Dabur, grow them and let the next generation take them to another level.
Amit Burman who loves food-related businesses established Lite Bite Foods which owns restaurants such as Punjab Grill, Fresco and Asia 7.
Gaurav Burman runs the franchise of Taco Bell in India.
Anand Burman owns and runs a cancer diagnostics chain in India. He is known as Doc Burman within the family circles.
Chetan Burman operates a high-end honey business in India.
The Burman family members have been receiving their college education in the United States of America. For instance, Vivek Burman earned his undergraduate degree from University of Miami in 1960.
Three other cousins earned their degrees from Philadelphia College of Pharmacy, MIT as well as from University of California, Berkeley.
Anand joined the company in 1980 with a doctorate degree in pharmacy from Kansas University and currently he is a holder of over 40 patents.
The family used to own a Beechcraft plane which they used for marketing through distribution of leaflets. Before doing that they used to advertise on radio, newspapers and Television as well as working with Bollywood stars in brand sponsorship.
In the rural areas, they used elephants to advertise their products.
Dabar has business operations in Africa, Europe, Middle East, Nepal, Turkey and United States of America among other places.
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