Earlier on Thursday, October 27th, Avanti Finance, a company founded by esteemed corporate dignitaries Nandan Nilekani and Ratan Tata officially announced the appointment of Rahul Gupta as its new Chief Executive Officer.
In a statement, the company revealed its targets by stating that it has a goal of serving nearly 100 million households in the next five years as it targets to commence full-scale operations within the first half of 2019.
Managing Trustee of the Sir Dorabji Tata Trust R Venkataramanan and reputed economist Vijay Kelkar are the other members who complete the list of the entire founding members of Avanti Finance.
In an official statement, Avanti Finance said, “Avanti has been perceived as a financial inclusion model that has a mission of providing affordable and timely credit to the underserved and unserved segments leveraging new age digital technologies.”
As per the official statement released by Avanti Finance, “Avanti’s objective is to carry on with the goals of the Tata Trusts in striving for socio-economic development in the hinterlands of India for the last 126 years. Avanti Finance receives its funding from the personal philanthropic capital of Nilekani and Tata, after which their returns would also be redeployed into philanthropy.”
According to the company, it would be leveraging India’s digital infrastructure to develop the Avanti platform and in order to do so, it would also form partnerships with community organizations and social sector players for which it has begun pilots in Uttarakhand, Uttar Pradesh, and Bihar.
As per reports, in his previous designation, Gupta was the managing director at GE Money, he handled the operations for the full suite of its businesses for the 10 countries of the ASEAN region.
Giving his opinion regarding the appointment, Ratan N Tata went on to say, “Rahul has the required experience of leading consumer finance both in developed countries as well as in India.”