Board

Dr.Kshama Fernandes
Dr.Kshama Fernandes
Managing Director & CEO

Kshama has extensive experience across financial advisory, consulting, and academia. Prior to joining IFMR Capital, she was Professor & Head of Finance at Goa Institute of Management. She has worked on consulting assignments for the World Bank, the Chicago Mercantile Exchange, Ministry of Finance, Government of India, and NSEIT. She was a core committee member of the Percy Mistry Committee on Making Mumbai an International Financial Centre and also developed the SEBI mandated certification programme for derivatives for the National Stock Exchange (NSE) and NCDEX. Kshama is an avid biker, sky diver, sailor, trekker and mountaineer.

Michael Fernandes
Michael Fernandes
Nominee Director

Michael co-leads LeapFrog’s work in South and Southeast Asia, bringing nearly 20 years of experience in operations, consulting and investing. He is the former Country Head for India for khazanah nasional, the sovereign fund of Malaysia, where he focused on financial services and infrastructure and also led the global healthcare team. Michael was responsible for over USD 700 million of direct investments in India, including Yes Bank, L&T Finance and Uniquest. He served on the boards of IDFC, a leading financial services company, and Apollo Hospitals, the leading healthcare services business in India. He also managed the Khazanah healthcare portfolio, ranging from hospitals to health insurance providers that was consolidated under IHH Healthcare and listed in Singapore for a USD 7 billion valuation. Previously, Michael led the USD 250 million global custom manufacturing business for the Piramal Healthcare Group, focusing on global acquisitions, business development, supply chain management and talent. Prior to that, Michael was a partner and spent 12 years with McKinsey & Co. He focused on healthcare and consumer sectors across South and Southeast Asia, and also worked out of the firm’s offices in the UK, Singapore, Israel and South Africa.

Dr. Susan Thomas
Dr. Susan Thomas
Independent Director

Dr. Thomas is currently a faculty member at the Indira Gandhi Institute for Development Research (IGIDR), Bombay. She has also served as a member/chair of various committees constituted by the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the National Stock Exchange (NSE) on secondary markets, government securities and foreign exchange to name a few. She completed her graduate studies in engineering from the Indian Institute of Technology (IIT), Bombay, and her Ph. D in Econometrics from University of Southern California, Los Angeles.

Vedika Bhandarkar
Vedika Bhandarkar
Independent Director

Vedika Bhandarkar brings more than 25 years of experience building teams and businesses within Indian and international financial institutions. Vedika serves as Water.org’s senior leader in India, overseeing the organization’s water and sanitation program expansion and continuing to scale Water Credit by directing the provision of capacity-building grants and technical assistance to create, pilot, and scale water and sanitation financing. Prior to joining Water.org, Vedika served as Vice Chairman and Managing Director at Credit Suisse Securities (India) Private Limited. Previously, she served as the Managing Director & Head of Investment Banking at J.P. Morgan. She began her career at ICICI Bank. Since early 2015, she has dedicated her time to corporate boards and social enterprise, serving as director of several boards and as a volunteer, fundraiser and board member of the Jai Vakeel Foundation, an institution focused on children and adults with intellectual disability. She is based in Mumbai with her family.

Rajesh Dugar
Rajesh Dugar
Nominee Director

Raj is the Managing Partner, Asia at Eight Roads Ventures. Raj has over fifteen years of leadership experience in the Indian private equity industry, with experience of investing across multiple stages and industries.

During his private equity career, Raj has also worked in The Carlyle Group and was earlier the co founder and Managing Director of West Bridge Capital Partners.

Raj started his career as a management consultant with Booz Allen & Hamilton where he worked both in USA and India. He subsequently worked as an investment banker for Goldman Sachs where he was responsible for India coverage and served on the board of Goldman’s then JV partner Kotak Mahindra Capital.

Raj holds an AB degree from Dartmouth College and an MBA degree from MIT Sloan School of Management.

John Fischer
John Fischer
Nominee Director

John Fischer oversees Accion’s investment vehicles, including equity investments in microfinance institutions (MFIs) made through its Gateway Fund; its Bridge Fund loan guarantees; and seed- and early- stage investments, respectively, through Accion’s Venture Lab and Frontier Investments and initiatives. Mr. Fischer joined Accion in August 2000 as an investment professional working with the Accion Latin American Bridge Fund, a loan guarantee fund for microfinance institutions in Latin America and the Caribbean and the Accion Gateway Fund, an equity investment fund for microfinance institutions worldwide. In 2002, Mr. Fischer helped develop a $20 million private equity fund for microfinance institutions worldwide, Accion Investments in Microfinance, SPC, and in 2007, Mr. Fischer led the successful $30 million capital raise for Accion Investments, incorporating new private investors to the fund.

In these roles, Mr. Fischer has served on the boards of directors and key committees of leading microfinance institutions worldwide such as Mibanco Banco de la Microempresa (Peru), Banco Solidario (Ecuador), Banco Popular Covelo (Honduras), Sociedad de Ahorro y Credito Integral (El Salvador), Akiba Commercial Bank (Tanzania), Pan-African Savings and Loans (Ghana), and Accion Microfinance Bank (Nigeria). Mr. Fischer led successful purchases and recapitalizations of Banco Popular Covelo (Honduras) and Akiba Commercial Bank (Tanzania). He has also been responsible for investment due diligence, negotiation, and monitoring for Accion Investments, and serves as Accion Investments’ own chief financial officer and company secretary. Mr. Fischer has been trained in Accion’s CAMEL diagnostic tool, used to evaluate and rate microfinance institutions worldwide. Mr. Fischer holds a bachelor of arts degree from Haverford College and Masters of Business Administration and International Relations from Boston University.

Vijay Nallan Chakravarthi
Vijay Nallan Chakravarthi
Nominee Director

Vijay Nallan Chakravarthi is an Executive Director at Standard Chartered Private Equity (SCPE), where he leads investments in Financial Services, Healthcare, Consumer, Technology and Education sectors. He is involved with the fund’s investments in Fortis, Cafe Coffee Day group and Varun Beverages. Prior to SCPE Vijay was a Vice President at Bain Capital India and at The Boston Consulting Group (Chicago), where he focused on private equity and M&A. Vijay is also a certified Six Sigma Black Belt and alumnus of the Operations Management Leadership Program from the General Electric Company (GE, USA), where he held multiple leadership positions in GE’s healthcare business .
Vijay earned an MBA from the Kellogg School of Management, MS from The Ohio State University and BE from the University of Madras.

Samir Shah
Samir Shah
Additional Director

Mr. Samir Shah served as Managing Director and Chief Executive Officer at National Commodity And Derivatives Exchange Limited. Mr. Shah served as Deputy Chief Executive Officer at National Commodity And Derivatives Exchange Limited since March 2013.
Mr. Shah served as Chief Business Officer of Dubai Gold and Commodities Exchange. Mr. Shah has two decades of experience in building institutions and market infrastructure. Mr. Shah served as the Chief Executive Officer of Universal Commodity Exchange Limited from June 20, 2011 to July 5, 2011. He was Head of Sales for ASEAN & South Asia for Reuters. Mr. Shah worked at global information company Thomson Reuters for 17 years. In 2010, he was appointed as the Global Head of Business Planning and Operations for a new Inside-Sales unit at Thomson Reuters called Direct. In 2009, as the Head of Business Operations for Thomson Reuters Asia and a member of the Asian Leadership Team based in Singapore, he successfully transformed the business to focus on customer needs. In 2006, he led Reuters’ India operations as the Managing Director for Reuters in South Asia. In his previous roles, he led the Treasury and Fixed Income Business for Reuters Asia and partnered with large global market makers to launch RTFX and RTFI, the dealer-customer FX and Fixed Income Trading Systems in Asia. He serves as a Director at Power Exchange India Limited. He serves as an Additional Director of National Commodity And Derivatives Exchange Limited. He began his career as an investment banker in Mumbai helping companies unlock value through public offerings and buy-out deals. He is an MBA in Finance, a Mechanical Engineer and has completed an Advanced Management Program from Wharton.

Rajiv Lochan
Rajiv Lochan
Independent Director

Rajiv C. Lochan is the Managing Director and CEO of The Hindu Group, publishers of The Hindu, The Hindu Business Line and related publications. He’s active in the social sector‎ in the areas of financial inclusion, public health and education. He is a member of the Board of Governors of the Institute for Financial Management and Research and an independent director on the Board of Directors of Sundaram Finance Ltd and IKP Centre for Technologies in Public Health. Prior to The Hindu Group, Rajiv was a Partner with McKinsey & Company and co-founded their Chennai practice. He has also worked for American Express Company in New York, and US Airways in Arlington, VA. Rajiv holds a BTech from IIT Madras, an MS from MIT and an MBA from Columbia Business School.

Salim Gangadharan
Salim Gangadharan
Independent Director

Mr. Salim Gangadharan served as Regional Director of Kerala and Lakshadweep at Reserve Bank of India since April 2012 until October 2013. Mr. Salim has been working with the Reserve Bank of India (RBI) over 35 years. In his career in Reserve Bank of India, he had worked in various Operational Departments, particularly in bank supervision, foreign exchange regulation, and financial markets. He served as Principal Chief General Manager of Reserve Bank of India. He has been the Non-Executive Part-Time Chairman of The South Indian Bank Ltd. since November 2, 2016 and its Independent Director since January 16, 2014. Mr. Salim earlier served as a Director at Central Bank of India from July 30, 2010 to March 13, 2014. Mr. Salim is currently serving as Independent Director on the Boards of National Securities Clearing Corporation (NSCCL) and Kerala Infrastructure Investment Fund Board (KIIFB) and a Short-term Expert of the International Monetary Fund (IMF). He was also a Member Faculty in the Bankers’ Training College of the Reserve Bank of India for five years and handled several seminars and conferences on Risk Management, Payment Systems and Treasury Management, etc. He was also on secondment to the Central Bank of Oman for five years. He was associated with the IMF Team to assess the need for convergence in supervisory practices across the GCC countries, as part of the proposed Monetary Union. He was part of several internal Working groups in Reserve Bank / Government of India. He served as a Director of Syndicate Bank Ltd. from August 30, 2006 to February 27, 2007. He has also presented papers in several seminars, including at the Centre for Central Banking Studies, Bank of England. Mr. Salim holds a master’s degree in economics from the University of Kerala.

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