New Delhi, April 20 -- Aavas Financiers Ltd, a mortgage lender controlled by private equity firm CVC Capital Partners, has appointed a former Kotak Mahindra Bank executive as its new managing director and chief executive officer.

Manu Yashpal Singh's tenure as CEO will start from Tuesday while his appointment as MD will be effective upon receiving approval from the Reserve Bank of India and the company's shareholders, Aavas said in a stock-exchange filing.

Singh succeeds Sachinderpalsingh Jitendrasingh Bhinder, who resigned as MD and CEO effective Monday. He did not provide a specific reason for the resignation. Bhinder will continue as a senior advisor to Aavas, the non-bank lender said.

Singh has more than two decades of experience in retail lending, housing finance, and consumer banking, spanning Kotak Mahindra Bank, Tata Capital, ICICI Bank, and Tata Motors.

Previously, he served as president and business head for housing finance at Kotak Mahindra Bank, overseeing a Rs 70,000 crore franchise and driving growth and profitability across the secured lending spectrum. Singh also served as the business head for salaried personal loans at Kotak, where he facilitated a scale-up of the loan book.

Aavas, incorporated in Jaipur in 2011, was earlier known as AU Housing Finance and was a subsidiary of AU Financiers (now known as AU Small Finance Bank). It was acquired by the PE firms Partners Group and Kedaara Capital in 2016 and renamed as Aavas Financiers. It went public two years later, in 2018.

In 2024, CVC Capital acquired a 26.47% stake in the non-bank lender from Kedaara and Partners Group for Rs 3,417 crore ($407 million). CVC also made an open offer to buy an additional stake. It currently owns a 48.88% stake in the lender, stock-exchange data show.

The net profit of Aavas Financiers rose 13% year-on-year to nearly Rs 474 crore in the first nine months of FY26, aided by growth in assets under management. The loan book rose 15.4% year-over-year to Rs 22,204 crore as on December 31.

Published by HT Digital Content Services with permission from VC Circle.