Bengaluru: Kanara Entrepreneurs (KE) and IIFL, hold a joint session on Oct 27 , 2017
Bengaluru : Oct 31,2017.The inaugural session was addressed by Nirmal Jain, co-founder and chairman of IIFL, one of India’s well-known business icons. KE is a group of entrepreneurs with over 10,000 crores of net worth and members in over 75 different industries. IIFL is ranked among the top 7 financial companies in India. IIFL manages HNI wealth of over Rs1,25,000 crores.with 10,500 employees in over 2,250 service locations in India and also in 8 overseas countries. Addressing the audience, Shaji Kumar Devakar, Managing Partner, IIFL South India & Dubai, introduced the firm with a short video presentation before highlighting Nirmal Jain. Jain, an IIT graduate and a chartered and cost accountant, founded IIFL in 1195. Jain's talk covered the difference between the ‘reel’ Iife of his entrepreneurial journey with IIFL before he revealed the audience, the ‘real’ life. The ‘reel’ life is very visible in the statistics we see before us - thousands of employees, enormous turnover, wealth management and thousands of offices.
The real life ofIIFL was more interesting and down to earth. His journey started in 1995 withthe founding IIFL as an information and financial research company.His rationale for starting information services was simple. As anemployee in an MNC himself, he used to see a lot of financial multinationalswhose well motivated and highly trained staff could convince even themost experienced clients on investing or working on financial instruments. Whathe found interesting was that though these staff were highly qualified, theywere not really cognisant of the ground realities of a business, but were stillable to convince even the most demanding clients by virtue of their pedigree.However, IIFL found that the market was not very robust and they moved to theonline financial services business in the heady dotcom days which they keptfree and which gave them traction.
The push and pullsof startup entrepreneurship was well explained by Jain when he mentionedthat at one stage they were struggling so such that they had to take tosoliciting insurance business from a insurance company just to stayafloat. Also, at that time, they were offered an investment buyout at avaluation of just a few crores but which looked great to them then. However, the investment deal didn’t materialise and the rest is history.
The importance ofhighlighting Nirmal Jain’s story is in the critical facets of entrepreneurshipthat he imparted to the audience, primarily that of humility, honesty and focuswhich he emphasised are the prime requisites of a successful entrepreneur.Sharing wealth through ESOPs with his key employees who help run hisbusiness was another key parameter to retain and motivate talent. Whatimpressed many in the audience was the fact that he stated that IIFL’sintention is not to become India’s largest financial company, but to be India’smost respected financial company. He regaled the audience with practicalanecdotes in his personal life and connected well with the entrepreneurs in theaudience .
Speaking about KE inhis presidential address earlier, President Adrian Dsouza recounted thebrainstorming session held for lead members at Mangalore Hills and emphasisedthe importance of networking among members. He encouraged them to exchangeinformation and increase business to business transactions to help grow theorganisation. Through value added trips and and industrial visits organised byKE, its members could derive the benefits of networking with a free flow ofinformation and commerce. The board of directors was working unitedly towardsthis purpose .
Ivy Saldanhafelicitated Jain and Reshma Saldanha felicitated Shaji.The MC of the eveningNiveditha Sequeira, did a brilliant job recollecting her own experienceof how entrepreneurs get so caught up in their universe that they needicons like Nirmal Jain to bring them back to earth. The vote of thanks wasgiven by Leena Lobo who appreciated powerful talk by the founder of IIFL andthe efforts of Naveen Rodrigues and Leo Sequeira, Director and AssociateDirector of Events to make the evening a success.
Clarence Pereirahighlighted KE’s overseas trip to the Canton fair in China, where over 41KE members from India and Dubai visited the Canton Fair, Guangzhou on a touroutsourced to Cox N Kings. They then visited the Lenovo factory in Shenzhen fora first-hand experience of manufacturing laptops, processors and servers . Thevisit was facilitated by Victor Quadros, former Director of Finance of KE whohas currently relocated to China. The group then moved onto Beijing where theytook in the sights and sounds of China. Frank Coelho commended the board ofdirectors KE for the efficiency and cost effectiveness of the tour and feltthat KE as an organisation gives a lot of benefits to its members.
In true KEtradition, 6 new members were inducted by Dr. Joseph Rasquinha, director,membership and welcomed by the President, Adrian D’Souza. The new membersinducted were: James Coelho, Jude Rajesh Ferrao, Nolan Pinto, Shelly Xavier,Vivek Cornelio, and Robin Coelho who were profiled before the audience beforebeing formally sworn in as members and inducted into KE. The meeting endedwith the concluding address by the president and the fellowship continued overcocktails and dinner, where the members networked with each other.