He is an alumnus of the College of Engineering, Pune, India. He is married to Rama Dhoot and has two children, Anirudh and Surbhi.
His father, the late Nandlal Madhavlal Dhoot, was an Indian Marwari industrialist who made his earlier fortune in the sugarcane and cotton industry. Nandlal Dhoot was the founder of Videocon Corporation and other businesses ventures such as Videocon Electronics. The company’s major breakthrough came when it received one of India’s first licenses to manufacture colour televisions.
Venugopal Dhoot is an avid cricket fan and accomplished flautist. The Videocon School of Cricket launched in Kolkata, India under the guidance of former Indian Cricket Captain, Saurav Ganguly, trains and promotes young cricketers of India in the age group of 10 to 17. Venugopal Dhoot is also an environmental enthusiast who is credited for completing a project for planting 2,000,000 teak trees across India. His brother, Rajkumar Dhoot, is a member of the Indian Parliament. He is a vegetarian for spiritual reasons.