Sachin Bansal acquires DHFL General Insurance

Flipkart co-founder Sachin Bansal has bought Dewan Housing Finance Corp Ltd. (DHFL) General Insurance from Wadhawan Global Capital (WGC) for around Rs.100 crores. The deal has been directed through Navi Technologies, formerly BAC Acquisitions which Bansal had founded along with his IIT-Delhi batchmate, Ankit Agarwal-post selling of his stake in Flipkart in 2018. Industry experts view Bansal’s move to grab the insurance firm as part of his greater ambition to foray into the financial services sector. According to industry know-how, Bansal has lately been keen on obtaining a banking licence and looking at opportunities in the asset management space. DHFL General Insurance has about Rs.400 crore assets under its management. While the transaction is seen as Bansal’s ambitious plans to enter the banking and financial services sector, it is also viewed as a distress sale for WGC, that was previously managing the now-bankrupt home financier and WGC’s flagship, Dewan Housing Finance. Dewan Housing is facing bankruptcy resolution in the National Company Law Tribunal (NCLT). WGC, which owns 39% in the mortgage lender, used to manage more than $22 billion of assets through its lending, investment and protection platforms before Dewan Housing was taken to the NCLT

Ahmed Mazhari to head Microsoft’s Asia Business

Ahmed Mazhari, Genpact’s Chief Growth Officer currently is slated to join Microsoft as the head of its Asia business. In his new role at Microsoft, Mazhari is expected to helm the company’s growth strategies in Asia. Anant Maheshwari, president of Microsoft India, will be reporting to Mazhari. “Ahmed Mazhari has been a valued member of Genpact’s global leadership team for many years. He has made a huge contribution to the success of the business. On behalf of the entire Genpact team, we would like to thank him for his work, and wish him every success with his future plans,” said NY ‘Tiger’ Tyagarajan, Chief Executive Officer, Genpact. Mazhari has had a long inning with 16 years at Genpact and over six years at GE Capital. In his previous role at Genpact, Mazhari was responsible for Global Sales, Marketing, Partnerships and Alliances, and the Transitions function for client engagements. Incidentally, Ralph Haupter, who was President of Microsoft Asia, will take over as President of Europe, Middle East and Africa at Microsoft, according to Ralph’s post on LinkedIn.

Sameer Aggarwal moves up as Deputy CEO of Walmart India

Sameer Aggarwal has been promoted as Deputy CEO of Walmart India from his previous role as the Indian arm’s Chief Business Officer. He will be reporting to Krish Iyer, CEO, Walmart India. A retail veteran, Aggarwal, will bring in his global experience of almost two decades across industries in finance, mergers and acquisitions, strategy and general management. He joined Walmart India in April 2018 as its Executive Vice President, Chief Strategy and Administrative Officer and was eventually promoted as Chief Business Officer in December 2018. The current elevation is Aggarwal’s second promotion in less than two years with the Indian arm of Walmart. An alumnus of the London Business School, Aggarwal is also a fellow member of the Institute of Chartered Accountants of India. He has executed prime roles with McKinsey & Company UK and Australia as an associate for over seven years and also at Yum Brands in Thailand and with the other prominent UK retailer, Sainsbury’s in London. Walmart India operates 28 contemporary wholesale stores under the brand name, ‘Best Price’.

Amex appoints Megha Chopra as GM & VP

American Express Banking Corporation (AEBC) India has elevated Megha Chopra as General Manager and VP of its Global Commercial Services (GCS) India. Chopra will be responsible and will lead from the front on providing payment solutions to corporates across India. She will bring in her 18 years of exposure working across both corporate as well as commercial banking sectors. Her deep understanding of financial services, digital solutions and the evolving business landscape of shaping customer demand is expected to stand her in good stead in her new leadership role. Meghna has had prior experiences with Citibank, handling their transaction business for the northern region. She had moved to Citi from her previous position at Standard Chartered Bank, where she was responsible for origination, structuring and syndication for large value, complex and structured financing solutions for large corporates in the North and East. “We are delighted that Chopra is joining the team to lead the GCS business in India. Chopra’s deep industry experience will be invaluable as we grow American Express’ commercial payment offerings in India,” said Robert Mcclean, Executive VP, Global Commercial Services International, American Express.

Kirloskar Brothers celebrates its centennial

Kirloskar Brothers Ltd. (KBL) commemorated their centenary year by releasing a biography of its eminent founder, Laxmanrao Kirloskar, while also unveiling a postage stamp featuring an image of its late founder. The celebration was graced by Prime Minister Narendra Modi and the life and times of the great industrialist was resonated as an inspiration for the current and the next generation of entrepreneurs. The event witnessed PM Modi releasing the postage stamp and the Hindi version of the biography titled ‘Yantrik ki Yatra – The man who made machines.’

The biography traces Laxmanrao’s exemplary journey from his days of dealership - starting with a bicycle and windmill with his elder brother in Belgaum in 1888 under the ‘Kirloskar Brothers’ moniker and going on to establishing Kirloskar Brothers Ltd., as one of the successful business houses in India that was built relying upon Laxmanrao’s grit, determination and strict adherence to ethics. Lauding his contribution, PM Modi said, “Despite the country being enslaved under the British, entrepreneurs like Laxmanrao Kirloskar kept the industrial spirit of India alive and did not let it weaken. This spirit helped the country to move forward even after independence. Today is not only a day to celebrate the thoughts and dreams of Laxmanrao Kirloskar, but also a day for entrepreneurs to take inspiration for innovation and dedication from him.”

Sanjay Kirloskar, Chairman, Kirloskar Brothers Ltd., added that “We are proud that our history of firsts established India’s engineering credentials in the world. And true to the values of our company, we are thankful we could contribute to India’s landmark green revolution. Over the years, Kirloskar Brothers Ltd. has helmed some of the country’s and the world’s most important projects.”

Kia Motors India appoints new Executive Director and CSO

Korean carmaker arm, Kia Motors India (KMI) has appointment Tae-Jin Park as the company’s executive director and chief sales officer, replacing Yong S Kim, with immediate effect. Park will be responsible for driving Kia Motors’ sales, marketing, services and network development in India. Park will bring in his experience of 30 years gained within the automotive sector, especially in his most recent profile working at Kia Motors’ HQ as the head of the company’s operations across the Middle East, Africa and Asia base in Seoul, South Korea. He was previously deputed as the head of sales at Kia Motors Mexico. The new appointment is expected to maintain Kia’s growth momentum in the Indian market. “We are delighted to announce the appointment of Tae- Jin Park as executive director and CSO for Kia Motors India. He comes with immense knowledge of global markets and expertise in penetrating a new market. We have witnessed a huge demand for the Seltos in India and the love for brand Kia grows continuously. We are confident with Park’s joining, Kia will grow from strength to strength. With the launch of Carnival and our compact SUV lined up this year, I am sure he will help us propel forward the success of Seltos and find a place for Kia cars in many more households in India,” said Kookhyun Shim, MD and CEO of KIM. The Korean carmaker, a part of the Hyundai Motor Group, grabbed headlines and market share at 6.34% in the utility vehicle market barely four months since its launch in the Indian market with the Seltos on August 22, 2019. Seltos alone, contributed to a monthly sales average of 10,145 units or 338 units per day between August and end-November 2019. Seltos has won the prestigious Autocar India ‘Car of the Year 2020’ award and the Viewers’ Choice Award and touted as the Midsize SUV of the Year.

Nitin Paranjape to become non-executive Chairman at Hindustan Lever

Hindustan Unilever (HUL) will split the role of current Chairman and MD in compliance with recent Securities and Exchange Board of India (SEBI) directives. The move has been manoeuvred to meet the March 2020 SEBI deadline for separating the roles of Chairman and MD as recommended by the report of the Uday Kotak committee on improving corporate governance within Indian companies. While Sanjiv Mehta, will continue as MD of the conglomerate, it is touted that a top Unilever executive is slated to become non-executive chairman at the India unit. Nitin Paranjape, HUL CEO and current Unilever Chief Operating Officer (COO) is seen as the likely candidate for the Non-Executive Chairman position. Harish Manwani had held the role of the non-executive chairman until his retirement in 2018. Paranjpe held the prime position earlier on as President of Unilever’s homecare business and as Executive Vice President for the company’s South Asia region for its businesses across India, Pakistan, Bangladesh, Sri Lanka and Nepal in from 2008 to 2013. He was made global COO in March as part of a leadership rejig that also saw Mehta being appointed president of South Asia and a member of the Unilever Leadership Executive (ULE).

Anil Chakravarthy, new Executive-VP & GM at Adobe’s Digital Experience

Anil Chakravarthy dons a new hat as Executive Vice President and General Manager at Adobe Inc.’s Digital Experience business and will be reporting directly to Adobe’s President and CEO - Shantanu Narayen. “Digital transformation is well underway, and business leaders understand building an experience business is mission-critical to their growth. Demand for a new enterprise architecture has never been greater, and Adobe is the industry leader in delivering next generation technology to power digital businesses,” said Anil Chakravarthy. It was last year that Adobe had announced that Brad Rencher, Chakravarthy’s predecessor, would be relinquishing his position following the reorganization of the Digital Experience business following the company’s acquisitions of Magento Commerce Cloud and Marketo Engagement Platform. The San Jose software giant, Adobe said that the Experience Cloud segment targets a market that is slated to grow to $84 billion by 2022. Chakravarthy had moved over to Adobe from his previous role as CEO Informatica. He had recently stepped down as CEO of the Redwood City enterprise cloud data management company Informatica LLC and had spearheaded the company’s move into cloud and subscription services. An Alumnus of Massachusetts Institute of Technology, he began his career at McKinsey & Company. Thereafter, he has held prominent positions as Vice President of Information Security at Symantec, and also led product management for enterprise security services at VeriSign.

Byju’s becomes India’s third most-valued unicorn

New York-based Tiger Global Management has pumped in $200 million in education app Byju’s, boosting the edu-tech app valuation at about $8 billion. The investment, in the EdTech major, BYJU’S (Think & Learn Pvt. Ltd.), which owns and operates the K-12 learning app, makes Tiger Global, one of the most influential investors in the Indian startup ecosystem and Byju’s as India’s third most-valued unicorn with this latest funding. “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” said founder Byju Raveendran. “Byju’s, which was valued at around $6 billion before this round, has “emerged as the leader in the Indian education-tech sector,” said Scott Shleifer, Partner, Tiger Global said. He also said that Byju’s pioneering technology is shaping the future of learning for millions of school students in India. Byju’s is seen as the only profitable consumer internet unicorn to have emerged from India and likely to raise further funding of $1 billion this year and is in talks with multiple investors, including certain US-based endowment funds, as per industry sources. Byju’s, which also provides test prep solutions for CAT, UPSC, JEE and banking exams, posted net income of Rs.20.16 crore for the financial year ended March 31, 2019.

OYO Vacation Homes appoints new CEO

OYO’s Vacation Homes business has named Raj Kamal as COO of OYO’s Vacation Homes business in the UK and Europe. Prior to joining OYO, he was Global Head of Investments at PayU - the payments and fintech arm of Naspers Limited. An alumnus of IIT-Bombay and the Indian School of Business, Hyderabad, he was also a Partner with McKinsey & Company for over 12 years. In his 25+ years, Raj Kamal has held distinguished positions as the head of the Payments practice for APAC, served banks, insurers, payments companies and asset managers across Asia-Pacific. In multi-dimensional capacities, he has contributed across financial services, investments, strategy and consulting domains. He also served as an IAS officer for eight years in roles such as Chief Budget Officer of the state of Chhattisgarh and Chief Administrative Officer of a District in India. “It’s inspiring to see how a truly global brand from India is reinventing living spaces. The company has achieved great heights in a short time, its leadership is among the finest in the Indian startup ecosystem. It will be my honour and privilege to work with the team. I look forward to the opportunity that lies ahead for the OYO Vacation Homes business in the UK and Europe, which are critical growth markets for the company,” he said. OYO Hotels & Homes also announced the elevation of three important business leaders within its India and South Asia business. The company has promoted Sharad Saxena to Chief Supply Officer - Franchise hotels business, South Asia; Asit Biswal to Chief Supply Officer - Frontier Businesses, South Asia, which comprises of OYO’s self-operated hotels, student housing and co-living and OYO Home.

Vasanth Kumar to step down as MD, Lifestyle International

Vasanth Kumar, current MD - Lifestyle International Pvt Ltd., India has resigned and will be transitioning from his full-time role as MD, with effect from June 30, 2020. His 15 years spent with the retailing chain has been invested to scale Lifestyle retailing’s various formats which also includes value fashion retail business - Max in India. With no successor announced as yet, Kumar will continue to support the company until a suitable successor appointment is firmed up. “In the last two years, he (Kumar) has driven the consolidation and growth of Lifestyle and Home Centre, significantly,” said H. Ramanathan, chairman of the board. “In due course, we shall announce the successor to this position,” he added. Kumar is said to have relinquished his position to balance his personal commitments and professional aspirations. Kumar was appointed as MD of Lifestyle International in 2017, when he replaced Kabir Lumba who moved on then as CEO of Max, and as Director of the parent company in Dubai. The company operates over 400 stores in 130 cities in India across its Lifestyle department store, Home Centre, Max, and Easybuy retail formats. Retail company Lifestyle International-India is part of Dubai-based retail and hospitality conglomerate Landmark Group founded by Micky Jagtiani, a former taxi driver-turned-billionaire.