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32 M I L L I O N A I R E A S I A 33

A BILLIONAIRE IN THE MOUNTAINS

BY R JACOB

This is the extraordinary tale of Binod Chaudhary, a Nepalese billionaire who built

a global empire by selling instant noodles.

Nestled between the mountainous borders of India and China, Nepal

is a country that is easily overlooked at first glance. Best known as the

home of Mt Everest, the world’s tallest mountain, closer inspection reveals

a remarkable tale of a land shaped by the grit, determination and hardiness of its

inhabitants. It is no surprise then, that the country is also known for being home to

the tenacious Sherpa mountain guides and the fearless Gurkha warriors.

However, much of the country’s economy depends on tourism and agriculture

since the latter half of the 20th century. At the time, Nepal’s fledgling tourist industry

saw a sudden surge in interest from the Western world due to the popularity of Mt

Everest and Hinduism which was precipitated by the hippie counterculture.

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A young Binod in Japan, the country he credits as his unofficial ‘business school’.

A young Binod Chaudhary capitalised on this influx

by opening Kathmandu’s first-ever nightclub. Named

Copper Floor, the stylish discotheque received regular

patronage from Nepal’s elite and influential personalities

from around the world. While Copper Floor was Binod’s first

venture out of the family business, the entrepreneur is best

known for shepherding the nascent Chaudhary Group into

Nepal’s largest multinational company, a testament to his

entrepreneurial vision. Today, Binod is recognised as the

country’s first and only billionaire – with a towering empire

built on instant noodles.

From Marwari To NepaliBinod’s story began four generations ago in India, when his

Marwari ancestors migrated to Nepal at the behest of the

Ranas, the ruling Nepalese family at the time. The Marwaris

are a prominent trading community from the Indian state of

Rajasthan that have a strong presence in commercial and

industrial sectors around the world. Born in 1870, Binod’s

grandfather accepted the trade invitation of the Ranas and

moved to the Himalayan country at a young age, laying

roots for the modern-day Chaudhary Group. “We take his

birth as the time of origin of the Chaudhary Group,” Binod

says reverently.

A perceptive and entrepreneurial textile trader, Binod’s

grandfather passed on this spirit to his son, who set about

expanding the family business. Dabbling in everything from

construction to fabrics, Binod’s father proved himself to

be an adept businessman. He founded Arun Emporium,

Nepal’s first departmental store, and was the first to

visualise a manufacturing industry in Nepal. However, he

was struck by an unexpected heart problem, prompting

the younger Chaudhary to set aside his plans of higher

education and take over the family business.

Finding himself thrusted unexpectedly into the

limelight, Binod was initially not taken seriously by other

businessmen and had to fend off opportunists looking to

take over his business. “I had to fight back. There was no

one to guide me,” he says, recounting how the experience

made him tough from the very beginning. But this was not

his first foray into business. At the age of 14, Binod was

encouraged by his teachers to start a tuck shop in school.

He would borrow money to buy a few items, and then

resell them. “It really taught me the basics of buying, selling

and keeping stock,” he recalls. This early experience also

helped him when he set up Copper Floor with a group of

friends. Coming from a conservative family and society,

many people assumed they had opened the discotheque to

fuel a hedonistic lifestyle. “It was purely business for us,” he

explains. “I wanted to do something novel and creative.”

Learning On The JobMuch of Binod’s business acumen comes from his

grandfather, who taught him the finer intricacies of building

customer relationships. Quoting his grandfather, who would

routinely interact with customers, Binod says, “A good

businessman does not wait for people to come to him, he

reaches out to them.” He would also meticulously check the

numbers in the ledger, a practice carried on by Binod to this

day. “A person who does not take numbers seriously will

never succeed in business,” he firmly states.

Despite being unable to attend business school,

Binod’s dealings with companies like Suzuki and National

Panasonic led him to spend a couple of months each

year in Japan, where the Japanese work ethic left a

lasting impression on him. “I always call Japan my

business school,” he says. His time in Japan gave him

the opportunity to learn how to build an organisation and

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A trailblazing entrepreneur, Binod is known today as Nepal’s first and only billionaire.

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36 M I L L I O N A I R E A S I A

Chaudhary Foundation was established in 1995 and focuses on improving the lives and strengthening the communities of Nepal.

operate in a team. The punctuality and teamwork of his

peers instilled in him a sense of discipline, and the ability

to carry forward and implement ideas even in the face of

disagreement.

Binod recounts that every generation of entrepreneurs

in his family has faced their own set of unique difficulties.

“None of us were content with what we have been given,

even if it meant we could still live a comfortable life. But

our determination presented us with challenges which

we were prepared to face, thanks to our ambitious spirit.

My grandfather could have chosen to be a small farmer

in his tiny village in Rajasthan. Because he did something

different, here I am today.”

An Instant FoundationThe tipping point for the Chaudhary Group was the

introduction of Wai Wai, a popular brand of instant noodles

to Nepal. In the mid 1980s, Binod was on the lookout for

wheat flour-based products to sell when he noticed that

Nepalese travellers would always return home with boxes

of instant noodles from abroad. A number of crucial factors

spurred Binod’s decision to bite the bullet and venture into

the noodle market – first, importers had been aggressively

marketing instant noodles in the region; second, more

Nepalis were starting to travel abroad; and finally, he already

had a packaging plant. “All I needed was the knowledge

and the technical understanding of how to produce the

noodles,” he explains.

When Binod travelled to Thailand to meet with the

producers of Wai Wai, he was initially met with scepticism

as the minimum production needed from him would be

30,000 packets per day – an amount that seemed far too

high for Nepal. Undeterred, an enthusiastic Binod managed

to convince the owner to agree and even help to set up

a production plant. Explaining further, he says, “The fact

that these noodles were not yet as popular in Nepal was

not a bad thing. It was completely the opposite – a golden

opportunity.” Chaudhary Group officially bought over the

brand and today, Wai Wai has carved out a significant

market share, both locally and internationally, with a

production capacity of 2,100 packets per minute.

With the success of Wai Wai, Binod started to expand

his business globally. In 1990, he set up Cinnovation Group,

a diversified conglomerate headquartered in Singapore.

Under this aegis, Binod expanded into the hospitality

business where he notably partnered with Taj Hotels to set

up properties in Sri Lanka, Maldives, Thailand, Nepal, and

soon, Dubai as well.

Giving Back To NepalThroughout his entrepreneurial journey, Binod never lost

sight of his Nepalese roots and upbringing, and fondly

remembers his childhood and the community that took

the Group to where it is. “Nepal is my identity. I would be

nobody if I was not Nepalese,” he says with pride. His love

for his country is apparent in his description of the natural

beauty of the mountains and the historic and cultural

monuments scattered throughout Nepal – in fact, Nepal has

the densest concentration of heritage sites in the world.

“People here are honest, sincere and contented. I can go on

and on about Nepal!” he exclaims.

In 1995, Binod started the Chaudhary Foundation

as a way to give back to the Nepalese community. The

foundation focuses on developmental sectors, with

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Binod hopes to one day pass on the reins of the family business to his sons Rahul (far left), Nirvana (second from right) and Varun (far right).

special attention to disaster reconstruction and economic

improvement. The foundation is devoted to women’s

empowerment, improving health and hygiene, rebuilding

areas affected by natural disasters, and incubating

businesses run by young local entrepreneurs. “We

observed, listened and identified problems – and now we

are working towards solutions,” he states proudly.

According to Binod, transforming Nepal into a

prosperous country is his ultimate dream. Conceding

that its resources could have been better managed,

he is hopeful that this can be improved in the future.

One of the major problems Nepalese face is poverty, and

Binod is convinced there must be a way for locals to fulfill

their aspirations just as he did. He strongly believes that

easy access to information and increasingly irrelevant

geographical boundaries have placed Nepal’s youth on the

same level of opportunity as those in places like the US,

Canada or China.

As Nepal’s only billionaire, the country’s younger

generation frequently reaches out to Binod with requests to

take action for the country. These requests have prompted

him to effect change through politics, where he is currently

a member of parliament representing the Nepali Congress.

“To have the opportunity to transform my country and

to change the fate of millions of people is something

incomparable. I joined politics so that I can do something

for my own country,” he says.

Musings On SuccessThe Chaudhary Group has been built on the hard work of

four generations, and at the age of 64, Binod has been

making plans to soon hand over the reins to the next

generation. His two sons, Rahul and Varun, currently run

the company’s international operations from Singapore,

Mumbai and Dubai, while his third son Nirvana handles the

operations in Nepal.

However, an individual of Binod’s capacity never really

retires. When asked about his hobbies, he shares, “My work

is my hobby. I enjoy every minute of the work I do.” In his

opinion, the process of working exposes him to different

places and people, while simultaneously keeping him

abreast with newer ideas and technologies. His work ethic

and discipline carry over into his personal life as well,

where he manages time for his family, golf, trekking, and

newfound appreciation for spirituality.

For those aspiring to be successful entrepreneurs,

Binod imparts a few words of advice: “Be ambitious,

persistent, patient and disciplined. Time management

is essential, and each and every minute must be utilised

efficiently. Failure is a natural part of life – honesty and

courage are integral to keep moving forward. To me,

wealth is just the fuel to achieve your dreams. But success

is something that lasts, remains immortal and makes a

difference in the lives of others.”