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Two top IFMR executives quit in management reshuffle
Photo Credit: Manni Das/VCCircle

Two senior executives have quit Chennai-based IFMR group as part of a management reshuffle, according to a media report.

Vineet Sukumar has resigned as chief financial officer at IFMR Capital, the non-banking finance arm of IFMR Trust, and is serving the notice period, The Economic Times reported. Gaurav Kumar has quit as chief business officer at the NBFC to start his own venture, the report said.

Sucharita Mukherjee, who has been CEO at IFMR Holdings since 2014, and CFO Puneet Gupta are also likely to leave, the report said.

As per the group’s holding structure, each business is headed separately under the aegis of IFMR Trust. Mukherjee also serves as vice-chairperson of the trust. Other trustees include Kshama Fernandes, who has been heading the flagship IFMR Capital since 2012; Dave Wallack, head of leadership development at IFMR Holdings; and Gupta.

IFMR Capital has created a debt capital market platform that works with around 120 financial institutions, which offer micro-loans, small business finance, agricultural finance, affordable housing and commercial vehicle financing to around 20 million financially excluded people.

IFMR Capital posted a net profit of Rs 60 crore in 2015-16, up from Rs 38 crore the previous year. Net sales climbed to about Rs 245 crore from Rs 150 crore.

Last year, IFMR Capital raised $50 million from Standard Chartered Private Equity and $25 million from Eight Road Ventures, the private equity arm of Fidelity International Ltd. Leapfrog Investments, an earlier investor in IFMR Capital, made partial exits in both the deals.

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