Shailesh has over 20 years of experience in impact enterprises and impact investments (venture capital / private equity). He started his career in financial inclusion, transitioned to investment banking in impact sectors and later investment management. He set up and managed the first direct impact fund of UK Aid/DFID (now FCDO). He currently works for Glocal Healthcare, a health tech impact enterprise. With 11 hospitals and 700+ digital dispensaries, it is the only organized chain serving Tier 3 cities and rural India and the largest player in digital doctor consultations.
LinkedIn: www.linkedin.com/in/shaileshcornell/
Twitter: @Shailesh_impact
Q. How has been your journey from IIFM so far? Key milestones/learnings.
A. We are all a product of our environment, the people we meet and the choices we get to make. My journey from IIFM was a quite a bit influenced by some of the people I met – mostly related to IIFM. When I joined IIFM, I had no idea what I was getting into, but I cherished every moment there. I was lucky to have Dr. R. K. Singh as my Faculty Advisor, an IFS with a penchant for academics, a great teacher and an even better human being. Largely inspired by him, I wanted to pursue a career in livelihoods, without any inkling of what it involved except for a few theoretical concepts. I could not get my dream job from campus, but I did get one in livelihoods.
Along with two batchmates, I joined SERP (an AP Govt. organization) in the largest “Livelihoods” project of the time. Being the first recruits directly from IIFM, we had the attention of Mr. T. Vijay Kumar, the CEO, who is responsible for the current architecture of NRLM. I was based in Hyderabad, taken in generously by our senior alumni – Amit Vatsyayan and Biplav Chatterjee, until I found an accommodation. My job in Hyderabad did not turn out, as I had romanticized. So, I requested for a field posting and I was sent to Paderu, the remote tribal part of Visakhapatnam as District Project Manager – Livelihoods. Paderu was beautiful, poor and lonely. With much effort, I picked up some Telugu but realized that locals only spoke tribal language. My disenchantment reached its peak when my team had to mobilize women for the CM’s visit and distribute bicycles to girls – for “promoting livelihoods”. Amit Vatsyayan suggested, “if you really want to promote livelihoods join BASIX”. I was in a big dilemma. I did not have high opinion of moneylending, and thought that’s what BASIX does. For this reason, I hadn’t participated when BASIX came for campus placement.
With some effort I got into BASIX, but told my boss, TN Sasidhar (an IIFM alumnus), that I don’t want to work in credit. Later in a social gathering another alumnus, Nikhil Mathur told me, “If you really want to get a grip on livelihood promotion you must understand credit”. Stumped, I finally joined microfinance. From that point on I worked only on market-based models of development. However, Nikhil did not. I learned the basics of microfinance in Jharkhand from Mukesh Sharan, another alumnus. BASIX was the best place to work, despite the modest remuneration. With my boss Sasidhar gone for higher studies at Princeton, I desperately wanted to see the insides of an Ivy League University.
For a while out of genuine interest I worked with Prof. R. K. Singh on a Conflict Management project for community leaders, along with Kumar Rahul, a batchmate and colleague from BASIX. I also applied to US Universities for an MPA. I secured admissions in Columbia, Harvard, Cornell and Syracuse, but had no money for the program. My senior Shree Ravindranath drew me to Intellecap (Aavishkaar Group), founded by our illustrious alumnus, Vineet Rai. Vineet told me that he has a lot of smart consultants but none have really worked in microfinance. I was the chump who had worked in microfinance but knew zilch about consulting. I worked on a franchise model for microfinance (which morphed into IntelleCash and later merged in Arohan). It is here that I learnt the basics of financial modeling and investment banking.
Providence was getting generous – I got the Fulbright Fellowship for Leadership Development, but not enough – it couldn’t cover a Harvard education. I ended up studying at Cornell, which offered its own scholarship and the cost was much lower than Harvard. I enrolled in MPA, but studied a lot of finance and investment courses at the business school (a hangover from Intellecap). I interned at UNITUS, a pioneer impact investment organization (no longer exists). I really wanted to work in some of the global big banks, but they were all going bust as I graduated at the height of the subprime financial crisis.
Vijay Mahajan, the founder of BASIX, took me in. I got shortlisted for the World Bank Young Professionals Program, but could not proceed due to US visa issues. I got to do my share of investment banking, raising large and small rounds of equity for BASIX group, meeting who’s who from the Wallstreet. Party for the microfinance sector was just getting started. SKS went public. BASIX looked like the most eligible maiden. Meanwhile Vijay had brokered a gamechanger deal and I got to lead it – merger of BASIX with a bank that would have been the first microfinance bank of India. We were haggling on valuations, when all hell broke loose. AP Microfinance Crisis precipitated, pulling the rug from under the feet of microfinance industry. There was little left to do, except for modeling different scenarios of the doomsday. But I turned up for work every day, religiously… and looked for a job. Out of serendipity, applying on the last day, I was hired by UK Government’s Aid Department, DFID (FCDO now), which was changing tack from grantmaking to impact investment. I got to create and manage the first impact fund set up directly by a bilateral in India – Samridhi Fund. I also got to lead a large technical assistance fund for revival of microfinance sector. Having made most of the investments at Samridhi, I got restless again.
I worked at IPE Global advising health tech companies, and raising an impact fund, which went the blended finance way – Samridh. Worked as a Consultant – led a team at EY for a World Bank Challenge Fund, led a team at Sambodhi (Founded by a group of IIFM alumni) for Gates Foundation research on Agri institutions and enterprises.
I continued to advise and help Samridhi Fund portfolio companies. I particularly liked Glocal Healthcare, an early investee of Samridhi, promoted by Dr. Sabahat Azim who quit IAS to solve the healthcare challenge for underserved India. I had become friends with Dr. Azim and continued to help Glocal through difficult times. In 2021, Glocal wiped out all its debt through a SPAC transaction, listing the parent Co. on NYSE. Dr. Azim asked me to join Glocal, as the company could afford to pay me. Glocal is a truly innovative company using IOT, PoC, AI in healthcare, building hospitals and clinics at the lowest cost, in the least time, delivering healthcare at the lowest cost in the organized industry in some of the most underserved regions. I’m the seniormost employee after the co-promoters, overseeing financing, business development, HR, part of execution and a bit of everything.
Q. What is the most satisfying part in your career?
A. For most part of my career, I loved what I was doing. There were only two years when I felt I was doing a job. Most satisfying part:
- Meeting the wonderful entrepreneurs, working along some great leaders, who never fail to inspire.
- Being part of great (at least in intent) initiatives even in small ways, a feeling that “We all can change the world……a little”.
Q. Has your learning at IIFM helped in shaping how you approach your professional roles?
A. Yes. IIFM introduced me to the development sector and all the talented fellow students. I learnt to work with others, to trust others. Being at IIFM was a liberating feeling, for the first time I learnt to have FUN and yet complete my deliverables. Nothing was difficult, but you had to work hard. I almost got the confidence that nothing is impossible. And that’s enough.
Q. Who (or what) are the biggest influences or drivers in your careers? What would be your advice to freshers and IIFM graduates who are looking to choose similar sectors/roles.
A. A whole lot of people as mentioned above including my friends at IIFM. But some who deserve a special mention – Dr. R. K. Singh, Vijay Mahajan – an inspiration for so many in the sector, my current boss – Dr. Sabahat Azim. I believe these people are a little more evolved than normal human beings. I have been fortunate to get an opportunity to work with them and continue to keep in touch with them. My advice to freshers and IIFM graduates is to find your interests and passion, set your own goals and work hard for them. You may not achieve them immediately but if you persevere, eventually they’ll come to you or may be something even better. Try to connect with good and inspiring people and most importantly have fun. Specifically for finance, get a good corporate finance book and read up on your own, learn some excel modeling. It is all so easy nowadays with online courses and YouTube.
Q. How did you decide to go for higher studies post IIFM? And how was the experience?
A. Dr. R. K. Singh had studied both in the UK and the US and encouraged us to go for higher studies. My roomie Koyel Mandal had already gone. The final trigger as mentioned above was T. N. Sasidhar going to Princeton. However, I applied much later and the funding came even later. It wouldn’t have been possible without excellent recommendations from my professors and employers.
Studying at Cornell was absolutely exhilarating. Experiencing a truly multicultural environment, surviving in an alien land, making new friends, exposure to the immense opportunity and the daily grind was both transformative and overwhelming. My batchmate Kumar Rahul was already studying at Duke and his advice was “Challenge yourself”. So, I did. I took courses of increasing difficulty in subjects I was weak. I was exposed to some amazing teachers and great pedagogy. My learnings at IIFM and Intellecap, helped me stay ahead of the curve. I was lucky to have full scholarship plus stipend and a fairly flexible program. I felt like Rancho in “3 Idiots” – “Charo taraf free me gyan bat raha hai jitna bator sakte ho bator lo”. I went cuckoo. I required 42 credits to complete my program, I graduated with 63, and Greek alphabets Pi Alpha Alpha (denoting some distinction). I did not sleep much, but I had fun too – taking courses in horse riding, sailing, swimming and introduction to wines, and throwing Indian dinner to friends and professors. IIFMites like Kulranjan Kujur, T.N. Sasidhar, Neeraj Negi, Aseem Hasnain, Mohd. Hasnain and Alark Saxena were around in the US to cheer me up, if I felt lonely.
Q. What are your favorite memories during your IIFM days?
A. As I said, IIFM stay was liberating. It was everything I had hoped for and more – like a 2 year paid vacation in a resort (with a diploma at the end). I played every game I could (some I had never played before). I learnt swimming in a tank made for construction. Bambusa parties were an opportunity to unwind, celebrate and dance till our legs gave in. Newer students would not know, but we(entire batch) got a monthly stipend, enough to make us feel rich and occasionally dine at the best places in Bhopal. Few had bikes, Nishant had an RX 100 (which could miraculously seat 5), Alark had a Yezdi and both were skilled riders. Aiyush and I had less iconic Bajaj scooter and bike. Venturing out at night on these bikes and having scrumptious dinners are some of the cherished memories. Adventures during field visits and OT are etched in my memory – visiting Satpura during monsoon, observing wild life in national parks, living in remotest forest rest houses, bathing in Himalayan streams, tricking Prof. Vijay Kumar and 9 of us stealing out of FRI in a Maruti 800, to see a night show of Raaz. The final Kalpataru was also a memorable occasion. We performed a drama under the guidance of a professional theater artist. With no coursework pressure, I went bonkers and participated in every contest except sports. It’s easy to be a hero among less than 70 people. I won so many prizes that I lost count and secured the Best All-rounder of the Year Shield.
Q. In hindsight, what was the biggest contribution (courses, faculty, library, friends, alumni.. Anything else!!) or take away from IIFM that you think played a critical role in shaping you as an individual or professional?
A. The entire process we went through, the exposure, but particularly the people – friends, alumni and guides.
Q. The best buddies / seniors /faculty at IIFM? Some memorable tidbits that you like to share?
A. Koyel Mandal (my roommate), Aiyush Mishra, Aashish Katara, Rachit Bansal and I went on a momentous field trip to north Bengal and became friends for life. Nishant Choudhary and Pradipta Haldar were also part of the gang. Alark used to organize adventure sports. Tanuj Agarwal was the only guy who religiously went for breakfast even on Sundays and bring back some for those who overslept. I did my first OT with Soumya Harsh Pandey and second with Alok Jha and Jagdish Upadhyay, which created a bond.
Seniors were all good, some filled with the irrepressible desire to enlighten us (as often is). But calling anyone “Sir” or “Madam” was strictly banned. Super seniors would often drop in to shower love and prepare us for the professional life ahead. All batchmates and seniors are good friends now.
C. S. Rathore was the best teacher Dr. R. K. Singh was more of a guardian, philosopher and guide. Dr. Yogesh Dubey joined IIFM along with us and we remember going to his wedding in the IIFM bus, gorging on the most elaborate buffet. Tiwari Ji and the Mess team under Chandu Bhaiya were great people.
Despite all the positives, food was never a strong point at IIFM. So apart from eating out, few of us ran a Maggi club. I was the cook, dishing out slurpy Maggi, fried rice and rarely pakoras on a hot plate with ingredients from the mess. I was nicknamed “Baba”. I remember secretly crying, bidding adieu to my friends and the life at IIFM, aboard the train back home.
Q. As an alumnus, what’s your advice to freshers or those are joining IIFM to get best out of the 2 years there?
A. Be focused, good grades and good impression on Professors haven’t harmed anyone. Make lasting friendships, build your network, most importantly enjoy this period (probably the last carefree period in your life). The institute will provide you a base platform, but it’s up to you to take it beyond that. If you have identified a career or area of interest, prepare independently for it. You guys are far more aware than us. In this era of information explosion, it shouldn’t be difficult. Don’t feel restricted by forest management, remember it comes with “Indian Institute” too; you can pursue any career with perseverance. Don’t try to specialize too early or get fixated on a particular career path (you may not know enough). Be open, let it be a process of self discovery.
Q. What was your typical day at the work? And how does it look like while you are on a break?
A. Like most of us, days are not the same. Some busy, some relaxed, some in travel. In my typical day of work, I am surrounded by people whose work I am little qualified to understand and who have no inkling of what I do. I sit in our NOIDA office, where all others are doctors providing digital consultations to remote rural patients. I am becoming an unqualified quack myself overhearing patient consultations all day. Sometimes, we have longish late night calls as Dr. Azim is at his best during the nights. During breaks, odd phone calls are not uncommon.
Q. And how about weekends, hobbies, family and anything else you want to add?
A. Snigdha, my better half and I are music lovers, lovers of nature travel and foodies. Earlier we spent lot of our weekends/ breaks cooking, trying out new restaurants, critiquing if the experience was subpar, and never missing out on a chance to head out (travel). But now we have a 5 year old boy – Advait, and all our plans are built around him. I try to swim every day, the pools are open. I love literature, but get lesser time to read now.
Q. Favorite Books, movies, authors?
A. Favorite Books – Raag Darbari by Shrilal Shukla – anyone working in rural development and knowing Hindi must read it, One Hundred Years of Solitude by Marquez, The Metamorphosis by Kafka, The Unbearable Lightness of Being by Kundera, Shekhar Ek Jeevani by Agyey, Midnight’s Children by Rushdie, Team of Rivals by Doris Kearns Goodwin, The Difficulty of Being Good by Gurucharan Das.
Favorite authors – Gabriel Garcia Marquez, Franz Kafka, Anton Chekov, Dostoevsky, Albert Camus, Shrilal Shukla, Vinod Kumar Shukla, Muktibodh.
Favorite movies: Lincoln, Interstellar, Lunchbox, Piku, Sahab Biwi aur Ghulam, Queen, Chupke Chupke, 3 Idiots, American Hustle, Jurassic Park, Jane Bhi Do Yaaron, Andaz Apna Apna, Rain Man.
Q. IIFM is driven by alumni’s passion and commitments towards its goal. How would you like to contribute to IIFM or IIFM alumni, students? Your engagement with IIFM Placement or OT/SI?
A. I’m here to offer advice to students thinking of a career in finance, investments. I would love to co-develop and teach a course on finance at IIFM (pro-bono). Even today we don’t have a useful course in Finance. Happy to engage students for OT or even a job if there is fitment.
Q. What do you think is different at IIFM now vs when you studied there?
A. Much higher student strength, many more buildings, better infrastructure, but it all comes at a cost – higher fee, limited stipend(top 10 of the class), Professors living on campus. We have a great Director now. I hope the professors are better.
Q. Any suggestions on who you want to get profiled/interviewed here?
A. Koyel Mandal (Shakti Foundation), Swapnil Shekhar (Sambodhi), Shamik Trehan (Dr. Reddy’s Foundation), Indrajit Chaudhuri (PCI), Mukesh Chandra Sharan (BRLPS).