V.P. Nandakumar, born on December 20, 1955, in Valapad, a coastal village in Thrissur district, Kerala, India. He hails from a family with a strong background in business, particularly in gold loan services, which were traditionally operated under the family name.
Education & Early Career
V.P. Nandakumar earned a Bachelor’s degree in Commerce from Kerala. He further advanced his credentials with a postgraduate degree in Science, complemented by qualifications in Banking and Foreign Trade. His academic grounding nurtured a sharp financial acumen that served him well in his career trajectory.
Upon completing his education, he began his professional journey at Nedungadi Bank Ltd., gaining valuable experience in retail banking and finance. In 1986, following the passing of his father, V.C. Padmanabhan, Nandakumar left the bank to assume leadership of the family pawn-broking business in Valapad.
Career & Leadership at Manappuram Finance
Taking the reins of the company in 1986, Nandakumar transformed a small, single-branch gold loan operation into Manappuram Finance Ltd, a nationally recognized powerhouse in non-bank financial services.
- IPO & Diversification: He spearheaded the company’s IPO in 1995 and drove diversification into microfinance (through Asirvad Micro Finance), housing finance, vehicle loans, SME lending, and insurance broking.
- Branch Network & Workforce: Under his strategic vision, Manappuram expanded to over 5,200 branches across 28 states and Union Territories and grew its workforce to around 47,000–50,000 employees, managing assets exceeding ₹42,000 crore.
- Asset Mix: Nearly 49% of business now comes from non-gold verticals, showcasing a decisive pivot toward broader financial inclusion.
He also serves as the Chairman of the Asset-Liability Committee, Debenture Committee, Risk Management, and CSR committees ensuring strong governance and financial discipline.
Strategic Subsidiaries & Industry Roles
- Asirvad Micro Finance: As Chairperson, he leads India’s fourth-largest MFI, with over ₹5,000 cr AUM. In 2025, he steered the company through a strategic shift to reduce microfinance share from ~21% to below 15% of consolidated AUM to manage risk and focus on secured lending—MME, vehicle, and mortgage loans.
- Promoter Roles: He also co-founded Equitas Small Finance Bank—the country’s first SFB—Aptus Value Housing Finance, and Five Star Business Finance, showcasing his commitment to financial inclusivity.
- Board Memberships: He serves on numerous boards, including Manappuram Home Finance, Manappuram Health Care, Insurance Brokers, Construction & Consultants, and more, reinforcing his presence across diversified financial services.
Awards & Recognition
V.P. Nandakumar is a decorated leader with accolades spanning business and social impact:
- TMA Award – K Gopalan Memorial Award for V.P. Nandakumar, for the comprehensive development in education sector. (January 2023)
- Hurun Award – Hurun Industry Achievement Award for V.P. Nandakumar, for his remarkable achievements in the world of business. (February 2023)
- DNA Award – Banking Frontiers DNA Award, for the best CSR activities. (August 2023)
- Quantic India’s 4th BFSI Excellence Award – Best Skill Development Initiative of the Year, for Manappuram finance skill development initiatives. (October 2023)
- Mint BFSI Summit and Awards – Best mid-size NBFC Award. (January 2024)
- Women Executive Director at the 3rd Women Director’s Conclave 2023 at BSE – Jury Special Award for Dr Sumitha Nandan Executive Director of Manappuram Finance. (December 2023)
- Unique Times – Excellence Award for Excellence in Financial Management, for Bindu A L, CFO and President, Manappuram Finance. (April 2023)
- TMA Award – Best Woman Manager Award, for Bindu A L, CFO and President, Manappuram Finance. (February 2023)
- CII Award – Leading Woman CFO of the Year, for Bindu A L, CFO and President, Manappuram Finance. (February 2023)
- Elets BFSI CXO Award – To V.P. Nandakumar who was adjudged ‘Financial Success Champion’. (February 2024)
- ET Entrepreneur Awards 2024 – Manappuram Foundation bagged the ‘Best Social Impact Campaign (CSR)’ award. (March 2024)
- Financial Success Champion at Elets BFSI CXO Awards (Feb 2024)
- Business World inclusion among “India’s 40 Most Valuable CEOs” (May 2018)
- Economic Times ET500 Top Wealth Creators 2019 – Manappuram led the pack
These honors affirm his leadership, corporate stewardship, and entrepreneurial excellence.
Philanthropy & Social Impact
In 2009, he established the Manappuram Foundation, headquartered in Valapad, to champion CSR initiatives that are deeply community-focused. The foundation supports:
- Education: managing two schools and multiple skill coaching centers
- Healthcare & Wellness: running ambulances, wellness, psychotherapy centers
- Sports & Recreation: operating facilities with swimming pools, badminton and basketball courts
- Mental Health & Community Support: offering counseling and wellness services at subsidized rates
He is also an active International Director of Lions Clubs International, furthering global philanthropy and humanitarian projects.
Industry Leadership & Governance
Nandakumar plays an influential role in India’s financial sector:
- Managing committee member of ASSOCHAM, FICCI, FIDC; former Chair of CII Kerala State Council.
- Co-Chair of FICCI Kerala State Council; Board of Governors member at IIM Kozhikode since 2019
His governance depth extends to internal committees on ALCO, CSR, debentures, risk, and stakeholder relations .
Recent Challenges & Corporate Governance
- In early 2025, Group-wide AUM stood near ₹44,200 crore, with a consolidated net profit decline due to asset quality pressure in Asirvad.
- The company recorded a Q4 FY25 consolidated loss of ₹203 crore; restructuring led to the appointment of a new CEO for Asirvad and a redesignation of Nandakumar as Managing Director by July 2025.
- In May 2025, Bain Capital agreed to invest ₹4,385 cr for an 18% stake—validating investor confidence.
Nandakumar’s strategy to de-risk the portfolio by reducing microfinance share and bolstering secured lending lines up with regulatory best practices.
Personal Life & Legacy
Despite offsetting a significant business scale, he leads a modest lifestyle, grounded in Kerala’s traditions. A family man, he is married with children who participate in the family enterprise. His leadership is widely seen as visionary, steering a pawn-broking origin to a publicly listed NBFC with ethical governance and strong social responsibility.
Summary & Vision Forward
- Visionary Growth: Nandakumar has taken Manappuram from ₹0.5–1 cr in AUM to over ₹40,000 cr.
- Strategic Diversification: Expanded into microfinance, housing, vehicle loans, and MSME financing.
- Sustainable Governance: Led governance reforms, portfolio de-risking, and RBI compliance.
- Value-Oriented Leadership: Introduced private equity backing (e.g., Bain), preserving core values.
- Community-Focused: Deep welfare work through Manappuram Foundation and Lions Club engagements.
- Future-Ready: Opening new roles for CEO successors while ensuring smooth leadership transition.
As of mid‑2025, Nandakumar continues as Manappuram’s Managing Director (retaining duties until July 2025), applying invaluable strategic depth, stakeholder engagement, and governance foresight to steer the company into an era of resilience and inclusive growth.
