Homegrown lending platform Stashfin has announced the appointment of Aparna Bihany as its Senior Vice President (SVP) for Lending. With over 20 years of experience in the banking, financial services, and insurance (BFSI) sector, Bihany is poised to play a pivotal role in shaping the company’s growth strategy and enhancing its lending operations.

Driving Innovation and Growth

In her new role, Aparna Bihany will focus on designing and implementing innovative lending solutions tailored to meet diverse customer needs. She will also oversee the optimization of operational processes and work towards enhancing customer experiences across Stashfin’s lending portfolio.

Previous Experience

Bihany brings a wealth of experience from her previous roles, including her tenure at Paytm, where her strategic initiatives expanded the customer base and diversified the company’s offerings. Her background includes significant positions at various financial institutions, where she honed her skills in digital lending, risk management, and product development.

Leadership Perspective

Welcoming Bihany to the team, Tushar Aggarwal, Founder and CEO of Stashfin, stated:

“We are thrilled to have Aparna join the Stashfin family. Her extensive expertise and strategic vision will be instrumental as we continue to grow and innovate in the financial services sector.”

Aggarwal emphasized that Bihany’s leadership will be crucial in navigating the rapidly evolving fintech landscape and enhancing Stashfin’s competitive edge.

Proven Expertise in Digital Lending

Aparna Bihany has an impressive career trajectory, with key roles at organizations like Clix Capital, IndusInd Bank, and ICICI Bank. Her expertise spans digital lending, risk management, and portfolio growth, making her a valuable addition to Stashfin’s leadership team.

Commitment to Customer Empowerment

Expressing her enthusiasm about joining Stashfin, Bihany said:

“I am excited to join Stashfin and contribute to its mission of empowering individuals financially. I look forward to leveraging my expertise to drive growth and enhance customer experiences.”

Her focus on customer-centric solutions aligns well with Stashfin’s commitment to providing accessible financial products.

About Stashfin

Founded in 2016 by Tushar Aggarwal, Stashfin has emerged as a leading player in the lending space. The company offers a range of financial products, including personal loans and credit lines tailored to meet the needs of its diverse customer base.

Recent Funding Milestone

In March 2023, Stashfin raised $100 million in a debt funding round led by InnoVen Capital and Trifecta Capital, further cementing its position as a key innovator in the financial services ecosystem. This funding is expected to enhance its technological capabilities and expand its lending operations.

Conclusion

With Bihany’s appointment, Stashfin aims to accelerate its mission to provide seamless and customer-centric lending solutions. Her extensive experience in the BFSI sector is expected to drive innovation within the company, positioning it for sustained growth in an increasingly competitive market. As Stashfin continues to evolve, it remains committed to empowering individuals with accessible financial solutions tailored to their needs.

PhonePe has announced a significant leadership change with Binny Bansal, co-founder of Flipkart, stepping down from its Board of Directors. Simultaneously, the fintech company has appointed Manish Sabharwal, Vice-Chairman of staffing firm TeamLease Services, as an Independent Director and Chair of its Audit Committee.

Leadership Transition

In his new role, Manish Sabharwal will oversee the integrity and effectiveness of PhonePe’s financial reporting, internal controls, and risk management processes. His extensive experience in the finance and staffing sectors positions him well to guide PhonePe through its next phase of growth.

Acknowledgment of Contributions

Sameer Nigam, CEO and Founder of PhonePe, expressed gratitude to Binny Bansal for his critical contributions to the company:

“Binny has been one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. He will be missed!”

Welcoming Manish to the board, Nigam added:

“Manish’s exceptional understanding of India’s macroeconomy and his leadership in shaping policies around education, employment, and employability will be instrumental as PhonePe moves forward with its vision for a Viksit Bharat by 2047.”

Manish Sabharwal’s Credentials

Manish Sabharwal brings a wealth of experience to PhonePe’s board. His notable credentials include:

• Independent Director on the Reserve Bank of India’s Board: Providing oversight on monetary policy and financial stability.
• Member of the Advisory Board: Serving on the Advisory Board of the Comptroller and Auditor General (CAG) in India.
• Governing Board Member: Active participation in the National Council of Applied Economic Research (NCAER), contributing to economic research and policy formulation.

These roles highlight his deep understanding of economic frameworks and governance, which will be beneficial for PhonePe as it navigates regulatory landscapes.

Strategic Timing

This leadership change coincides with PhonePe’s recent reverse-flip to India, a strategic move aimed at aligning its operations with its commitment to the Indian market. The reverse-flip involved shifting its corporate structure back from Singapore to India, reinforcing its focus on local growth and compliance.

Future Outlook

The addition of Manish Sabharwal is expected to bolster PhonePe’s strategic capabilities as it continues to expand its footprint in the fintech ecosystem. With plans to go public in the coming years, strong governance will be crucial for building investor confidence.

Conclusion

Zomato’s inclusion in the Sensex is a significant milestone, reflecting the growing influence of tech-driven, new-age companies in India’s financial markets. As it joins the ranks of established blue-chip companies, this move is expected to attract more institutional investments and enhance its visibility among investors. The changes to various indices highlight an evolving landscape in India’s stock market, where innovative companies are gaining recognition alongside traditional industries.

Food delivery giant Zomato is set to replace JSW Steel in the 30-share BSE Sensex, marking a historic moment as it becomes the first new-age company to enter the benchmark index. This change, announced by BSE’s subsidiary Asia Index Pvt Ltd, will take effect on December 23, 2024. The reconstitution also includes updates to indices like BSE 100, BSE Sensex 50, and BSE Sensex Nifty 50.

Zomato’s Entry: A Milestone Achievement

Zomato’s inclusion in the Sensex comes after an impressive rally in its stock over the past year, delivering a remarkable 130% return. In comparison, the Sensex has posted a 12-month return of 20%. On the last trading day before the announcement, Zomato’s stock closed at ₹264.15 per share, down by 0.97%.

Performance Comparison

• Zomato: 130% return over the past year.
• Sensex: 20% return over the same period.
• JSW Steel: Recorded a 27% gain in the last year.

Other Key Changes in Indices

In addition to Zomato’s entry into the Sensex, several other changes are being made across different indices:

New Entrants to BSE 100

The BSE 100 index will see six new entrants:

• Jio Financial Services
• Suzlon Energy
• Adani Green Energy
• Adani Power
• Samvardhana Motherson International
• PB Fintech

These will replace:

• Ashok Leyland
• PI Industries
• IDFC First Bank
• IRCTC
• UPL
• APL Apollo Tubes

Changes in BSE Sensex 50

In the BSE Sensex 50 index, Zomato, Jio Financial Services, and Hindustan Aeronautics Limited (HAL) will replace:

• HDFC Life Insurance Company
• Bharat Petroleum Corporation (BPCL)
• LTIMindtree

Expansion of Futures and Options Contracts

BSE also announced the introduction of futures and options (F&O) contracts for 43 stocks, starting from December 13, 2024. Major names entering the F&O segment include:

• Adani Energy Solutions
• Adani Green Energy
• Adani Total Gas
• One97 Communications (Paytm)
• Yes Bank
• Avenue Supermarts (DMart)
• Life Insurance Corporation of India (LIC)
• Zomato
• Jio Financial Services

Governance Update

In a circular released after market hours, BSE confirmed that the Securities and Exchange Board of India (SEBI) has approved Subhasis Chaudhuri as the new Chairman of the exchange’s Governing Board.

Conclusion

Zomato’s inclusion in the Sensex is a significant milestone, reflecting the growing influence of tech-driven, new-age companies in India’s financial markets. As it joins the ranks of established blue-chip companies, this move is expected to attract more institutional investments and enhance its visibility among investors. The changes to various indices highlight an evolving landscape in India’s stock market, where innovative companies are gaining recognition alongside traditional industries.