A techie by formal education, IIFM provided me the launchpad to get into the business side of fin-tech, insure-tech and finally health-tech domains. I am based in Mumbai, India.
Linkedin : https://www.linkedin.com/in/nandidibyendu/
Q. Tell us about your School and College before you came to IIFM.
A. Schooling was from DPS RK Puram.
Graduated from Delhi University with majors in Computer Science.
Q. How has been your journey from IIFM so far?
A. I was campus placed to Fino in 2010 as a management trainee. Spent 8 years there, in various roles spanning from project management to products and finally strategic alliances. In the final years I was also EA to the CEO, in addition to the PnL functions. Fino was a paytech startup when I had joined, and became a successful payments bank by the time I exited. It rode the waves of financial inclusion, BC banking with biometrics, microlending, Aadhar based financial transactions, wallets – prepaid instruments, domestic remittances, CMS and finally micro CA/SA. My learning was hands-on and immense. In 2018 I joined Kotak Life as the head of their mass market business. This team focused on driving business in the emerging next billion market. Here at Kotak, my next spurt of learnings began in the world of protection and underwriting risks. I also had to shift gears from working in a fast moving startup environment to a well-settled, conservative organization in a highly regulated insurance ecosystem.
In 2021, during the fag end of Covid, me and a colleague from Kotak Life started our own startup journey. We were able to stitch a strategic understanding with IIFL to back the venture and also provide us access to its vast distribution network. LivLong 365 underwrites OPD subscription plans for retail as well as corporate customers LivLong Insurance brokers (erstwhile IIFL Insurance brokers) is in the business of health, general and life insurance distribution
Q. What were some of the key milestones/learning in this journey that you would like to share with us?
A. As an employee in Fino, was instrumental in building the CMS business from scratch. Right from discovery of the opportunity to setting up the platform, signing the initial partnerships to running the PnL. Proud to see that this business now contributes to more than a third of Fino Payment Bank GMV.
Q. How has been your experience in your current Organization? What all areas have you been working here?
A. I am responsible for driving business at livLong. From less than 10 employees in 2021 to now more than 500, it has never been uneventful. Umesh (PFM 2009- 11) joined us during early days. We hope to have more IIFM’ites join us in near future, for suitable roles.
We are now among the largest health tech players in India with revenue crossing 160cr in the previous fiscal. As a broker we would be mid-size in domestic segment with a GWP of approx. 600cr.
Q. What is the most satisfying part in your career?
A. Sometimes pausing and looking back to realize that yes we have made some progress. This motivates us to brave the road ahead. I guess that is the story of most mid-career individuals.
Q. Has your learning at IIFM helped in shaping how you approach your professional roles?
A. IIFM made me open up to the fact that there are sustainable business models possible to be built in the next-billion / aspiring Bharat segment. Our alum in the various MFIs stand testament to that fact.
IIFM field trips and OTs were my first hand experience to the complexities as well as possibilities that existed in mass / rural markets.
Field trip is always special
Travelling in Sumo across MP during orientation
Q. What would be your advice to freshers and IIFM graduates who are looking to choose similar sectors/roles.
A. Advise to young IIFM’ites is to select the industry wisely. As you will most likely stay in same industry for your career. Within the industry look for companies who are growing well. Speak with seniors if any who are placed in that company or are in the same industry. I for example spoke with Varun Dudeja Sir and Bela Arora Maam who were working in Fino and were a batch senior than us.
My strategy in 2010 was simple. Industry was to be BFSI (robust and growing). Within the industry getting into a fast growing company. You grow with the company. Company grows with the industry.
Work-life
Q. What are your favorite memories during your IIFM days?
A. How it all began in IIFM: It all started way back in 2008 when I landed in the IIFM campus for GD/PI, and fell in love with the campus. Having stayed all my life in Delhi, the serenity, clear starlit sky felt surreal. The prospect of spending 2 years in the beautiful campus with decent ROI was compelling enough to make up my mind in favor of IIFM.
Being part of the Alumni committee and placecom, I was involved in several co-curriculars like designing the IIFM website, the (earlier) IIFM’ite logo, helping organise the Bhopal alumni meet 2008, alumni city meets 2009, city-wise physical outreach programs to alumni / otherwise during placements.
When we were going to graduate from IIFM way back in 2010 (year after sub- prime crisis had crippled many industries), we were anticipating low turnout of companies. Thankfully that was not the case. The day we wrapped up, I remember that we had called in dhol wallas for celebrations 🙂
Watching Cricket match in common room@Hostel was so much fun!
Q. In hindsight, what was the biggest contribution or take away from IIFM that you think played a critical role in shaping you as an individual or professional?
A. IIFM played the pivotal role in getting the placement done in a early stage Fintech company.
Placement days
Q. The best buddies / seniors /faculty at IIFM? Some memorable tidbits that you like to share?
A. Midnight walks/treks (outside IIFM walls), returning in the wee hours of morning. Spending evenings playing tennis mostly. Riding down to new market, 10 number etc on mess-off Sunday dinners. Midnight birthday celebrations that made body parts of both birthday boy and his roomie hurt!
Q. As an alumni, what’s your advice to freshers or those are joining IIFM to get best out of the 2 years there?
A. Participate in co-curriculars. Get decent grades. Topping etc. not necessary, just get enough so as not to get knocked out in shortlisting criteria of placement cos Make memories and friends for life.
Holi@IIFM in 2010
Q. And how about weekends, hobbies, family and anything else you want to add?
A. Ashimukta is my better half. She is a talented singer, painter and wonderful mom to our 6 year old son Devarpan. My Sundays are blocked for the two of them.
My Family
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 have committed for placements and already working with Placement Committee to take it to conclusion.
Q. What do you think is different at IIFM now vs when you studied there? When was the last time you visited IIFM?
A. Unfortunately, I have not been able to visit the campus post 2011
Q. Any suggestions on who you want to get profiled/interviewed here?
A. Venkat, Mayank Rai, Sahil Mehta, Nilesh, Ranjane, Rajesh Kumar, Umesh Tyagi, Ashish Phulera.
The usual suspects gang
IIFM pics credit: Chandan Khanna PFM10: The dude with DSLR