New Delhi, Aug. 10 -- The chief executive officer of the wholesale lending vertical of non-banking finance company Piramal Finance Ltd has put in his papers, multiple people close to the development told VCCircle.
Yesh Nadkarni, who joined Piramal Finance in 2022 after spending seven years as managing director for India real estate at private equity firm KKR, has quit the company.
"The announcement was made to a small group of senior leadership team in the company today," one of the persons mentioned above said. The person added that while the news of his resignation had been floating for some time now, the development has taken a concrete shape now.
The company has yet to make a formal announcement about the move.
The second person said that Nadkarni is likely to set up his own investment venture, taking the entrepreneurship route at this juncture of his career.
"There is no clarity yet on who will come in as the new CEO at Piramal Finance to head the wholesale lending business," this person said.
An email written to the spokesperson for Piramal Finance seeking comments did not elicit any response till the time of filing this article.
Nadkarni has over 22 years of real estate investing experience across multiple regions and leadership roles at KKR, JP Morgan, and ICICI Prudential. At Piramal Finance, he was responsible for expanding the wholesale lending business, building its real estate loan portfolio, strengthening client relationships, and utilizing data analytics and AI for underwriting.
He previously led India real estate credit at KKR, managed Asia ex-China investments at JP Morgan, and set up the real estate investing business at ICICI Prudential.
Piramal Finance offers loans including home, business, personal, travel, emergency, and marriage loans. In January this year, Piramal Finance raised $350 million (Rs 3,156 crore) in debt capital from the International Finance Corporation (IFC) and the Asian Development Bank (ADB), marking its first fundraise from development finance institutions.
The capital has gone to expand access to affordable housing finance, MSME credit, and lending to women borrowers and entrepreneurs, especially in semi-urban and rural areas across tier II and III markets.
Piramal Finance is part of the Ajay Piramal-led Piramal Group, whose other businesses include Piramal Pharma and Piramal Realty. The lender offers products like housing loans, loans against property, used car loans, business loans, salaried personal loans, and digital loans.
The company's assets under management stood at Rs 91,000 crore as of September 30, while total borrowings were Rs 71,609 crore.
Published by HT Digital Content Services with permission from VC Circle.