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Transforming Legacies: The Visionary Journey of Manappuram Finance

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Centuries ago, the sage and philosopher Laozi, on the other side of the Great Wall of China, famously stated, “A journey of a thousand miles begins with a single step.” This timeless wisdom highlights how seemingly minor actions can trigger significant changes over time. The remarkable story of an entrepreneurial giant on this side of the Great Wall exemplifies this concept beautifully. When V.P. Nandakumar took over his late father’s modest, single-branch money-lending business in 1986, few could have predicted that it would mark the start of an extraordinary journey. Today, Manappuram Finance Ltd stands as one of India’s premier non-banking financial companies (NBFCs), boasting 5,200 branches across 28 states and Union Territories, an impressive Assets Under Management (AUM) of Rs 42,069 crore, and a dedicated workforce of over 50,000.

Unique Times chronicles the fascinating success saga of Nandakumar, the Managing Director and CEO of Manappuram Finance Ltd, who used his astute leadership skills, razor-sharp acumen and vision to steer his enterprise all through its high-octane journey to becoming a financial powerhouse in the country. The journey that began in modest settings in Valapad, a quaint village in Kerala’s Thrissur, has acquired a pan-India dimension today, which is nothing but extraordinary. Nandakumar has added more feathers to his cap by unlocking the portals of diversification through microfinance, home loans, vehicle finance and SME and personal loans thereby broadening the spectrum of his company. 

Wearing Many Hats With Elan

Born in 1954, Nandakumar holds a postgraduate degree in science and additional qualifications in banking and foreign trade, providing him with a strong foundation for his finance career. His expertise has been recognized by various trade and industry associations, including FICCI, ASSOCHAM, and FIDC, where he has actively contributed to policy shaping and the promotion of best practices within the sector. His commitment to education and professional development is further demonstrated by his appointment to the Board of Governors of the Indian Institute of Management, Kozhikode, in January 2019, highlighting his significant influence in the field of management education.

Nandakumar is a Distinguished Invitee to the All-India Management Association’s Council of Management, where he shares his insights to promote management practices nationwide. As Co-Chair of the State Council of FICCI Kerala, he demonstrates his ability to foster collaboration among industry leaders and improve the business environment in the region. Through these roles, Nandakumar continues to make a positive impact on both the educational and industrial sectors, guiding the next generation of leaders in the financial services industry.

How It All Began

Manappuram Finance Ltd traces its roots back to 1949 when it was founded by Nandakumar’s father, the late V.C. Padmanabhan, in Valapad. The initial operations focused on money lending. It was a modest beginning that laid the foundation for what would become a financial behemoth. Following the untimely demise of his father in 1986, Nandakumar took over the reins of the family business and there has been no looking back ever since.

Diversification and Growth

One of Nandakumar’s most significant contributions has been his proactive approach to diversification. Recognising the evolving needs of customers, he has steered the company into new territories. Today, a remarkable 49% of Manappuram’s total business originates from non-gold segments, a clear reflection of his strategic foresight.

Nandakumar’s efforts have not gone unnoticed. His exemplary leadership and remarkable achievements have fetched him recognition on coveted national platforms. In May 2018, ‘Business World’ magazine listed him among India’s 40 most valuable CEOs. The ‘Economic Times’ acknowledged Manappuram as the ‘chart-topper’ in their ET500 list of Top Wealth Creators of 2019. Furthermore, he received the Hurun Industry Achievement Award in February 2023, a testament to his enduring impact in the business world.

Commitment to Community Development

Beyond his business acumen, Nandakumar’s commitment to social responsibility is a cornerstone of his vision. In 2009, he established the Manappuram Foundation aimed at uplifting the community through various initiatives. The foundation’s reach extends to managing two schools, coaching centres for diverse skills, yoga centres, and wellness facilities. Notably, it also operates a sports complex with badminton and basketball courts, along with an aquatic complex featuring a state-of-the-art swimming pool.

His dedication to community welfare is evident in the foundation’s services, which are provided to people falling under the Below Poverty Line (BPL) category at subsidized rates. Additionally, the foundation has a fleet of ambulances equipped with advanced medical support systems, further solidifying its role as a pillar of support for the local population. He staunchly believes that these efforts to uplift the community will have a butterfly effect over the years as his empire grows.

Leadership Beyond Borders

In addition to his responsibilities at Manappuram Finance, Nandakumar has done yeoman service to international organizations. His journey with Lions Clubs International began in 1981, and over the years, he has held various leadership positions, including multiple district council chairperson and member of the LCIF Corporate, Foundation & Government Gifts Committee. His dedication and service culminated in his election as an international director during the 102nd International Convention in Milan, Italy, in July 2019, marking a significant milestone in his commitment to community service.

Currently, he is serving as the Chair of LCCIA and Chairperson of the ISAME Area Leadership. Through these roles, he continues to foster collaboration among Lions Clubs worldwide, advocating service projects that address pressing social issues. His leadership not only strengthens the organisation but also reinforces his commitment to making a positive impact beyond national borders, embodying the spirit of global citizenship and community empowerment.

Promoting Financial Inclusivity

Nandakumar’s influence reaches far beyond the confines of Manappuram Finance. He has been a driving force in promoting financial inclusivity through his involvement in several key ventures. Notably, he played a pivotal role in establishing Equitas Small Finance Bank Ltd., India’s first small finance bank that provides affordable financial solutions to the underserved. His efforts also contributed to the formation of Aptus Value Housing Finance India Ltd., both of which were successfully listed on the stock exchange, marking significant milestones in the Indian financial landscape.

Additionally, Nandakumar’s promotion of Five Star Business Finance Ltd., an NBFC specialising in MSME finance, further emphasises his commitment to enhancing access to financial services for marginalised sectors. By focusing on micro, small, and medium enterprises, he has championed initiatives that empower entrepreneurs and drive economic growth. Through these endeavours, Nandakumar continues to champion financial inclusivity, ensuring that diverse segments of society have the opportunity to participate in the economic mainstream.

A Legacy of Leadership and Vision for the Future

As Nandakumar continues to lead Manappuram Finance Ltd., his vision is firmly anchored in innovation, community service, and financial inclusivity. With plans for further expansion and diversification, he is well-positioned to navigate the changing financial landscape while remaining dedicated to the values that have guided him since the company’s inception.

In an era where financial services are increasingly crucial, Nandakumar’s journey exemplifies the power of leadership, resilience, and a sincere commitment to making a positive impact. As he looks ahead, it is clear that his influence will continue to shape the future of financial services in India and beyond.

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Teen planned ‘explosives and knives’ attack at Swift concert

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Austrian security officials have arrested a 19-year-old who was reportedly planning a suicide attack at a Taylor Swift concert in Vienna. The teen, who had previously pledged allegiance to the Islamic State group (IS), allegedly confessed to intending to use explosives and knives to target “a large crowd of people.” As a result, Swift’s three sold-out shows at the Ernst Happel Stadium have been canceled, affecting over 195,000 expected attendees.

Local media revealed that the suspect had stolen chemicals from his job at a metal processing company in Ternitz and had made progress in building a bomb. Reports also indicated he planned to drive a car into the crowd outside the venue. During a news conference, officials noted that substances and devices discovered at the suspect’s residence demonstrated “concrete preparatory actions.” They also seized weapons from his home.

The suspect, an Austrian citizen of North Macedonian descent, had recently altered his appearance to align with Islamic State propaganda and had been consuming and sharing Islamist materials online. Two additional suspects were also identified: a 17-year-old employed at a company set to provide services at the concert venue and a 15-year-old who was arrested nearby but has remained silent with authorities.

Interior Minister Gerhard Karner stated that a tragedy had been averted, crediting international intelligence collaboration for thwarting the attack. He emphasized that the terrorist threat has increased in Europe and reiterated that major concerts often attract Islamist attacks. While no specific threats have been identified regarding upcoming events in Austria, security measures remain heightened. Swift’s Vienna concerts were part of her European Eras Tour, which has already visited several countries. She is scheduled to perform five shows at Wembley Stadium in London next week, prompting UK authorities to assess intelligence to ensure safety at the event. London Mayor Sadiq Khan confirmed that the city would proceed with plans for the concerts, ensuring police cooperation for safety.

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Russia Seeks 15-Year Prison Sentence for U.S.-Russian Ballerina

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Russian-American ballerina Ksenia Karelina has pleaded guilty to treason charges following her arrest for donating money to a charity supporting Ukraine. Russian prosecutors are pushing for a 15-year prison sentence after accusing Karelina of collecting funds used to buy tactical supplies for the Ukrainian military.

Karelina was detained in Yekaterinburg, about 1,600 kilometers (1,000 miles) east of Moscow, during a family visit in February. Her detention and the subsequent charges come just a week after a major prisoner swap between Russia and the West, which saw 24 individuals exchanged across seven countries.

Karelina’s lawyer, Mikhail Mushailov, argued that the proposed 15-year sentence is excessively harsh given her cooperation with the investigation. Mushailov also noted that a prisoner exchange cannot occur until after a court verdict is finalized, so Karelina could not have been part of the recent swap. He indicated that efforts to address the situation would begin after the verdict.

The ballerina, who had been living in Los Angeles and became a U.S. citizen in 2021, traveled to Russia for a family visit in January and has been unable to return to her home since. Reports suggest that the treason charge arose from her $50 donation to Razom, a charity supporting Ukraine. Razom has expressed shock at Karelina’s arrest.

Karelina’s case follows a decree signed by Russian President Vladimir Putin in April last year, which increased the maximum penalty for treason from 20 years to life imprisonment as part of a broader crackdown on dissent.

At the time of her arrest, Karelina’s partner, Chris Van Heerden, described her as “proud to be Russian” and expressed hope for her release. Van Heerden has been actively campaigning for U.S. intervention to secure her release. The FSB reported that Karelina was detained in the same city where U.S. journalist Evan Gershkovich was arrested on espionage charges. On August 1, Gershkovich was among 16 prisoners released in a swap for eight Russian prisoners held in the U.S., Norway, Germany, Poland, and Slovenia.

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Suspect in Danish PM Assault Claims He Was ‘Too Drunk to Recall’ Incident

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A Polish man has pleaded not guilty to assaulting Denmark’s prime minister, claiming he was too intoxicated to recall the event. The suspect, whose identity is protected by legal restrictions, is on trial in Copenhagen, facing charges of violence against a public servant, along with multiple counts of indecent exposure and fraud from other incidents. He has admitted guilt to some of the charges and could face imprisonment and deportation.

Prime Minister Mette Frederiksen sustained minor neck and shoulder injuries from the incident, which occurred just three weeks after Slovak Prime Minister Robert Fico was seriously injured in an assassination attempt.

The 39-year-old defendant recounted in court that he had been having a difficult day when he encountered Ms. Frederiksen in June, just two days prior to the European Parliament elections. “I’m standing face to face with the Prime Minister, then I can’t remember anything else until I am arrested,” he stated, according to AFP.

Ms. Frederiksen, who was struck on the shoulder, managed to leave the scene on her own. She described feeling “shaken” by the event but stated she was “fine.” Following the incident, she went to the hospital for a check-up and subsequently withdrew from the final day of campaigning for the European elections. She will not testify at the trial, but one of her bodyguards provided testimony, stating that the man approached her on a crowded street, said something unintelligible, and then punched her hard on the shoulder.

Ms. Frederiksen, 46, leads the Social Democrats, Denmark’s largest party in the coalition government, and became the youngest prime minister in Danish history when she took office in 2019.

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Dolce & Gabbana Unveils €99 Dog Perfume

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Dolce & Gabbana has taken the concept of “man’s best friend” to a new level with the launch of its latest product: a luxury perfume mist designed specifically for dogs. Priced at €99 (£84), the alcohol-free scent features “warm notes” of ylang ylang, musk, and sandalwood, all presented in a glass bottle adorned with a 24-carat gold-plated paw. In addition, customers can receive an exclusive Dolce & Gabbana dog collar with a gold-plated tag.

The campaign, which highlights the themes of “unconditional love,” “loyalty,” and “playfulness,” features a stylish advertisement showcasing well-groomed dachshunds, chihuahuas, and bichon frisés. The tagline, “Cause I’m not just a dog, I’m Fefé,” reflects the personality of the brand’s co-founder Domenico Dolce’s own dog, Fefé.

Despite the high fashion appeal, the RSPCA has expressed concerns about the impact of fragrances on dogs. Senior scientific officer Alice Potter cautioned against introducing strong scents that could interfere with a dog’s ability to communicate and interact with its environment. She noted that the perception of what dogs enjoy can often be anthropomorphized, leading to misconceptions about their preferences.

While the market’s reaction to Fefé has been enthusiastic, with plans for distribution across Europe and the US, the true demand for such a luxury item remains uncertain. Analysts predict significant growth in the global pet industry, which could reach $500 billion by 2030. This increase in consumer spending indicates a willingness to invest in premium products for pets.

The concept of dog fragrances isn’t new; for instance, Harrods offered a dog perfume called Sexy Beast in 2007, and in 2022, Elizabeth II introduced Happy Hounds dog cologne. Other retailers, like Space NK and Kiehl’s, have also joined the trend, selling various dog scents. The introduction of Fefé marks a unique venture by a luxury fashion house into the pet product market.

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Italy’s Abortion Divide Deepens Under Meloni’s Leadership

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Giorgia Meloni’s leadership has positioned Italy under one of the most openly anti-abortion prime ministers in Western Europe. In a country with a strong Catholic influence and home to the Vatican, accessing abortion services has historically been difficult.

Recently, Linda Feki, a 33-year-old singer from Naples, shared her experiences of stigma and mistreatment while seeking an abortion. Her post resonated with many Italian women, who expressed their support. However, it also drew criticism, revealing a deepening national divide over reproductive rights under Meloni’s government. Feki felt a responsibility as a public figure to advocate for abortion rights and share her story.

Abortion in Italy is legal within the first three months and, in certain circumstances, afterward to protect the mother’s health. Despite this legal framework, numerous bureaucratic, cultural, and practical barriers exist. According to health ministry data, about 63% of gynecologists in Italy refuse to perform abortions on ethical grounds, a figure that exceeds 80% in some southern regions.

Feki’s journey began at Naples’ San Paolo hospital, where a gynecologist questioned her decision to abort and incorrectly assessed her pregnancy’s stage. After obtaining confirmation from a private doctor of an earlier stage, she faced further challenges at Cardarelli hospital, where she endured severe pain without pain relief and received inadequate support post-surgery.

She underwent the procedure on March 4, the same day France recognized abortion as a constitutional right. On social media, Feki expressed her frustration over being judged immediately after surgery, insisting that there should be no stigma surrounding a woman’s right to choose.

In response to Feki’s feedback, Cardarelli hospital acknowledged potential improvements in patient care and indicated they were in contact with her. Meloni, as Italy’s first female prime minister, maintains a conservative stance, advocating for measures that promote prevention while promising to uphold the 1978 abortion law.

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TikTok withdraws ‘Lite’ rewards from EU to comply with tech rules

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ByteDance’s TikTok has agreed to permanently discontinue its TikTok Lite rewards program in the EU to comply with the bloc’s Digital Services Act (DSA), according to a statement from the European Commission on Monday.

The TikTok Lite app includes a “Reward Programme” that allows users to accumulate points by completing various tasks on the platform, such as watching videos, liking content, following creators, or inviting friends to join.

In April, the EU requested an immediate risk assessment from TikTok following the app’s launch in France and Spain, citing concerns about its potential effects on children and users’ mental health.

Under the DSA, major online platforms are required to report potential risks associated with new features to the EU prior to their launch and must implement effective measures to mitigate these risks.

The EU’s executive branch noted that TikTok has made legally binding commitments to withdraw the rewards program from the EU and not to introduce any alternative programs that could circumvent this decision. Any violation of these commitments would constitute a breach of the DSA and could result in fines, the commission stated.

Additionally, an ongoing investigation is looking into whether TikTok has violated online content regulations designed to protect children and ensure transparent advertising. This investigation began in February and could expose the platform to significant fines.

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Vatican Expresses Sadness Over Olympic Ceremony Skit Mimicking the ‘Last Supper’

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The Vatican expressed its sadness regarding a skit from the Paris Olympics opening ceremony that appeared to parody Leonardo da Vinci’s “The Last Supper.” In a rare evening press release issued in French, the Holy See stated, “The Holy See was saddened by certain scenes at the opening ceremony of the Paris Olympic Games and cannot but join the voices raised in recent days to deplore the offence done to many Christians and believers of other religions.”

The segment from the July 26 ceremony depicted a scene resembling the biblical moment of Jesus Christ and his apostles at their final meal before the crucifixion, featuring drag queens, a transgender model, and a naked performer portraying the Greek god of wine, Dionysus.

Organizers of Paris 2024 issued an apology two days later, clarifying that there was no intention to disrespect any religious group. The artistic director of the segment explained that it was not inspired by the Christian Last Supper but rather a pagan feast associated with the historical Olympics.

The Vatican emphasized that in a prestigious event that unites the world around shared values, there should be no references that ridicule the religious beliefs of many. “Freedom of expression, which is obviously not called into question, finds its limit in respect for others,” they stated.

The Vatican did not specify why it took over a week to issue its statement following the opening ceremony. On August 1, Pope Francis spoke on the phone with Turkish President Tayyip Erdogan, during which they reportedly discussed the Paris event. While the Vatican later confirmed the call took place, it did not provide details on the content of their discussion.

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France Narrowly Defeats Argentina Amid Ugly Scenes in Quarter-Final

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France secured a spot in the Olympic men’s football semi-finals against Egypt after defeating Argentina 1-0 in a tense quarter-final that ended with clashes between players and coaches from both sides.

Crystal Palace striker Jean-Philippe Mateta scored the decisive goal, heading in a corner from Michael Olise in the fifth minute. Argentina’s best opportunity came just before halftime when Giuliano Simeone missed a close-range header.

France had a late goal disallowed after a VAR review determined that Maghnes Akliouche had committed a foul before Olise’s deflected shot found the net. The rivalry between the teams was heightened by recent tensions, including Argentina players singing derogatory songs about France’s black players after winning the Copa America on July 14. The French crowd booed the Argentinian national anthem, and the skirmish at the end of the match underscored the ongoing animosity.

France, who last won Olympic gold in men’s football in 1984, will face Egypt in the semi-finals on Monday after the Pharaohs triumphed over Paraguay 5-4 in a penalty shootout following a 1-1 draw.

Argentina, who defeated France in the 2022 World Cup final, aimed to become the first team since Italy in 1936 to hold both the World Cup and Olympic titles simultaneously.

The day also saw French athletes excel, as they won gold medals in judo, swimming, and BMX cycling.

Spain reached the semi-finals by defeating Japan 3-0 in Lyon, with Fermin Lopez scoring twice. The Barcelona midfielder opened the scoring early with a powerful left-foot shot and added a second goal after halftime with a dipping right-foot effort. Japan’s Mao Hosoya had a goal disallowed for offside after a lengthy VAR check. Abel Ruiz capped off the victory with a late tap-in, setting up a semi-final clash with Morocco in Marseille on Monday.

Morocco dominated their quarter-final against the United States, winning 4-0 and reaching the semi-finals for the first time. Soufiane Rahimi scored from the penalty spot, Ilias Akhomach added a close-range goal, and captain Achraf Hakimi extended the lead with a fine left-foot shot. Substitute Mehdi Maouhoub completed the scoring with another penalty in stoppage time following a VAR review for handball.

“I felt at home in this stadium, where I play for my club, and our fans were very supportive and present,” said Hakimi, who plays for Paris St-Germain. “I hope they continue to support us all the way to the final; we want to make them proud.”

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Freed Russian Dissidents Decline to Sign Mercy Plea to Putin

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Two Russian dissidents, Vladimir Kara-Murza and Ilya Yashin, recently released in a prisoner swap, stated they refused to sign a petition for mercy directed to Russian President Vladimir Putin, as requested by prison officials. At a news conference in Germany, both men emphasized their innocence and made it clear they did not consent to their removal from Russia, vowing to return one day.

Kara-Murza noted that the exchange saved “16 human lives” and expressed his belief that he might die in prison. He also mentioned that many Russians oppose Putin’s war in Ukraine. The swap involved 24 individuals held in various countries, including US journalist Evan Gerschkovich and former Marine Paul Whelan. Among the Russians released by the West was convicted assassin Vadim Krasikov, who was serving a life sentence in Germany for murdering a Chechen dissident.

Kara-Murza and Yashin, along with another dissident, Andrei Pivovarov, pledged to continue their work for a “free” Russia and for those still imprisoned. Yashin expressed mixed feelings about the swap, acknowledging gratitude for his freedom but stating his desire to return to Russia. He noted that an exiled opposition is easier for Putin to manage, as their voices carry more weight when they are imprisoned.

Yashin also pointed out the ethical dilemma faced by the German government in releasing Krasikov, while acknowledging that his return to Russia might complicate the negotiation of future exchanges for political prisoners. Russian rights group Memorial reports that hundreds of political prisoners are currently detained. Kara-Murza referred to the exchange as a “drop in the ocean,” given the number of innocent people suffering in harsh conditions.

Kara-Murza, a dual Russian-British citizen, shared his experience of being in solitary confinement for over ten months, fearing he would never see his family again. He recounted how surreal it felt to finally be released and expressed determination to return to Russia one day. Another dissident, Sasha Skochilenko, also expressed relief and joy at her release, eager to reunite with her loved ones.

The group paid tribute to Alexei Navalny, a prominent critic of Putin who died in prison, asserting that his death is a crime for which Putin is directly responsible. Kara-Murza emphasized the distinction between Russia and Putin’s regime, stating his commitment to advocating for a better future for his country, one that is modern and democratic.

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