Investor Relations

Board of Directors


Mr. Dilip Modi, Chairman

Mr. Dilip Modi was appointed to the Board on 21stAugust, 2006 as the Director of the Company and has been its Chairman since 18thFebruary, 2014 and was re-designated as Non-Executive Chairman w.e.f. 1stOctober, 2019. Mr. Modi is one of India’s most successful second-generation entrepreneurs and has pioneered several new technologies in the mobility and technology sector in India. Mr. Modi is passionate about creating usable and affordable technologies that can help improve the lives of people.

In the last two decades, he created a strong portfolio of businesses within the mobility and technology sector, starting from successfully launching India’s first mobile service – Modi Telstra in 1995 that also hosted the very first mobile phone call made in India. After a successful divestment of Modi Telstra in the year 2000, he launched Spice Communications in Punjab and Karnataka, which soon became one of the most valuable and enduring brands in the two highly profitable mobile markets of the country.

Mr. Modi has also been closely involved in industry forums and has held the position of Chairman of the Cellular Operators Association of India (COAI) and has had the honour of being the youngest President of ASSOCHAM (Associated Chambers of Commerce). He has worked on key industry programmes, which includes ‘Making Inclusive Transformation Happen.’ His efforts in the industry were duly recognised as he was conferred the ‘Youth Icon Award’ by the Gujarat Chamber of Commerce and Industry.

Driven by the firm belief that technology can become a key enabler for achieving inclusive growth in the country, his group’s current business interests in the fintech space exemplify this vision by furthering the digital and financial inclusion goals.

An alumnus of the prestigious Imperial College, London, Mr. Modi completed his Master’s in Business Administration with a specialisation in Finance. He also holds a First Class in Bachelor’s of Science in Management Technology from Brunel University, London.

Mr. Rohit Ahuja, Executive Director

Mr. Rohit Ahuja was appointed on the Board on 5th May, 2020 as an Executive Director. Mr. Ahuja has been an entrepreneur, strategic advisor and perpetual investor helping technology - first companies grow and scale. During his entrepreneurial journey of 25+ years, he has been the founder of many successful businesses and carries hands-on experience in setting up and managing all aspects of the business (operations, sales, finance and people management), acquiring, turning around and managing/ running multiple companies across various sectors.

Mr. Ahuja became the Founder and Managing Director of a manufacturing facility, Menthol India, for mint-based products and aromatic chemicals, and had set up a state-of-the-art manufacturing facility for mint products with Sulzer, Germany. He also represented Indian Menthol Exporters in prestigious IFEAT conferences. Mr. Ahuja also served as a Managing Director a non-banking finance company, Trozen Finance and Securities Pvt. Ltd., which specialised in real estate finance and investments. He has been the Founder and CEO of an IATA accredited travel and tourism company, Odyssey World, which became the leading hospitality company in India serving judiciary, Government officials and diplomats. He was also the Founder and Managing Director of super specialty medical centre, Empathy Medcare Pvt. Ltd., which had OPD, IPD by full time doctors from FORTIS Healthcare and pathology lab by Dr. Lal Path Labs, providing full medical treatment.

Mr. Ahuja has been associated with the Company since 2015 and has been instrumental in defining strategy, growth and operational plans for strategic projects of the Group. He plays a key role in business development in new geographies for the group and also heads key strategic projects undertaken by Chairman Office. Mr. Ahuja completed his Bachelor’s of Science in Accounting and Finance from USA in the year 1997.

Mr. Venkatramu Jayanthi, President and Executive Director

Mr. Venkatramu Jayanthi is a distinguished banking professional with an impressive 25-year career spanning across key functional domains of Banking. Specialized in the areas of Business Strategy, Rural & Inclusive Banking and the Digital Banking domain. With a track record that demonstrates a proven ability to successfully lead and manage New Businesses focused on Digital Financial Services and innovative business models resulting in substantial business growth. Enthusiastic about harnessing technology to reshape the landscape of financial products. Known for creating collaborative work environments fostering creativity.

As the MD & CEO of India Post Payment Bank, he orchestrated a transformative journey by strategically leveraging the extensive legacy Postal Network. Through innovative initiatives, that not only guided the bank towards profitability but also positioned it as a unique player in the competitive financial sector, particularly in underserved Rural Markets.

With over 25 years of hands-on experience in banking, His expertise lies in Rural & Inclusive Banking and digital Banking, successfully launching new businesses and gliding them along a profitable path. His leadership journey is marked by a demonstrated ability to navigate the dynamic landscape of the banking industry, create winning teams, and successfully bring out the best in each team member ensuring adaptability and success in an ever-evolving sector.

Mr. Subramanian Murali, Non – Executive Director

Mr. Subramanian Murali was appointed on the Board on 7thMay 2015 as Non-Executive Director. He was associated with leading organizations such as A.F. Ferguson and HCL Group of companies in several senior positions.

Over more than 36 years of experience in industries like IT, Office automation, Telecom and Mobility, he has gained extensive knowledge and expertise in the areas of fund raising, M&As, Business restructuring, Process Re-engineering, Business turnarounds, Corporate Finance and Management.

Presently, Mr. Murali is Executive Director-Finance of Spice Connect Private Limited, Company’s holding company and oversees the entire group’s finance function. He has been associated with the group for 14 years and is actively involved in Shareholders value creation, Business planning, Corporate finance, Capital allocation, Treasury management, Management review and overall productivity of all resources within the Spice Connect Group.

His association with the group helped in managing different business cycles ranging from startups, steady state growth, rapid and exponential growth, slowdowns and closures. Mr. Murali is a Fellow Member of the Institute of Chartered Accountants of India (ICAI).

Mr. Mrutyunjay Mahapatra, Independent Director

Mr. Mrutyunjay Mahapatra has over 3 decades of experience in senior leadership positions in General Management and diverse areas of IT, Innovation, Strategy, Decision support Systems, Corporate Banking, International Banking, syndications, Private Equity, Investments, Credit appraisal and Administration, Retail banking and Branch Management, Forex Operations, Client Relationship Management and Personnel Management in the Banking Sector. He spent the majority of his career with State Bank of India, the largest public sector bank in India, retiring as the Deputy Managing Director, Digital Strategy & Technology. He has nearly 8 years of overseas experience in senior and country head positions in USA and UK. Multifarious international exposure through Loan, investment and M&A deals, working in global boards, wide travels and advisory roles. He was a former CEO of Syndicate Bank and worked in the boards of Canara Bank, C-edge (An IT company which is a JV of TCS), NPCI (National Payment Corporation of India), DSCI, SBI California, SBI Canada. He has also worked in the board of IIFCL UK (An overseas infra funding company) as GOI nominee. He was in the Customer Advisory boards of CISCO, HP, Red hat-Linux, Infosys-Finacle. He worked as the Chairman of the Fintech group of AIMFAI (All India Mobile and Fintech Association of India) and Chairman of Indian Bank’s CIO council of IDRBT. Mr. Mahapatra is well known speaker in Industry and public events and regular columnist in leading Economic newspaper and magazines. He is also Visiting Professor of Banking and Finance in Manipal University teaching MBA classes on Technology, Leadership and Finance. On the academic front, Mr. Mahapatra holds Masters of Science (Physics), Advanced Diploma in Management, Diploma in Industrial Finance. He is a Certified Financial Planner, Honorary Fellow of Indian Institute of Bankers, distinguished Alumnus of Berhampur University.

Mr. Ram Nirankar Rastogi, Independent Director

Mr. Ram Nirankar Rastogi is a seasoned Career Banker and a proficient Digital Payments Strategist with a deep understanding of cutting-edge digital technologies employed in payments, real-time decision-making, risk management, predictive analysis, and Regtech.

Currently serving as the Chairman of the Fintech Association for Consumer Empowerment (FACE), a non-profit organization dedicated to articulating the common concerns of Consumer Lending FinTech companies to regulators, media, distribution platforms (such as Google Play Store), and other external stakeholders.

With an extensive banking career spanning three decades, Mr. Rastogi held key roles at the State Bank of India, where he functioned as a senior executive overseeing Strategy, Business Development, ATMs, Debit Cards, and Emerging Payment Systems. During his tenure as the Head of Product Development at the National Payments Corporation of India (2011-2017), he played a pivotal role in mentoring the development of real-time payment systems in India, including the Immediate Payments Service (IMPS), Unified Payments Interface (UPI), AEPS, Cross-Border Payments, Bharat Bill Payments System (BBPS), and other offline payment systems, ensuring their adherence to regulatory compliance.

Mr. Rastogi's engagement extends to close collaboration with regulatory bodies such as the RBI and TRAI, various government departments, non-governmental organizations (NGOs), public policy committees, and stakeholders in the FinTech industry, fostering the creation of comprehensive ecosystems.

Dr. (Ms.) Rashmi Aggarwal, Independent Director

Dr. (Ms.) Rashmi Aggarwal was appointed to the Board on 2nd November, 2018 as an Independent Director. Dr. Aggarwal is currently Director, Online Center, Professor- Strategy and International Business, at the Shiv Nadar University, Institution of Eminence (IoE), and Chairperson-International Accreditation. Before joining the university, she was a faculty of law at IMT Ghaziabad in economics, environment, and policy for 15 years. She is a visiting faculty with IIMs in India and various management Institutes in France and Dubai.

Dr. Aggarwal’s research domains are predominately in the area of corporate laws, corporate governance, cybercrimes, labour laws, and intellectual property rights, with more than 80 reputed publications to her credit, including books, international research publications, book chapters, book reviews, and case studies. Dr. Aggarwal has presented her research work at national and international conferences in India and abroad. She has designed and delivered numerous executive programmes as a facilitator and Program Director for In-company and Open Company and conducts workshops and training programmes for higher education accreditation.

Before joining academics, she started her career as an advocate in the Punjab and Haryana High Court and Supreme Court of India.

Dr. Aggarwal is a Bachelor of Science and Law Graduate and Masters in Law and Ph.D. (Patents Law) from the Law Department, Punjab University, Chandigarh. She was mentored by FICCI for the ‘Women on Board Mentorship Program’ by the Former Director, Department of Economic Affairs, Ministry of Finance. She is certified in finance from the National University of Singapore (NUS) and business cases from China European International Business School, Shanghai, China.

Mr. Mayank Jain, Independent Director

Mr. Mayank Jain was appointed to the Board on 1stOctober 2019 as an Independent Director. Mr. Mayank started his career with Tata Motors and worked for two years in both Jamshedpur and Pune. Mr. Mayank then worked at one of the big 4 consulting firms in Toronto, Deloitte Consulting. Here he helped several clients in the mining industry in Northern Ontario to streamline and improve their business processes. He also assisted Bell Canada establish their new billing system for Broadband services.

After his stint at Deloitte, Mr. Mayank went on to join Siebel Systems in the United States, the largest Customer Relationship Management (CRM) Company in the world. Siebel also became the fastest growing company globally during the early 2000s. Mr. Mayank held the position of Senior Director of Products for Automotive and Manufacturing industries for a number of years with Siebel.

In 2006, Mr. Mayank moved back home to India to pursue business opportunities, and over the last few years, he has built an internet and Cyber Security business spanning across 5 States in India and growing at a very fast pace. His company also partners with Facebook Express WiFi Project providing WiFi Services to many offices, hospitals, malls and outdoor customers.

Mr. Mayank has done Bachelor in Engineering. Also, Mr. Mayank holds the degree of MBA from Richard Ivey School of Business at the University of Western Ontario in London, Ontario. Mr. Mayank holds the distinction of being named to the Dean’s Honour List in his MBA class.