MAM
Spice Money elevates Sanjeev Kumar & Rajneesh Arora as co-founders
Mumbai: Homegrown rural fintech Spice Money has strengthened its leadership team and elevated Sanjeev Kumar from his earlier role of CEO to co-founder and CEO. Rajneesh Arora, previously chief innovation and strategy officer, has now been appointed as co-founder and chief product and strategy officer.
In this new role, Kumar will drive the company’s strategic business plan that spells growth for both Spice Money and Travel Union. Arora will work closely with the product and strategy teams to deliver unique and world-class experiences to Spice Money’s partners and end-users, said the company in a statement.
Both Kumar and Arora will be supported by a strong team of next-in-line leaders with expertise in different verticals. This fortified leadership team will fuel the next round of growth for Spice Money by furthering digital and technological innovation, it added.
“Spice Money is all set to move to newer heights of digital and technological transformations. This needs high momentum and laser-sharp focus, which will be led by our new and thoughtful leadership,” stated Spice Money founder Dilip Modi. “We want to encourage an entrepreneurial culture through this co-founder approach and I am confident that our momentum will be continued and in fact, accelerated. All of Spice Money’s teams will work towards implementing the right strategies, plans, structures and people in place to successfully achieve our aspiration to become the largest rural fintech company in India.”
Spice Money has expanded its business to the rural travel sector with the recent launch of Travel Union, a B2B rural travel-tech platform, that addresses the key challenges faced by rural travel agents and their customers
Brands
Kotak Mahindra Bank appoints Ramesh Iyer to board
Veteran financier replaces Ashok Gulati, who retires in March
MUMBAI: Kotak Mahindra Bank has announced a change to its board of directors, with independent director Ashok Gulati set to retire at the end of his term on 5 March.
The company said it has appointed Ramesh Ganesh Iyer as an additional and independent director for a four-year term, effective 17 February, subject to shareholder approval.
Iyer brings more than four decades of experience in financial services. He spent much of his career at Mahindra & Mahindra Financial Services, where he served as vice chairman and managing director before taking on the role of president for the financial services sector and member of the group executive board at Mahindra & Mahindra. He retired from the group in April 2024.
During his tenure, Iyer was instrumental in expanding rural and inclusive finance initiatives, scaling the company’s assets and customer base. He also led the creation of subsidiaries in rural housing finance, insurance broking and asset management, and oversaw international joint ventures.
Iyer holds a commerce degree and a doctorate of letters, and currently serves on the boards of several listed and unlisted companies.
The board meeting approving the changes was held in Mumbai on February 17 between 6.30 pm and 6.50 pm.
