TVS Capital Funds, the growth private equity arm of the TVS Group, has roped in senior executive of Mahindra Finance, Ramesh Iyer, as the company’s board member.
Iyer, Vice-Chairman and Managing Director of Mahindra Finance, had played a key role in transforming it into a premier rural finance institution since 1994. His primary responsibility has been to promote inclusive growth and foster rural prosperity.
Iyer had also worked with industry bodies like FIDC and CII (Financial Services). He also serves on the boards of Mahindra First Choice, insurance broking, Agri solutions, and rural housing within the Mahindra Group, and is the President of the Financial Services Sector and a Member of the Group Executive Board of Mahindra & Mahindra Ltd.
He oversees the Mahindra Group’s Financial Services Sector, managing entities such as Mahindra & Mahindra Financial Services Limited and its subsidiaries, including Mahindra Insurance Brokers Limited, Mahindra Rural Housing Finance Limited, Mahindra Asset Management Company Private Limited, and Mahindra Trustee Company Private Limited. Additionally, he supervises the operations of Mahindra Finance USA, LLC, a U.S. joint venture with De Lage Landen Financial Services Inc., a wholly-owned subsidiary of the Rabobank Group.
On Iyer’s appointment, Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds, said, “Ramesh’s deep insights into the financial services space will further help us deepen our investing in the sector. As we look ahead in our mission of empowering next-gen entrepreneurs, and thereby deepening the pools of rupee capital supporting the country, we look forward to the valuable contributions Ramesh will bring to our Board in this journey.”
Iyer said, “TVS Capital Funds has a well-established track record of supporting entrepreneurs, thereby fostering innovation and helping them build long-term businesses in the financial services space. I eagerly anticipate applying my extensive experience spanning several decades in financial strategy and business transformation to provide valuable support to the board and the management team.”
Iyer is involved in various financial services organisations and serves on advisory boards for educational institutions and industry bodies.
In the past year, TVS Capital Funds has added three new Managing Partners: Anuradha Ramachandran in October 2022, Krishna Ramachandran in February 2023 and Naveen Unni in June 2023.
TVS Capital Funds is jointly sponsored by Shriram Group and TVS Group. Established in 2007 by Gopal Srinivasan and D Sundaram, former vice-chairman and CFO of Hindustan Unilever Ltd., the firm aims to provide financial and capability capital to Indian entrepreneurs for building sustainable businesses.
Since its inception in 2007, the fund has invested nearly INR 3,000 Cr in the new wave of entrepreneurs that are emerging with each generation.
TVS Capital’s portfolio includes companies like Nykaa (exited), Digit Insurance, Yubi, Sarvogram, Five Star Business Finance, Suryoday Small Finance Bank, Wonderla Holidays (exited), and Leap Logistics, among others. The first three unicorns in the portfolio are Digit, Yubi, and Five Star. The Nykaa IPO resulted in a 6x return, while the exit from Wonderla in 2016 delivered a 3x return. TVS also exited from Landmark Books in 2013.
Having closed its third fund in 2021, TVS Capital is now preparing to raise funds for its fourth fund, with commitments expected in 2023 and 2024.
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