The board of directors of Poonawalla Fincorp Limited, at its meeting held on March 18, 2024, has considered and approved retirement of Mr. Abhay Bhutada as Managing Director of the Company effective from close of business hour June 23, 2024, and to continue as Non-Executive Director on the Board of Poonawalla Fincorp Limited. Mr. Abhay Bhutada spearheaded and was instrumental in successfully transforming the entire company since its acquisition in May 2021. He has strengthened Poonawalla Fincorp with his excellent and extraordinary efforts in less than 3 years and has fast forwarded the company to its current exceptional state of affairs.

Given his leadership, execution skills and business acumen, Abhay Bhutada has been promoted to Group level and will be taking up strategic & larger role at the Cyrus Poonawalla Group for managing its strategy, investment & finance. Mr. Abhay Bhutada is a seasoned finance professional with over 15 years of diversified experience in the commercial and retail lending domain. He is passionate about using technology in financial services and has been instrumental in setting up the lending business for the Poonawalla Group.

He is a qualified Chartered Accountant from the Institute of Chartered Accountants of India.