V. VaidyanathanFounder & Chairman Capital First Ltd.
Mr. V. Vaidyanathan founded Capital First Limited by first acquiring an equity stake in an existing NBFC and then securing an equity backing of Rs. 8.10 billion in 2012 from reputed PE Warburg Pincus resulting in buyout of other majority shareholders. As part of the buyout (a) The majority and minority shareholders was changed through buyout and Open Offer to public; (b) Fresh capital of Rs. 1.00 billion was infused into the company; (c) The Board of Directors was reconstituted; (d) The business of the company was changed from wholesale to retail lending; (e) A new brand Capital First was created. Post the buyout, he holds shares and options totaling 11% of the equity of the company on a fully diluted basis.
He believes that financing India's 50 million MSMEs and India's emerging middle class, with a differentiated model based on new technology platforms, offers a unique opportunity in India. As part of this belief, heexited legacy businesses like forex, broking, wealth management and investment management and instead converted the existing wholesale financing NBFC into a retail finance institution (91% of book) and expanded retail operations to 222 locations across India within 6 years. During this period, he has grown the retail financing from Rs. 0.94 billion to Rs. 170.15billion, has grown the capital (T1+T2) from Rs. 6.90 billion to Rs. 33.27billion (31Dec 2016), reduced the NPA from 5.36% to 1%, and got the long term credit rating upgraded from A+ to AAA.
He joined ICICI Limited in early 2000 when it was a Domestic Financial Institution (DFI) and the retail business he built helped the transition of ICICI from a DFI to a Universal Bank. He launched the Retail Banking Business for ICICI in 2000, and grew ICICI Bank to 1400 Bank branches in 800 cities, 25 million customers, a vast CASA and retail deposit base, branch, internet and digital banking, and built a retail loan book of over Rs. 1.35 trillion in Mortgages, Auto loans, Commercial Vehicles, Credit Cards and Personal Loans. He also built the ICICI Bank's SME business and managed the Rural Banking Business. These businesses helped the conversion of the institution to a universal bank renowned for retail banking.
He was appointed as MD and CEO of ICICI Personal Financial Services at 32, Executive Director on the Board of ICICI Bank at the age of 38 and became the MD and CEO of ICICI Prudential Life Insurance Co at 41. He was also the Chairman of ICICI Home Finance Co. Ltd, and served on the Board of ICICI Lombard General Insurance Company, CIBIL- India's first Credit Bureau, and SMERA- SIDBI's Credit Rating Agency. He started his career with Citibank India in 1990 and worked there till 2000 in retail banking.
During his career, he and his organization have received a large number of domestic and international awards including CNBC Asia Innovative Company of the Year 2017,'Outstanding EntrepreneurAward' in Asia Pacific Entrepreneurship Awards 2016, Greatest Corporate Leaders of India - 2014, Business Today - India's Most Valuable Companies 2016 & 2015, India's most trusted financial brand - 2016 by WCRC Leaders Asia, "Best Retail bank in Asia 2001", "Excellence in Retail Banking Award" 2002, "Best Retail Bank in India 2003, 2004, and 2005 from the Asian Banker", "Most Innovative Bank" 2007, "Leaders under 40" from Business Today in 2009, and was nominated "Retail Banker of the Year" by EFMA Europe for 2008.
He is an alumnus of Birla Institute of Technology and Harvard Business School and is a regular contributor on Financial and Banking matters in India and international forums.He is a regular marathoner and has run 7 marathons and 15 half marathons. He lives in Mumbai with his family of father, wife and three children.
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