Vastu Housing Finance Corporation Limited, one of the country’s leading digital first housing finance companies has announced the appointment of Vishu Ramachandran on its Board as an Independent Director.
Ramachandran is a globally acclaimed banker with hands-on experience in retail banking, risk management, operations, digital transformations, strategy, and corporate finance. He has worked for more than 35 years at Standard Chartered Bank in significant leadership roles and has been at the forefront of building the bank’s franchise across Asia, the Middle East, and the African region. He is currently serving as a Non-Executive Board Member, Chairman of Board Risk Committee, Member of Audit Committee at Standard Chartered Bank Singapore Ltd. (SCBSL), and as the Board Chairman at Go Pik Connect Private Limited.
Commenting on the appointment,. Renuka Ramnath, Founder, MD, and CEO of Multiples Alternate Asset Management, and Chairperson, Vastu Housing Finance Corporation said, “We are very excited to have Vishu joining the Vastu Board, a global leader in banking. His wealth of experience of over three decades in various functions and geographies is unique, especially his forte in digital transformations. In Vishu, Vastu has found a perfect partner on its board in this ever-evolving space of digital-first housing finance.”
Sandeep Menon, Founder, MD and CEO, Vastu Housing Finance Corporation, said, “Currently Vastu is at an inflection point where we have built a strong franchise with great people, tech and best-in-class asset quality. Our focus will continue to remain on building a high-quality sustainable, scalable, predictable and profitable portfolio while adopting strong technology innovation, which has always been centric to Vastu’s growth. I had the privilege of working under Vishu’s leadership and learning from him extensively. It is an honour and priviledge to welcome Vishu on Vastu’s Board. We at Vastu, are looking forward to learning from his vast global experience across all aspects of retail banking to support the continued growth story.”
On his appointment, Vishu Ramachandran said, “I am delighted and privileged to join the distinguished and illustrious Board of Vastu Housing Finance. The business Sandeep Menon, Sujay Patil, and their team have successfully built in a short span of time and the impact the company has created are highly impressive. India's financial services industry is transforming at a rapid pace across many dimensions. I see incredible opportunities for Vastu in this emerging world.”
Niren Shah, Managing Director, Head of Norwest Venture Partners India said, “Norwest is delighted to welcome Vishu Ramachandran as an Independent Director on the board of Vastu Housing. We believe Vishu is a tremendous addition to an already world class board and that Vastu will gain immensely from Vishu’s extensive experience and deep understanding of the Indian consumer finance markets.”
Backed by investors like Multiples Alternate Asset Management, Norwest Venture Partners, Creation Investments, IIFL Asset ManagementPramod Bhasin and Vikram Gandhi, Vastu has a consolidated asset under management (AUM) of c. INR 4100 crores as of July 2022.
