Non-banking finance company IndoStar Capital Finance Ltd on Friday promoted Deep Jaggi from Chief Business Officer (CBO) to Chief Executive Officer (CEO) after R Sridhar had decided to step down.
Sridhar will continue as the company’s Vice Chairman until the end of his five-year term on 17 April this year.
IndoStar said that Sridhar’s contribution has been pivotal during the company’s transformation from a corporate lender to a retail-focused financier.
"With this change, we are paving the way for a seamless leadership transition. We thank Sridhar for his contribution and believe IndoStar will benefit tremendously from Deep’s extensive retail lending experience. We wish Deep and Sridhar the very best," said Bobby Parikh, Chairman, IndoStar.
As a CBO, Jaggi was looking after IndoStar’s overall retail business development and collections.
Jaggi expanded the company’s presence across India by adding resources in the North and East regions, IndoStar said.
“Deep has not only been an effective Chief Business Officer, but has also proven himself to be a successful leader. He is the perfect choice to lead IndoStar through its next phase of growth and scale-up. I wish him all the best in the new role,” said Sridhar, Vice Chairman, IndoStar.
Prior to his joining IndoStar, Jaggi was with HDFC Bank’ arm HDB Financial Services. He has a career span of over 20 years and has also worked with Cholamandalam Securities and Apollo Tyres.
“IndoStar is a well-capitalized NBFC. We have built a pan-India retail platform by investing ahead of the curve in teams and technology. I am honored to take on the new responsibility and excited about the growth potential of IndoStar,” said Deep Jaggi, CEO, IndoStar.
IndoStar is promoted by Everstone Group along with Brookfield and is jointly owned and controlled by the two private equity companies.
The platform provides used and new commercial vehicle financing for transporters, loans to SME borrowers and affordable home finance through its wholly-owned subsidiary IndoStar Home Finance Pvt Ltd.