IndoStar Capital Finance appoints Deep Jaggi as chief business officer

BENGALURU: Non-banking finance company IndoStar Capital Finance (ICFL) has announced the appointment of Deep Jaggi as its chief business officer, said a statement issued today. He will be based out of the Mumbai office and report to R Sridhar, executive vice-chairman and CEO, ICFL.
Jaggi joins from HDB (a wholly-owned subsidiary of HDFC Bank), where he was head of asset finance for the past 10 years and was responsible for the P&L of commercial vehicles, construction equipment, passenger vehicles and tractor businesses. He has been associated with Cholamandalam Finance and Apollo Tyres in his earlier roles.

In his new role, he will head all the retail businesses, business development and collections. He joins ICFL at an inflection point, where the company, strengthened by the equity infusion from Brookfield Asset Management, is looking to take advantage of the sizable post-pandemic opportunity in the asset financing segment.

“We have defined a clear path to expand the portfolio of retail loans for second-hand commercial vehicles and affordable housing. Deep’s extensive experience in retail lending will certainly be an asset to IndoStar,” said R Sridhar.

“I look forward to strengthening the company’s business, corporate and strategic initiatives, and look forward to further bolstering IndoStar’s customer reach with a clear focus on retail lending powered by commercial vehicles and affordable housing finance,” said Jaggi.

Promoted by Everstone Group and today jointly owned and controlled by Brookfield and Everstone, IndoStar is engaged in providing used and new commercial vehicle financing for transporters, loans to SME borrowers and affordable home finance through its wholly-owned subsidiary IndoStar Home Finance.