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Piramal Retail CEO Jagdeep Mallareddy set to join IndusInd Bank
MUMBAI: IndusInd Bank is reshuffling its retail deck. Jagdeep Mallareddy, currently chief executive of retail lending at Piramal Finance, is set to jump ship to head the bank’s consumer finance business, as it sharpens its retail ambitions.
The move, confirmed by people familiar with the matter, places Mallareddy at the centre of IndusInd’s consumer-banking drive. He will oversee both the asset and liability sides of retail banking at the Hinduja Group-promoted lender—two levers seen as vital to its retail pivot.
The hire is understood to be a strategic call by Rajiv Anand, IndusInd’s chief executive, and comes as the bank looks to accelerate retail growth in a competitive market. Mallareddy and Anand have worked together before at Axis Bank, giving the appointment a note of familiarity as well as intent.
At Piramal Finance, Mallareddy has been steering retail lending, building experience in consumer credit and distribution. That background now travels to a bank eager to bulk up its consumer franchise.
For IndusInd, the message is clear: retail is back in fashion, and seasoned bankers are in demand. As lenders chase granular growth and stickier deposits, consumer finance has become the new battleground. Mallareddy walks into the fray with a broad mandate—and a bank betting that retail, done right, can still brew profits.
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Ekart expands IKEA partnership with EV deliveries in Chennai
3PL to handle 600 plus products with 48 hour delivery via EV fleet.
MUMBAI: Flatpacks are going electric and your sofa might now arrive with a smaller carbon footprint. Ekart has expanded its partnership with IKEA to power last-mile deliveries in Chennai, doubling down on speed, scale and sustainability in one of India’s key urban markets. Under the collaboration, Ekart will manage end-to-end large-format deliveries for IKEA across the city using a 100 per cent dedicated electric vehicle fleet. The move makes Chennai the second major market after NCR-Delhi where Ekart handles IKEA’s last-mile logistics, signalling a broader rollout of EV-led supply chains.
The mandate is no small load. Ekart will oversee deliveries for over 600 products from IKEA’s catalogue, ranging from furniture to home décor—categories that demand specialised handling and precision logistics.
Backed by its technology-driven fulfilment network, Ekart is targeting deliveries within a 48-hour window, offering real-time tracking and end-to-end visibility from warehouse to doorstep. The focus is clear: faster turnarounds without compromising on control or customer experience.
The EV-first model also aligns with both companies’ sustainability goals, as urban logistics increasingly shifts towards zero-emission solutions. For IKEA, which continues to expand its omnichannel presence in India, reliable and eco-conscious last-mile delivery is becoming central to scale.
For Ekart, the partnership reinforces its positioning as an enterprise-grade logistics player in large-format commerce. The company already supports over 1,800 retail, D2C and enterprise brands, spanning last-mile delivery, part-truckload services and warehousing.
As India’s logistics ecosystem evolves, this collaboration highlights a growing trend: delivery is no longer just about distance, it’s about efficiency, experience and increasingly, emissions.
