Krishna Chandran (KC) has been in microfinance sector throughout his career so it is almost 2 decades now seeing how the sector got shaped and re-shaped! At 44, he is still grappling with the challenges of life and think Socrates had a point when he said ‘True wisdom is knowing you know nothing’!
Location: Cochin, Kerala
Linkedin: https://www.linkedin.com/in/krishnachandran
Q. Tell us about your School and College before you came to IIFM. How was your experience there? And how did IIFM happen?
A. I hail from a town called Thrissur in Kerala. In my school days it was famous for two things- Thrissur Pooram (Continues to be well known) and entrance coaching institutes (Not so much now). We had two measures of success- crack the engineering entrance or else the medical entrance. I chose the former!
But I learned soon that I didn’t want my career to be built in engineering but in the business side of things. Also, I was curious about rural management. To ensure I didn’t end up like being a misfit in engineering, I did a small internship with a rural water management organization in Kerala, before finally deciding that rural management would be my thing.
TBH, it wasn’t love at first sight for me with IIFM. When applying, I had an image of a very green campus at IIFM. I remember peeking at IIFM hill for the 1st time from the auto on my way from Bhopal station to attend the interview, and thinking- this can’t be it! I soon learned the photos in the brochure were taken during monsoons and the campus in dry season looks very different. But slowly the campus grew on me….
Q. How has been your journey from IIFM so far? What were some of the key milestones/learning in this journey that you would like to share with us?
A. My career is built in microfinance sector. And the ride had its ups and downs like most others. SKS Microfinance (Currently BFIL) recruited us from campus, gave us the best training program I have seen so far in my career and then sent me with a Power of Attorney document to start the business in Kerala. The company equipped you, trusted you and gave you freedom to work like an intrapreneur.
For a fresh management graduate, it was a great learning opportunity- right from recruiting the first team member, planning the business expansion, opening branches, negotiating with politicians (Looking for quick money) and police, learning from our customers on the products we need to build, to driving the business through a large team. Those were the heady days of microfinance, and we genuinely felt we were making a positive change in our customers’ lives. And then the AP crisis hit the sector in 2010!
The entire outlook turned overnight (We were celebrating the 1st IPO of the industry few months back). From branch expansion, we were now into consolidation. You had to walk back on some of the commitments given to the team, convince them why the salary could be delayed by a few days, and continue to give them confidence that things would become alright soon.
In between the company gave my team one more state to manage. Our team did a fabulous job of riding out the crisis, but the learning was plateauing in the role for me. So, when an opportunity came in 2012 to head the operations of a smaller MFI working across 6 states, I decided to grab it.
But soon I realized the value system of the Founder was quite different from mine and I put in my papers in a few months when it was sure that neither of us would change. What surprised me most though is how the board, which comprised of a Belgium based fund’s South Asia head and another prominent banking veteran, were unable to find what the Founder was doing with the company (Or did they?).
After quitting, I built my first entrepreneurship. We brought to Kerala its 1st multi-soda vending machine brand. It was a simple distribution and franchising business (Almost like microfinance). We opened around 120 franchises across Kerala. It became a rage for a short while- I still remember the police asking us to down the shutters when we opened our 1st outlet in Alleppey as the road got choked with customers (It was not a big road, and we gave free samples on the 1st day). The fad for the flavored soda started dying and I sold it off (Should have done that earlier for better profits).
I later joined another gold loan NBFC, to establish and head their Microfinance Division. Though most of the things were operationally the same as earlier jobs, we additionally got the P&L responsibility for the 1st time. There we built India’s 1st tab-based software for the microfinance field teams, which helped us to take instant decisioning on loans.
A learning opportunity I greatly value was when the Chairman entrusted us to search, negotiate and acquire another NBFC for the group, so as to conduct the microfinance business exclusively under the new NBFC. Our team successfully acquired an NBFC and got regulatory clearance.
I believe that, as an employee, we tend to deliver the best when someone ‘trusts’ you and also gives you a large responsibility to execute.
After nearly 5 years with the Boby Chemmanur group (Which I really enjoyed), I joined KPB Fincare for a larger opportunity and new learning. The promoter group had acquired an NBFC and wanted someone from the microfinance industry to build the business. I joined them as COO, reporting to the MD. There we got the opportunity to learn how to build a company from scratch. We established one of India’s first paperless and cashless microfinance operation.
There I also understood the importance of laying the right expectations. When the Covid crisis hit, the microfinance customer behaviour started shifting. The joint liability group cohesion was gone, and I failed to read it correctly. Instead of understanding and communicating that this crisis is very different and that we should expect some significant hit (The industry wrote down 25% or more portfolio), I believed that I could overcome the crisis by pushing through it and relying on my past experience. And I was terribly wrong!
Sometimes it is best to cut your losses early, rather than trying to fight the tide- when you accept the situation, it gives you better clarity on what best to do next.
Anyways, nothing I did seemed to work, so I went back to our customers. We started to contact around 50-60 customers daily and tried to understand their shift in behavior, their new aspirations, their digital habits etc. Even though I couldn’t apply all the new learnings at KPB, one thing I realized for sure in 2021 was that the microfinance customers had become ready for digital journey, but the microfinance companies were yet to wake up to it.
I quit in 2022 and started my 2nd venture. We aimed to build India’s 1st microfinance marketplace- Svadhan. Almost like a Swiggy of microfinance, by bringing customers and microfinance companies together on our marketplace app, while we would have agents in each village doing leg work for the lenders. We also decided to dump the JLG concept and went in with a quasi-individual lending concept. Things seemed to work initially, we got established lending partner, formed head of SBI Yono helped us to build the software platform and few good friends and family invested in it. But I couldn’t execute it properly- our platform was very buggy, and the money ran out before we were able to build traction. I burnt the savings I had (And took in some debt too), but that wasn’t sufficient and we finally decided to shut it in late 2024.
Looking back now, I can think of those times in a light manner, but living through them was not easy at all. We tend to question our abilities and self-worth during such times. Also, if you have accepted money from outside, the moral pain weighs you down tremendously.
Q. How has been your experience in your current Organization? What all areas have you been working here?
A. I joined Muthoot Microfin in 2025, to establish and head the individual lending business as well as the company’s BC/Co-lending vertical. In my start-up while I was trying to unify the individual lending and BC business through our marketplace, God has been kind to give me another opportunity to build the same under different verticals at Muthoot. And this time we have the banner and financial backing of a big brand behind us.
The best thing about the organization is that the leadership at the company is very forward looking and we are building some unique AI based approaches in microfinance business. Not everything may workout, but we keep trying. Our team has contributed Rs 3000 Cr+ business to the company in less than a year, and is on the path to build a Rs 10,000 Cr+ portfolio in the next couple of years.
Q. What is the most satisfying part in your career?
A. The most satisfying part so far has been to see many of my teammates grow and then go on to become leaders in various organizations. And as a sector I have seen microfinance bringing dignity of finance to the poor. Also, for thousands who joined as field employees after completing their 10th or 12th, the sector has rewarded their families with financial security. It gives immense pleasure when few such friends sometimes share the pictures of the new 4 wheelers they bought or the houses they constructed ☺️
Q. What would be your advice to freshers and IIFM graduates who are looking to choose similar sectors/roles.
A. If people are getting into MFI sector at present, then my advice would be to look at opportunities in non-JLG side of business. And whichever sector you are, always try to have opportunities to talk directly to your customers- those conversations when combined with data would give you the best insights.
Q. What are your favorite memories during your IIFM days?
A. There are many- the eager walks to Nehru Nagar with friends for Omlettes and Bhutta, the slow walk back up the hill, climbing Panchmarhi with my friends DJ, Sudhanshu, Kaustubh (Late) and Sonali, trekking in the forests of TN during the fieldtrip (And touching a crocodile at the crocodile park), Holi celebration (Was a new experience for me), Sunday biriyani at the mess, gazing endlessly at the lake from the hostel terrace, group study the night before the exams, attending the classes of CSR Sir and Prof. HS Gupta, and sleeping off in many others’, chats with Suprava Mam on water conservation, participating in the football tournament, debating strategy in Chandrasekhar Sir’s class (Awesome teacher who made us think deep and question our beliefs), the walks in surreal fields of Punjab during the 1st OT, cracking the SKS interview etc. etc.
But the best memory of all is of the late nights I spent thrashing it out with my friends on the badminton court.
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. Let me take you to our placement days. During my time at IIFM, I was more focused in Water Management sector. Even though I did my OTs in the sector, I could not find a job opportunity in the ‘business’ side of water management. Towards the end of the course, I was truly lost (Not afraid, but lost). I was sure of what I didn’t like, and hence didn’t apply for any of the bank, insurance, development sector jobs that had come our way.
That was when Avijit Kishore Sir, from our preceding batch, came to the campus the day before SKS team came for recruitment. Avijit Sir was working in SKS at that time and he painted an enchanting picture of job role he had at the company. I immediately ran to DJ and he taught me microfinance in 30 mins, that otherwise was taught over 30 classes as an elective.
To cut the long story short I managed to crack the interview, along with one more of my batchmate, PD. For me, so I guess, friends and alumni have been the most influencing factors from IIFM.
Q. As an alumni, what’s your advice to freshers or those who are joining IIFM to get best out of the 2 years there?
A. Enjoy your time in the campus – this could be the last of the carefree days for many years to come. Be curious with life. Read a lot – there is only so much you can learn from your own mistakes.
It helps if you are able to identify what excites you as a sector/career. But fret not if you haven’t identified any so far, you too would turn out alright. Life will happen, whether you plan or not.
Q. And how about weekends, hobbies, family and anything else you want to add?
A. The weekends are more relaxed (Except today, when Rishi is pushing me to send this article across) and I try to spend it with my family. My eldest is in grade 10 (I guess some of us could greatly benefit if we have a forum on handling teenagers instead of career advice), and my daughter is in grade 2. She ensures the family revolves around her demands. My better half is my classmate from school (So we have seen almost all shades of each other) and works as Pre-Sales Director at Ascendion.
I am also into trekking, and I try to ensure I get a chance to climb a hill (And sometimes a mountain) once a month. We are settled in Cochin.
Q. Favorite Books, movies, authors?
A. I try to read a few pages each day, and the mix of books is eclectic. Few of my favorites which I recommend for others are The Upanishads by Eknath Easwaran, Poor Economics by Abhijit Banerjee and Esther Duflo, When Breath Becomes Air by Paul Kalanithi, Running Lean by Ash Maurya, Despite The State- Why India Lets Its People Down and How They Cope by M Rajshekhar, Saying No To Jugaad by TN Hari and MS Subramanian, The Courage to be Disliked by Ichiro Kishimi and Fumitake Koga, The Psychology of Money by Morgan Housel, Sapiens by Yuval Noah Harari, Many Lives Many Masters by Brian Weiss, Measure What Matters by John Doerr, The Prophet by Kahlil Gibran.
I usually wait for good movies to come on OTT, unless there is a strong recommendation not to miss the theatre experience. And coming from Kerala we never had a dearth of quality movies to watch. If I need to choose only one, then I would recommend Manichitrathazhu (1993) and if I am allowed four more then- The Shawshank Redemption (1994), Interstellar (2014), Kantara (2022) and Superboys of Malegaon (2025).
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?
A. There are many stalwarts and better suited alumni for this job. But if anyone wants to connect with me for sectoral advice or would like to discuss challenges they are facing in their startup journey, then I would be glad to help. They could connect me through the IIFM alumni WhatsApp group.
Q. Any suggestions on who you want to get profiled/interviewed here?
A. Like many, I am also waiting for Rishi to be featured here. Also, would like to see Nirmalya Choudhury Sir (PFM 2003-05) profiled here. The latter helped me like a brother (Or like an affectionate senior would) during by first OT, and I am sure the life stories of both these personalities would enrich each one of us.