Archive · 13 Aug 2026
Manappuram Finance names Ashish Singh CEO in Bain-backed leadership transition
Manappuram Finance is a company in India that gives people loans when they leave their gold jewelry with the company for safekeeping.
For a long time, the Nandakumar family ran the company.
Now the company is choosing a new boss who is not from the family.
His name is Ashish Singh, and he has worked in banks for more than 25 years.
He will start his new job on January 1, 2027.
A big investment company called Bain Capital wants to buy a large part of Manappuram, which is why the company is changing how it is run.
India's central bank, the Reserve Bank of India, has said okay to this plan.
The old boss, V P Nandakumar, will stay on as a chairperson.
The company is doing very well and earned much more money than last year.
This change is an example of a family company bringing in outside professional leaders.
Manappuram Finance has appointed Ashish Singh as managing director and CEO, effective January 1, 2027.
Singh, a banker with more than 25 years of experience, succeeds promoter V P Nandakumar, who becomes non-executive chairperson.
The leadership change follows Bain Capital's proposed investment of ₹4,385 crore ($508 million) for an 18 per cent stake as joint promoter.
The Reserve Bank of India approved the capital infusion, allowing Bain Capital to hold up to 41.7 per cent after the open offer.
Manappuram Finance reported a 341.4 per cent year-on-year rise in consolidated net profit to ₹585 crore in Q1 FY27, with AUM growing 57.2 per cent.
- Who
- Ashish Singh, V P Nandakumar, Manappuram Finance and Bain Capital
- What
- Appointment of Ashish Singh as MD and CEO, transitioning Manappuram Finance toward a more institutionalised, professional governance structure
- When
- Effective January 1, 2027; the appointment was announced on a Tuesday, following a March 2025 agreement with Bain Capital and RBI approval in February
- Where
- Kerala, India, where Manappuram Finance is based
- Why
- The transition follows Bain Capital's ₹4,385 crore investment to acquire an 18 per cent stake and become a joint promoter
- New MD & CEO
- Ashish Singh (effective January 1, 2027)
- Outgoing MD
- V P Nandakumar, becomes non-executive chairperson; MD since incorporation in 1992
- Bain Capital investment
- ₹4,385 crore ($508 million) for an 18 per cent stake as joint promoter
- RBI approval
- Allows Bain Capital to hold up to 41.7 per cent after the open offer
- Nandakumar family stake (post-deal)
- Expected to hold 28.9 per cent, down from 31.7 per cent as of June
- Q1 FY27 net profit
- ₹585 crore, up 341.4 per cent year-on-year
- Total AUM
- ₹69,635 crore, up 57.2 per cent year-on-year
- Gold loan AUM
- ₹57,006 crore, up 97.9 per cent year-on-year