Noida, Uttar Pradesh, India
Alok Sethi, Chairman, Franklin Templeton Services and Vivek Kudva, MD (EMEA & India), Franklin Templeton Investments have joined the Board effective July, 2016 and Samir Sood, ex-Googler and Founder, Venture Highway, has joined the Board effective October 2016
Mywish Marketplaces (MMPL), the company that owns Deal4loans.com, today announced strategic additions to their Board of Directors. Financial industry veterans Alok Sethi, Chairman, Franklin Templeton Services, and Vivek Kudva, Managing Director, EMEA & India, Franklin Templeton Investments have joined the company’s Board of Directors effective July 2016. MMPL aggregates, markets and facilitates the sale of loan products and credit offerings from banks and financial institutions, and runs some of the largest financial marketplaces in India.
MMPL pioneered the neutral loan marketplace in India and has successfully established trust with over 7 million customers, leveraging technology to enhance customer acquisition for participating banks’ loan products, and smarter matching of customers with products. Sales transactions are also conducted on the platform itself. Mr. Sethi and Mr. Kudva bring along a wealth of proven industry experience and acumen in finance and business.
Welcoming Mr. Alok Sethi and Mr. Vivek Kudva on Board, Puru Vashishtha, Board Chairman, Mywish Marketplaces Private Limited, commented, “We are excited to have Mr. Alok Sethi and Mr. Vivek Kudva join our Board of Directors. Their vast experience and valuable expertise in developing some of the largest and most successful financial services businesses in the world, will provide our board with a unique perspective and effective mentorship.” He further added, “They are thought leaders in using technology in financial services space. We look forward to a long-term relationship with them, to learn from their experience.”
Alok Sethi is Chairman of Franklin Templeton Services (FTS). FTS provides investment management services to Franklin Templeton products globally. Prior to joining Franklin Templeton, Mr. Sethi was with MphasiS BFL, as the chief of staff to the chairman. Before MphasiS, he was the COO of Andersen as a part of their India Leadership Team. Mr. Sethi is a member of the Institute of Chartered Accountants of India and is a Bachelor of Commerce (honours) graduate from Delhi University.
“I am delighted to come on-board at Mywish Marketplaces, one of the pioneers of financial marketplaces in India. Over the past few years, with increased digital connectivity, the impetus has been on using technology as a medium to improve access to financial products,” Mr. Sethi said. He further added, “MMPL’s deep understanding of the financial domain and technical skills can very well be leveraged to capitalize on this opportunity and thereby expand the distribution of financial products to consumers.”
Vivek Kudva is Managing Director for EMEA & India. He has over 30 years’ experience in the financial services industry. He has been with Franklin Templeton for over 10 years. Prior to joining Franklin Templeton, Mr. Kudva was General Manager of Banking with National Bank of Oman, Muscat. Mr. Kudva is an engineering graduate from the Indian Institute of Technology (IIT) Delhi, and has a post-graduate diploma in management from the Indian Institute of Management Ahmedabad (IIMA).
“I am happy to partner with Mywish Marketplaces. With proven expertise in business and technology, they are well placed to develop an all-inclusive digital ecosystem, providing wealth management and investment product-related services to Indian customers,” Mr. Kudva said.
Mr. Samir Sood has joined the Board, representing prominent Silicon Valley investor, Mr. Ram Shriram and Sherpalo Capital.
“Mywish Marketplaces/ Deal4loans has developed and deployed some of the most sophisticated technology and has positioned itself as one of the cutting edge and premier FinTech company in the world. Their algorithms for customer acquisition and matchmaking are world class. They have greater than 40% customer repeat rates, which is unheard of in their space. I am impressed by Deal4loans’ ability to leverage technology to build a large and scaled consumer internet business in India, and that too profitably. It’s probably the only large consumer internet play in India that is profitable at PAT level. This is commendable. I am excited to join the board of Mywish Marketplaces, and help them enter the next orbit of growth.
Welcoming Mr. Samir Sood on Board, Puru Vashishtha, Board Chairman, Mywish Marketplaces Private Limited, commented, “Samir bring a unique perspective of having analyzed and invested in multiple technology businesses across the world for Google and Cisco. His understanding of scaling technology businesses globally and his access to some of the best technology leaders and talent will be very valuable for us, particularly as we ramp up our team.”
Samir Sood is the founder of Venture Highway (“VH”), an early stage venture fund focused on investing in India and is advised by Neeraj Arora, Business Head at WhatsApp. Prior to this, Samir was the Head of South Asia, Australia – M&A and Investments for Google Inc., and in that capacity, he has led Google’s investments in several first time seed stage funds in India: Erasmic Venture Fund (Accel India), SONG (Soros, Omydiar, Google Fund), Seedfund, and Ventureast TeNet Fund II. Additionally, Samir was part of the team that coordinated the $750 million acquisition of AdMob. Earlier Samir was part of the Corporate Business Development team at Cisco Systems, Inc. where he led wireless acquisitions and investments, which included the $450 million acquisition of Airspace. Samir executed the first venture investment in India (India Games) for Cisco Systems, Inc. among many other acquisitions and investments. In addition, Samir has helped grow and diversify India Forge, a family run auto parts manufacturing business. Samir has an MBA from the University of Chicago, Graduate School of Business, a Master of Science in Mechanical Engineering from Tufts University, and a Bachelor of Science in Mechanical Engineering from Worcester Polytechnic Institute.
About Franklin Templeton Investments
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 180 countries. Through specialized teams, the Company has expertise across all asset classes- including equity, fixed income, alternative and custom solutions. The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in 35 countries, the California–based company has more than 65 years of investment experience and $723 billion in assets under management as of October 31, 2016. For more information, please visit franklinresources.com.
About Mywish Marketplaces Private Limited
Mywish Marketplaces Private Limited (MMPL) runs neutral financial marketplaces that leverage its proprietary technology to intermediate between the banks and customers seeking banking products. MMPL operates websites including its flagship website www.deal4loans.com. MMPL has more than 7 million direct customers and has disbursed more than Rs. 10,000 crores in retail loans and is also one of the largest aggregators of credit cards. MMPL works with almost all of India’s largest banks across multiple products such as Home loans, Personal loans, Credit cards, Business loans and Loans against Property. MMPL has built a large-scale consumer internet business, without losing its focus on profitability, by leveraging its technology. MMPL’s mission is to help its customers make responsible financial decisions.