The Startup Journey of Uday Founder of Kotak Bank
Indian banker Uday Suresh Kotak (born 15 March 1959) founded Kotak Mahindra Bank 3.5 lakh Market Cap, where he holds the position of non-executive director and today Mr Uday Kotak resigned as Kotak Bank MD and CEO. Well, Uday Kotak pursued his dream of playing cricket while growing up in Mumbai during the 1970s and trained with renowned coach Ramakant Aachrekar. However, a transition to finance was brought about by an injury sustained on the field. Now after he resigns I feel one of the biggest challenges is retaining its key talent after the succession. Although Dipak Gupta, Shanti Ekambaram, and K.V.S. Manian are the three leading candidates vying to succeed Uday Kotak in January.
Founders always feel it’s not the right time to start or do I start now?
When India’s economy was still closed and experiencing slow growth in the early 1980s, Kotak chose to launch his own business instead of accepting a tempting offer from a multinational. He expanded his company during the following few years into a number of financial services sectors, becoming a significant player in bill discounting, stockbroking, investment banking, auto financing, life insurance, and mutual funds. The Reserve Bank of India granted Kotak Mahindra Finance Ltd. a banking license on March 22, 2003, making it the nation’s first corporate entity to do so. According to the Bloomberg Billionaires Index, he is worth $14.8 billion. Sydenham College awarded him a bachelor’s degree, while Jamnalal Bajaj Institute of Management Studies awarded him a master’s degree in management studies in 1982.
Kotak had plans to work for Hindustan Unilever, an Indian division of the worldwide FMCG company, after earning his MBA.
Uday joined his family business after deciding to try his hand at business, where he would have to interact with family members. Uday has always had a passion for money. He had lost interest in carrying it out.
In the early 1980s, Kotak chose to strike out on his own while pursuing his MBA. At his father’s urging, Kotak opened a tiny financial agency in the Navsari building premise from a 300 sq. ft. office space, telling him, “Son, you do what you want.”
From where he got the seed investment
Uday obtained a small loan from family and friends to launch his finance and bill discounting firm. His closest friend, Anand Mahindra, is responsible for the majority of the investment. So the financial institution was given the name Kotak Mahindra. Uday offered low-interest financial help to commercial enterprises like Tata subsidiary Nelco. Compared to banks, he charged business organizations modest interest rates. Uday made the decision to start something significant after experiencing great success. At the age of 23, Uday founded the financial consulting firm Kotak Capital Management Finance Ltd., which eventually changed its name to Kotak Mahindra Finance Ltd.
Well, to achieve something big we need to think big that is what Entrepreneurship is all about.
SUMMARY
Kotak Mahindra Bank’s founder Uday Kotak has already started the process of selecting a new MD and CEO.
For a period of three months, the board has appointed Dipak Gupta, the most senior professional, as temporary MD and CEO.
Gupta assumed the position of Joint Managing Director in January 2012.
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