Avanse Financial DRHP: Decoding Shareholding Pattern & Key People At The Helm

Amid the surge in initial public offerings (IPOs) in the Indian market, education-focussed non-banking financial company (NBFC) Avanse Financial Services filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) last week. 

The company’s IPO will comprise a fresh issue of INR 1,000 Cr and an offer for sale (OFS) of shares worth up to INR 2,500 Cr.

Shares of Avanse will get listed on the BSE and the NSE.

The NBFC will use the proceeds from the fresh issue to increase its capital base to fuel further expansion of its business.

Notably, Avanse clocked a net profit of INR 342.4 Cr in the financial year 2023-24 (FY24), while revenue from operations grew to INR 1,726.9 Cr during the period.

The DRHP comes at a time when a number of new-age tech startups, including Awfis, ixigo, and Go Digit, have listed on the exchanges this year. Besides, the likes of Ola Electric, Unicommerce, MobikWik, and FirstCry are also looking to go public later this year.

As Avanse gears up for its public listing, let’s take a look at the shareholding pattern and people at the helm of the IPO-bound NBFC.

Who Owns How Much Stake In Avanse?

As per the draft papers, Warburg Pincus’ affiliate Olive Vine Investment is the largest shareholder in Avanse with a 58.38% stake.

Mumbai-based private equity firm Kedaara Capital, which has backed startups like Lenskart, Purplle and K12 Techno Services, is the second largest shareholder in Avanse with a 13.82% stake.

International Finance Corporation, a member of the World Bank, which owns 11.36% stake in the NBFC. 

Alpha Investment Company LLC, a subsidiary of Abu Dhabi-based investment firm Mubadala, holds a 10.11% stake, while Kedaara Pichola owns a 3.60% stake in Avanse.

Key Managerial Personnel and Senior Management Of AvanseAmit Gainda – Managing Director and Chief Executive Officer

Amit Gainda took over as the CEO of Avanse Financial Services in April 2017 and is credited with transforming it into a customer-centric, digitally-agile, sustainable and profit-driven NBFC.

He is also a member of several industry committees such as NBFC Council of Associated Chambers of Commerce and Industry of India (ASSOCHAM), NBFC Council of Confederation of Indian Industry (CII), India CEO Forum of International Market Assessment India Pvt. Ltd. (IMA-India) and Finance Industry Development Council (FIDC).

He earned his masters in business management from INSEAD and International Management Institute, New Delhi and has prior experience working with GE Money Financial Services,  Bajaj Auto Finance, Citicorp Credit Services India, Dewan Housing Finance Corporation and SB Leasing and Finance.

Vikrant Virendra Gandhi – Chief Financial Officer

A commerce graduate of the University of Bombay, Vikram Virendra Gandhi is responsible for managing financial accounting and reporting, treasury, financial planning and business analytics, governance framework, secretarial and taxation at Avanse.

Gandhi also holds a postgraduate diploma in treasury & forex management from the Association of Certified Treasury Managers and took home a total remuneration of INR 74.6 Lakh FY24. 

Prior to joining Avanse in 2019, he worked with ICICI Home Finance Company and ICICI Bank.

Rajesh Pravinkumar Gandhi – Company Secretary and Compliance officer

A commerce graduate of Saurashtra University in Rajkot, Rajesh Pravinkumar Gandhi oversees the secretarial functions at Avanse. He was paid a total remuneration of INR 33.1 Lakh in FY24.

He is also an associate member of the Institute of Company Secretaries of India and has expertise in managing regulatory compliance and secretarial requirements in the banking, financial services and insurance sector.

Prior to joining Avanse, he worked with companies such as Reliance Asset Construction Company, Aditya Birla ARC, India Infoline, SPA Global and Edelweiss Commodities.

Vivek Kumar Baranwal – Chief Business Officer Of Education Loans & Domestic Business 

An IIM Kolkata alumnus and commerce graduate of the University of Calcutta, Vivek Kumar Baranwal joined Avanse Financial in 2017 and was elevated to the position of chief business officer in June 2024. 

In his current role, Baranwal oversees the business strategy, credit risk, and collections of the educational institution loans and domestic education loans vertical.

In FY24, Baranwal received total remuneration to the tune of INR 2.41 Cr. Before joining Avanse, he worked with Reliance Capital and Reliance Commercial Finance.

Rajesh Narayan Kachave – Chief Business Officer Of Student Lending International Business

An arts graduate of the Dr. Babasaheb Ambedkar Marathwada University in Aurangabad, Rajesh Narayan Kachave has been associated with Avanse since 2017. He was promoted to the position of chief business officer in June 2024 and currently oversees the student financing business of the company.

Kachave received a total remuneration of INR 2.06 Cr in FY24. He previously worked with HDFC Bank.

Samir Kumar Mohanty – Chief Technology & Digital Transformation Officer

Samir Kumar Mohanty is responsible for implementing tech-led initiatives, digitising processes, and adopting emerging technology to enhance business efficiency and governance at Avanse. He received a total compensation package of INR 2.89 Cr in FY24.

Mohanty earned a post graduate diploma in business administration from ICFAI Business School, Hyderabad. He also completed the leadership in Fulbright-Nehru-CII fellowship for management program from the Tepper School of Business, Carnegie Mellon University, Pennsylvania. 

Prior to joining Avanse, Mohanty was associated with Tata Financial Services.

Amit Yadav – Chief Strategy Officer and Head Special Projects

A chemical engineering graduate from University of Roorkee, Amit Yadav joined Avanse in 2017 and was re-designated as the chief strategy officer and head special projects in 2020 for a five-year term. He received a remuneration of INR 73.7 Lakh in FY24.

Yadav also holds an MBA from Georgia State University and has previously worked at Religare Support Services.

Ganesh Raghuraman Iyer – Chief Audit Officer

A commerce graduate of the University of Mumbai, Ganesh Raghuram Iyer handles management insurance and audit functions of the company. He was paid a total remuneration of INR 89.8 Lakh in FY24.

Prior to joining Avanse, Iyer worked with Tata Capital Financial Services and DBOI Global Services.

Sorabh Malhotra – Chief Risk Officer 

Sorabh Malhotra joined Avanse in 2022 and currently heads the risk function of the NBFC. He received a remuneration of INR 1.56 Cr in FY24.

Malhotra pursued his bachelor’s degree in commerce from the University of Delhi and also has a postgraduate diploma in management from Lal Bahadur Shastri Institute of Management, Delhi. He worked with companies such as NeoGrowth Credit, Bajaj Finance, Cholamandalam DBS Finance and Capital First in the past.

Yogesh Rawat – Chief Operating Officer

An MBA graduate of IIT Bombay and Washington University in St. Louis, Yogesh Rawat is responsible for the operational effectiveness of the processes of the value chain at Avanse. He took home a remuneration of INR 1.44 Cr in FY24.

He is also an associate member of the Institute of Chartered Accountants of India and has previously worked with ICICI Home Finance Company and GE Money Financial Services.

Rajiv Kumar – Chief Compliance Officer

Rajiv Kumar has been serving as the chief financial officer of Avanse since November 2022 and was paid a remuneration of INR 87.9 Lakh in FY24.

He holds a master’s degree in commerce from Annamalai University, Annamalainagar and is an associate member of the Institute of Company Secretaries of India.

Prior to joining Avanse, Kumar worked with Fullerton India Credit Company Limited, India Infoline Finance and Bajaj Finance.

Achal Goel – Chief People Officer 

A computer engineering graduate of Maharshi Dayanand University, Achal Goel leads the human resource team and is responsible for developing and implementing best practices, policies and procedures to support employees of the company.

Goel also holds an MBA degree from the University of Delhi and has previously worked with Kotak Mahindra Bank and Citibank. He was paid a total remuneration of INR 63.2 Lakh in FY24.