From Humble Beginnings to Financial Powerhouse: The Rise of V.P. Nandakumar

As Laozi, the ancient philosopher, wisely noted, “A journey of a thousand miles begins with a single step,” illustrating that even the tiniest of beginnings can pave the way for extraordinary accomplishments. This profound insight mirrors the transformative journey of V.P. Nandakumar. When he assumed leadership of his late father’s small money-lending business in 1986, few could have envisioned the immense success that would follow.

Today, under Nandakumar’s guidance, Manappuram Finance Ltd has evolved into one of India’s foremost NBFCs, boasting 5,200 branches across 28 states and Union Territories, with Assets Under Management (AUM) of Rs 42,069 crore and a workforce of over 50,000. What started in the humble setting of Valapad, a village in Kerala’s Thrissur district, has expanded into a nationwide enterprise. Nandakumar’s strategic vision has led to diversification into areas such as microfinance, home loans, vehicle finance, and SME and personal loans, significantly expanding the company’s reach and influence.

A Multifaceted Leader

Born in 1954, Nandakumar has a solid educational background with a post-graduate degree in science and additional qualifications in Banking and Foreign Trade, laying a strong foundation for his finance career. His expertise has been acknowledged by prominent trade and industry organizations such as FICCI, ASSOCHAM, and FIDC, where he has played a key role in shaping policies and advocating best practices. His dedication to education and professional development is further highlighted by his appointment to the Board of Governors at the Indian Institute of Management, Kozhikode, in January 2019, underscoring his influence in management education.

As a Distinguished Invitee to the All-India Management Association’s Council of Management, Nandakumar contributes valuable insights to enhance management practices nationwide. His role as Co-Chair of the State Council of FICCI Kerala showcases his ability to foster collaboration among industry leaders and improve the business environment in the region. Through these varied roles, Nandakumar continues to make a positive impact on both educational and industrial sectors, mentoring the next generation of leaders in the financial services industry.

How It All Began

Manappuram Finance Ltd traces its roots back to 1949 when it was founded by Nandakumar’s father, the late V.C. Padmanabhan, in Valapad. The initial operations focused on money lending. It was a modest beginning that laid the foundation for what would become a financial behemoth. Following the untimely demise of his father in 1986, Nandakumar took over the reins of the family business and there has been no looking back ever since.

Strategic Expansion and Recognition

Nandakumar’s proactive approach to diversification stands out as one of his key contributions. By adapting to the evolving needs of customers, he has successfully guided the company into new areas. Today, nearly 49% of Manappuram’s business comes from non-gold segments, highlighting his strategic vision and adaptability.

His leadership and achievements have garnered widespread recognition. In May 2018, ‘Business World’ magazine honored him as one of India’s 40 most valuable CEOs. The ‘Economic Times’ recognized Manappuram as a top performer in their ET500 list of Top Wealth Creators for 2019. Additionally, Nandakumar was awarded the Hurun Industry Achievement Award in February 2023, underscoring his lasting impact and excellence in the business arena.

Commitment to Community Development

Beyond his business acumen, Nandakumar’s commitment to social responsibility is a cornerstone of his vision. In 2009, he established the Manappuram Foundation aimed at uplifting the community through various initiatives. The foundation’s reach extends to managing two schools, coaching centres for diverse skills, yoga centres, and wellness facilities. Notably, it also operates a sports complex with badminton and basketball courts, along with an aquatic complex featuring a state-of-the-art swimming pool.

His dedication to community welfare is evident in the foundation’s services, which are provided to people falling under the Below Poverty Line (BPL) category at subsidized rates. Additionally, the foundation has a fleet of ambulances equipped with advanced medical support systems, further solidifying its role as a pillar of support for the local population. He staunchly believes that these efforts to uplift the community will have a butterfly effect over the years as his empire grows.

Global Leadership and Impact

Beyond his role at Manappuram Finance, Nandakumar has made significant contributions to international organizations. His involvement with Lions Clubs International began in 1981, and over the years, he has held various leadership roles, including serving as multiple district council chairperson and participating in the LCIF Corporate, Foundation & Government Gifts Committee. His unwavering dedication was recognized when he was elected as an international director at the 102nd International Convention in Milan, Italy, in July 2019, marking a major milestone in his global community service efforts.

Currently, Nandakumar serves as Chair of the Lions Clubs International’s LCCIA and Chairperson of the ISAME Area Leadership. In these capacities, he continues to promote collaboration among Lions Clubs worldwide and advocate for service projects that tackle urgent social issues. His leadership not only enhances the organization but also demonstrates his commitment to making a global impact, embodying the principles of international citizenship and community empowerment.

Promoting Financial Inclusivity

Nandakumar’s influence reaches far beyond the confines of Manappuram Finance. He has been a driving force in promoting financial inclusivity through his involvement in several key ventures. Notably, he played a pivotal role in establishing Equitas Small Finance Bank Ltd., India’s first small finance bank that provides affordable financial solutions to the underserved. His efforts also contributed to the formation of Aptus Value Housing Finance India Ltd., both of which were successfully listed on the stock exchange, marking significant milestones in the Indian financial landscape.

Additionally, Nandakumar’s promotion of Five Star Business Finance Ltd., an NBFC specialising in MSME finance, further emphasises his commitment to enhancing access to financial services for marginalised sectors. By focusing on micro, small, and medium enterprises, he has championed initiatives that empower entrepreneurs and drive economic growth. Through these endeavours, Nandakumar continues to champion financial inclusivity, ensuring that diverse segments of society have the opportunity to participate in the economic mainstream.

Continuing a Legacy of Vision and Innovation

As Nandakumar steers Manappuram Finance Ltd into the future, his focus remains on driving innovation, community engagement, and financial inclusivity. With plans for further expansion and diversification, he is well-positioned to adapt to the evolving financial environment while steadfastly adhering to the core values that have guided him since the company’s founding.

In an era where financial services play an increasingly crucial role, Nandakumar’s journey highlights the impact of visionary leadership, perseverance, and a deep-seated commitment to making a meaningful difference. Looking ahead, his influence is set to further shape the financial landscape in India and beyond, continuing his legacy of excellence and forward-thinking.

Pic Courtesy: Pegasus Photography/ images are subject to copyright