Indian banker Uday Suresh Kotak (born 15 March 1959) founded Kotak Mahindra Bank, where he currently holds the position of non-executive director. When India's economy was still closed and experiencing slow growth in the early 1980s, Kotak chose to launch his own business instead of accepting a tempting offer from a multinational. He expanded his company during the following few years into a number of financial services sectors, becoming a significant player in bills discounting, stockbroking, investment banking, auto financing, life insurance, and mutual funds. The Reserve Bank of India granted Kotak Mahindra Finance Ltd. a banking licence on March 22, 2003, making it the nation's first corporate entity to do so.
His wealth was valued at $14.8 billion by the Bloomberg Billionaires Index as of April 2021. When Goldman Sachs sold Mr. Kotak a 25% ownership in two subsidiaries for $72 million, the two companies' 14-year association came to an end.
Early Life & Career
Kotak grew up in a Gujarati Hindu upper middle class home. household housing 60 individuals with a shared kitchen. Initially, the family was involved in combine trade. "Capitalism at work and Socialism at home" was his catchphrase. Cricket and sitar playing had been his two favourite activities. He acknowledged that he had given up on sitar playing in an interview with NDTV in 2014. His job decision was influenced by his aptitude in mathematics. Sydenham College awarded him a bachelor's degree, while Jamnalal Bajaj Institute of Management Studies awarded him a masters degree in management studies in 1982.
Kotak founded Kotak Capital Management Finance Ltd. (later known as Kotak Mahindra Finance Ltd.) after earning his MBA. He transformed a bill-discounting start-up into the third largest private sector bank by market capitalization in India with over 1752 branches from a seed capital of less than US$80,000 borrowed from family and friends in March 2022.
Kotak Alternate Asset Managers (KAAM), a new company that would integrate the company's alternate fund management and investment advice activities, was announced in August 2023. The organisation will reportedly manage $18 billion in assets, making it India's biggest asset management company.
He resides in Mumbai, is wed to Pallavi Kotak, and has two kids.