NEW YORK, December 29, 2025, 00:12 ET
- Manappuram Finance appointed former RBL Bank CFO Buvanesh Tharashankar as group CFO, effective Dec. 26. 1
- The company also approved an additional investment of up to Rs 250 crore in subsidiary Asirvad Micro Finance. 1
- Manappuram’s latest quarterly profit fell sharply even as revenue rose, a filing-based report said. 1
Indian non-bank lender Manappuram Finance has appointed Buvanesh Tharashankar as group chief financial officer and approved an additional investment of up to 2.5 billion rupees (250 crore rupees) in its microfinance subsidiary Asirvad Micro Finance, the company said. 1
The moves put fresh focus on finance leadership and funding at a lender that has been broadening beyond its core gold-backed loans, while seeking tighter oversight across group companies. 2
Manappuram reported a sharp drop in quarterly profit even as revenue climbed, underlining why capital discipline and funding for operating units matter for investors in the sector. 1
“Buvanesh brings with him deep and diverse experience across leading banking and financial services institutions,” V. P. Nandakumar, Manappuram Finance’s chairman and managing director, said in a statement. 2
Tharashankar is a chartered accountant with more than three decades of experience, and previously served as chief financial officer at RBL Bank and Jana Small Finance Bank, according to the company statement. 2
As group CFO, he will provide financial leadership across Manappuram Group companies and oversee areas including accounting, treasury, taxation, regulatory engagement and investor relations, the statement said. 2
Manappuram said the investment in Asirvad Micro Finance would be made in one or more tranches and used for capital expenditure — spending on long-term assets — and working capital, which covers day-to-day funding needs. 1
Microfinance lenders typically provide small loans to lower-income borrowers, often through branch networks, and require steady access to funding as they grow their loan books.
Manappuram Finance is a systemically important, non-deposit taking non-banking financial company, a category of lender that operates outside the banking system and generally raises funds through borrowings rather than retail deposits. 1
The company is the second-largest financier in India’s gold-loan segment and also offers short-term personal and business loans, vehicle loans and housing loans, Business Standard reported. 1
Manappuram’s consolidated net profit fell 61.5% to Rs 219.88 crore in the July-September quarter, while revenue from operations rose 13.8% to Rs 2,459.08 crore, the report said. 1
Nandakumar said the appointment supports the group’s “Manappuram 2.0 strategy” and aims to strengthen financial governance and capital efficiency. 2
