New Delhi, Nov. 26 -- Spandana Sphoorty Financial Ltd, which is controlled by private equity firm Kedaara Capital, has appointed former HDFC Bank executive Venkatesh Krishan as its new managing director and chief executive officer for a period of three years.
Krishnan comes with over three decades in financial services, and has held senior leadership positions at HSBC, IFMR and L&T Insurance, the microlender said in a press note.
Following this appointment, interim chief executive officer Ashish Damani will leave the role. Damani will continue to serve as the president and chief financial officer of the company.
Krishnan has expertise in retail lending, microfinance, rural markets and has steered businesses across business cycles. His strong grounding in rural banking aligns closely with Spandana's focus on financial inclusion, positioning him well to drive the company's next phase of expansion, the microfinance company said.
Founded in 1998, Spandana Sphoorty provides microfinance loans. The non-bank lender operates 1,700 branches across 20 states and union territories. The company serves a customer base of 1.6 million women borrowers.
In 2017, Kedaara inked a deal to buy a controlling stake in Spandana Sphoorty. The PE firm sold a fifth of its stake during the non-bank lender's IPO in 2019. Kedaara committed Rs 200 crore to the non-bank lender's recent rights issue. It owned a 48.2% stake in Spandana Sphoorty as on September 30.
Spandana has been going through a challenging time. Its net losses widened to Rs 609 crore for the April-September period from Rs 161 crore a year earlier. Its loan book fell 61% year-on-year to Rs 4,088 crore as on September 30.
Published by HT Digital Content Services with permission from VC Circle.