Board

Bindu Ananth
Bindu Ananth
Chairperson

Bindu Ananth has been the President of IFMR Trust since January 2008 and chairs the Boards of IFMR Capital and IFMR Finance Foundation. Prior to this, she worked in ICICI Bank’s microfinance team between 2001 and 2005 and was Head of the new product development team within the Rural Banking Group in 2007. Bindu Ananth has an under-graduate degree in Economics from Madras University and Masters Degrees from the Institute of Rural Management (IRMA) and Harvard University’s John. F. Kennedy School of Government. She is a Fellow of the Global Economic Society and a Member of the Product Advisory Group of CGAP. She is also a member of the FICCI Taskforce on Financial Inclusion and the RBI Committee on Comprehensive Financial Services. Bindu co-edited a book titled “Financial Engineering for Low-Income Households” and has published in the Economic and Political Weekly and the Small Enterprise Development Journal. She also blogs for Forbes India.Bindu is an avid reader of literary fiction, follows Indian classical dance and is a fitness enthusiast.

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.

Sucharita Mukherjee
Sucharita Mukherjee
Director

Sucharita Mukherjee is currently the CEO of IFMR Holdings and Vice Chair of IFMR Trust. She is a director on the board of all IFMR Trust group companies and was the founding CEO of IFMR Capital, from its inception till 2012. She has recently been appointed as a member of the India Advisory Committee to the UNEP inquiry into a sustainable financial system. Previously, Sucharita led the origination and structuring effort in credit derivatives and structured finance for corporates at Morgan Stanley in London where her work included developing innovative asset-backed financing structures in areas such as intellectual property and health-care receivables. She was also part of the credit derivatives team at Deutsche Bank in London, structuring credit-derivatives-linked repackaged investments for financial institutions. She graduated with an MBA from IIM, Ahmedabad, and has a bachelor’s degree in Economics from Delhi University. Sucharita love poetry, scrabble and Hindustani classical music.

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.

Charles Silberstein
Charles Silberstein
Independent Director

Charles Silberstein has twenty-eight years’ experience in international infrastructure finance with deep experience in both project finance and public finance. Charles began his finance career at Moody’s Investors Service in 1980, first covering municipal finance and later as a utility analyst. He left Moody’s in 1981 to work at Merrill Lynch covering the public power sector as an analyst. In 1985 Charles was appointed to be the head of the utility group at the then newly founded financial guaranty company, FGIC, which had been capitalised by five companies including General Electric and JP Morgan Bank. In 1990 Charles left FGIC to set up and manage the Public Finance Department at Financial Security Assurance. In 1995 Charles moved to London to commence international infrastructure finance for FSA, focusing on project finance and serving as Chair of the company’s International Infrastructure Committee which supervised FSA’s infrastructure business worldwide. Under his leadership FSA’s infrastructure group expanded to 27 members, with a core in London and smaller offices in Paris, Madrid, New York, and Sydney. Following on the residential mortgage debt problems that struck the financial guarantors, Charles left FSA in 2008 and set up Safe Harbour Partners, an infrastructure advisory company. Charles holds a bachelor’s degree in East Asian Studies from UCLA and an MBA from New York University. Charles enjoys playing the blues guitar during his spare time.

Udai Dawan
Udai Dawan
Nominee Director

Udai is a Managing Director and the Head for Standard Chartered Private Equity (SCPE) in India. He joined SCPE in 2008 and has been involved in substantial number of SCPE’s investments India till date, and serves on the board of many of the fund’s portfolio companies. Prior to SCPE, Udai worked for 13 years in financial services focused on corporate investing, M&A and corporate finance, both in India and the United States. Udai’s roles have included senior positions with Kotak Mahindra Capital in investment banking, with Sabre Inc. in corporate development, and with Arthur Andersen in corporate finance advisory. Udai has an MBA from the Wharton School, University of Pennsylvania and is a chartered accountant from the Institute of Chartered Accountants of India.

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.

Nick Moon
Nick Moon
Nominee Director

Nick leads investor relations, co-investments and strategic partnerships for LeapFrog globally. He oversaw the raising of LeapFrog’s $400m oversubscribed second fund and LeapFrog’s $350m separate account with Prudential Inc. Nick sits on the Board of portfolio company, IFMR Capital one of India’s largest credit platforms, and also led a multi-LP co-investment in Reliance Capital, Indonesia’s leading diversified financial services company.

Previously, Nick raised over $1 billion of institutional capital across a series of successful funds; he has over 14 years private equity and business-building experience. Nick was previously Director of Strategy and Communications, heading new business ventures and investor relations, at the FW Group, the UK’s largest SME focused fund manager, where he also co-founded FW Capital, the Group’s growth private equity arm.

Nick was a founding member of the Emerging Markets Private Equity Association’s (EMPEA) Investor Relations & Marketing Community and is a speaker at EMPEA Fundraising master classes. He holds an Executive MBA from Imperial College London, where he specialised in private equity and advanced strategy, achieving distinction.

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.

Alex Nisichenko
Alex Nisichenko
Alternate Director to Nick Moon

Alex is an Associate Director on LeapFrog’s Asia team, sourcing, evaluating and managing investments across South and Southeast Asia. He has played a key role in the investments in India’s IFMR Holdings and IFMR Capital.

Before joining LeapFrog, Alex worked with D. Capital, focusing on private capital and debt investments in the financial and renewable energy sectors across sub-Saharan Africa. Alex also worked with Innovations for Poverty Action in Ghana and the MIT Poverty Action Lab in India, where he led large-scale financial economics field experiments. Previously, Alex worked with Bainbridge Management Consulting & Capital Advisory, advising Fortune 100s on emerging market strategies and leading financial diligence for US-based private equity funds.

Alex has an MBA (Finance) from the UC Berkeley Haas School of Business and a BA in International Business (Honours) from Johns Hopkins University.

John Fischer
John Fischer
Associate 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.

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