Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets, announced the appointment of Amit Raje as a Whole-time Director of the Company, designated as Chief Operating Officer Digital Finance - Digital Business Unit with effect from April 1, 2021. He will report to Mr. Ramesh Iyer, Vice Chairman & Managing Director, Mahindra Finance.
With over 700 million active internet users, India has the 2nd highest digital population globally. Notably, rural India constitutes a substantial section of this user base. Mahindra Finance, India's largest rural NBFC, with a customer base spread across 4 lakh villages, acknowledged these shifts and embarked on a Digital Transformation journey a few years ago, in order to design and develop products and solutions to service this digitally savvy rural customer and broaden the horizons of Financial Inclusion in the country. Amit's appointment as COO of the Digital Business Unit is a step towards leveraging this significant opportunity.
Speaking on the appointment, Ramesh Iyer, Vice Chairman & Managing Director, Mahindra Finance said, "We are pleased to welcome Amit Raje to lead our Digital Business Unit. We see Digital Finance as a huge opportunity and expect it to contribute significantly to revenue and returns. In this context a separate Digital led business unit is being set up to offer consumer convenience and consumer loans across the country. This appointment is a strategic step towards strengthening this promising line of business."
Amit has over 20 years of experience in Corporate Finance - M&A, Private Equity and Financial Services. He moves from Mahindra & Mahindra Limited (M&M) where he is the Executive Vice President for Partnerships & Alliances. Prior to M&M he served as the Managing Director in the Principal Investing Area at Goldman Sachs and has worked with Kotak Investment Advisors, the alternate asset arm of Kotak Mahindra Bank, and Deloitte & Co in the Transaction Advisory Services. Amit is a postgraduate from Mumbai University and an MBA with a specialisation in Finance from the London Business School.
Shares of MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.201.5 as compared to the previous close of Rs. 203.45. The total number of shares traded during the day was 1353177 in over 9550 trades.
The stock hit an intraday high of Rs. 205.95 and intraday low of 199. The net turnover during the day was Rs. 272569287.