Business Standard

MFI veterans Akula, Gurumani srart new stints in non-MFI sectors

Akula recently joined as director, AgSri, Gurumani starts financial services firm for start-up SMEs

Related News

Once engaged in an open spat over managing SKS, one of the biggest of microfinance companies in the country, two of it top executives, Vikram Akula and Suresh Gurumani, seems to have quit the MFI sector for good.

Vikram Akula, the founder of SKS, who was once proclaimed as of the world’s 100 most influential people by Time magazine, has recently joined as a director AgSri, an agriculture consultancy firm, founded by Biksham Gujja. Notably, Gujja has pioneered techniques like  introducing  concepts like the System of Rice Intensification (SRI) and Sustainable Sugarcane Initiative (SSI) and other field-based approaches in the agriculture and water sectors.

Gurumani, who had joined SKS, after an illustrious career in the banking sector, has started a financial services firm for start-up SMEs.

According to the Linkedin profile of Gurumani, he has founded the financial services company for SMEs in January 2012. A banking and financial sector veteran with 22 years’ experience, Gurumani had quit Barclays to join SKS in 2008. 

It was believed, Gurumani was brought into SKS to give it a corporate identity, after private-equity investors Sequoia Capital, Vinod Khosla, Small Industries Development Bank of India, Bajaj Allianz, Yatish Trading, Kismet Capital, Sandstone Capital, Silicon Valley Bank Unitus and Catamaran Management Services (started by Infosys Chairman N R Narayana Murthy) put money in the company.

However, post IPO, differences over ways of managing the company, led a clash between Akula and Gurumani,  which resulted in the exit of Gurumani.  However, a little more than a year after Gurumani was sacked, Akula met almost the same fate, and was shown the door by shareholders, who were vexed over mounting losses of the company.

Gurmunai and Akula could not be contacted for comments on their respective ventures.

Read more on:   
|
|
|

Read More

Mallya cashes in on UB Holding share rally

Even in bad times, Vijay Mallya has managed to make a neat cash pile for himself by selling a part of his in United Breweries Holding Ltd (UBHL), ...

Quick Links

 

Market News

Markets firm; Consumer Durables gain; Titan up 6%

The Sensex is up 113 points at 26,428 and the Nifty has gained 36 points to trade at 7,911.

FinMin proposes to empower FMC to regulate brokers

Experts see it as a step towards making FMC independent

We're going to see more of medium-term products offered to clients: Suresh Soni

Interview with MD, Deutsche MF

Diversification, new launches to give a boost to Emami's growth

Entry into new and high-growth categories will also help diversify from a seasonal portfolio

Now, call goes out for a Jain stock index

On the lines of Shariah-compliant products, intermediaries ask exchanges to consider investment benchmark

Back to Top