PE-backed Magma ropes in CEO for housing finance biz from ICICI Home Finance

22 August, 2012

Kolkata-based non banking finance company Magma Fincorp has appointed Sachin Khandelwal as CEO for Magma Housing Finance, a new subsidiary of public listed Magma Fincorp. In addition, Sandeep Walunj was named as Chief Marketing Officer of Magma Fincorp.

Sachin Khandelwal joins Magma Housing with nearly two decades of experience in banking, finance and automobiles. In his new role, Sachin will spearhead the housing finance foray for Magma and will leverage the nationwide network of more than 220 branches and existing customer base of more than 6, 00,000 and build the dedicated team for housing finance business, the company said in a filing to the Bombay Stock Exchange.

Prior to joining Magma Housing Finance as CEO, Sachin was the managing director and CEO of ICICI Home Finance Company. Earlier, he headed the International Retail Business that included global remittances, NRI and global private client business and also headed the retail automobile finance business for ICICI, the country’s top private lender by balance sheet.

Sachin also headed the mobile commerce initiatives for the bank and worked closely with regulators and key industry associations to roll-out the guidelines for mobile banking and prepaid instruments in India.

Sandeep Walunj, appointed as the Chief Marketing Officer of Magma Fincorp, comes with over 17 years of experience in brand building. At Magma Fincorp, he will lead the marketing and brand, product innovation, channel and vendor development, promotions and activation for various businesses including asset finance, insurance, gold loans and housing finance and also usher in the cross sell to the existing customers and optimise the 3,000+ channel network available with the group.

The IIM Ahmedabad grad comes to Magma having worked in FMCG and retail companies across India, the Middle East and North Africa. Prior to joining Magma Fincorp, he was the CMO of Value Retail (Big Bazaar) at Future Value Retail. He has also worked with top brands PepsiCo, Heineken, Reckitt Benckiser, Royal Friesland Foods and Wipro Consumer Care in the past.

Magma provides a bouquet of financial products including financing of utility vehicles & cars, commercial vehicles, construction equipment, tractors and SME loans.

In May 2011, Magma Fincorp received an investment of Rs 440 crore from Kohlberg Kravis Roberts (KKR) and the International Finance Corporation (IFC). (See our earlier copy)


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PE-backed Magma ropes in CEO for housing finance biz from ICICI Home Finance

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