Kerala-based Manappuram Finance is set for a major leadership transition, with retail banking veteran Ashish Singh appointed as managing director and chief executive officer from January 1, 2027.
Singh, currently head of retail liabilities at IDFC First Bank, will succeed VP Nandakumar, who has led the company as managing director since its incorporation in 1992. Nandakumar will continue as chairman and managing director until December 31, before moving to the role of non-executive chairperson.
The leadership change follows private equity major Bain Capital’s ₹4,385-crore investment in Manappuram and its move to become a joint promoter of the company.
Singh brings more than 25 years of experience in retail banking, with expertise spanning rural lending, retail liabilities, financial inclusion and branch-led businesses.
At IDFC First Bank, he has also headed Bharat Banking, overseeing its asset products and branch network. Earlier, he held senior positions at Fullerton India and ICICI Bank.
His appointment signals a move towards a more institutionalised management structure as Bain gains a direct role in Manappuram’s strategic direction.
Under the agreement announced in March 2025, Bain committed around ₹4,385 crore for an 18 percent stake in Manappuram on a fully diluted basis through a preferential allotment of shares and warrants at ₹236 each.
The transaction also triggered a mandatory open offer for an additional 26 percent. Bain’s holding could eventually rise to as much as 41.7 percent, while the existing promoter family is expected to retain 28.9 percent.
The Reserve Bank of India has approved the indirect change in control of Manappuram’s subsidiaries, including Asirvad Micro Finance and Manappuram Home Finance.
The leadership transition comes as Manappuram’s core gold loan business continues to expand rapidly.
The company reported a 341.4 percent year-on-year rise in consolidated net profit to ₹585 crore in the first quarter of FY27. Consolidated assets under management grew 57.2 percent to ₹69,635 crore.
Gold loan AUM surged 97.9 percent year-on-year to ₹57,006 crore at the end of June. Non-gold businesses accounted for 18.14 percent of total AUM.
Singh will take charge as Manappuram balances rapid gold loan growth with asset quality, risk management and diversification.
His appointment, alongside Nandakumar’s transition to a non-executive role, marks a significant shift from the promoter-led model that has defined Manappuram for more than three decades.
With Bain now sharing control, the company is entering a new phase in which professional management and institutional ownership are expected to play a much larger role.