Biography of Mikhil Innani: Co-Founder CEO of PharmEasy & Apollo Finvest -Entrepreneur
Biography of Mikhil Innani:
Mikhil Innani, a self-proclaimed tech enthusiast, never
anticipated delving into the financial services industry, despite its presence
in his family background. His path initially took him to PharmEasy, a company
he co-founded, where he gained valuable experience in tech and business. After
his stint at PharmEasy, he shifted gears and joined Hotstar as a director of
product. However, it was in December 2017 that he transitioned to Apollo
Finvest, a publicly listed non-banking financial company (NBFC) run by his late
father.
Educational Foundations and Achievements
Mikhil Innani's educational journey began at Dwarkadas J.
Sanghvi College of Engineering, where he pursued a Bachelor’s degree in
Information Technology from 2006 to 2010. His academic pursuits continued at
Carnegie Mellon University, where he completed a Master’s in Information Systems
Management in 2011. During his time at Carnegie Mellon, he not only excelled in
his studies but also won the prestigious Keith Block Entrepreneurship
Challenge. The Master’s program he enrolled in was distinct for its integrated
approach, combining business and technology to equip students with crucial
skills for managing modern digital enterprises.
Early Career Insights
Mikhil’s early career included an internship at Credit
Suisse in 2011, where he developed an application for stress testing stock
records using Apache JMeter. This role involved creating a system for
processing XML files and handling high throughput server messages, setting the
stage for his future innovations in technology.
Technological Innovation
Mikhil's career took off at GEP Worldwide, where he worked
as the Head of Machine Learning from August 2012 to July 2013. In this role, he
led a team in developing customized machine learning algorithms and scalable
models to handle large datasets. His work notably improved project turnaround
times from 60 days to just 15 days and significantly cut down manpower costs
per project.
Stepping into the Startup World
In 2013, Mikhil joined CouponDunia as the Head of Product.
As one of the earliest team members, he played a key role in the company’s
evolution, particularly by leading the shift to mobile platforms with the
launch of a mobile site and apps for iOS and Android. His efforts contributed
to CouponDunia’s successful acquisition by Times Internet in May 2014.
Pioneering in Health Tech
Mikhil’s entrepreneurial spirit shone brightly when he co-founded PharmEasy in January 2015. PharmEasy has since become India’s largest health tech company, valued at over $1 billion. Under his leadership, the company revolutionized access to healthcare by delivering affordable services directly to consumers’ doorsteps, leveraging his expertise in product development, technology, and design.
Biography of Mikhil Innani: Co-Founder CEO of PharmEasy & Apollo Finvest-Entrepreneur/Hotstar/CouponDunia/Success story of Mikhil Innani/life story
The Struggle for Financial Inclusion
Despite India’s rapid economic growth and a large
population, financial inclusion remains a major challenge. In 2018, only about
one-third of people eligible for loans had access to a bank account. Even
though the government has made efforts to increase bank account ownership, many
of these accounts are either inactive or minimally used, leaving a significant gap
in access to formal credit.
Revolutionizing Loan Processing
At Apollo Finvest, Innani saw an opportunity to use
technology to address these issues. The company has developed a digital lending
infrastructure that allows for the processing of loans of any size—be it $100
or $1 million—at nearly zero cost. This innovative approach means that
companies in India can start offering digital loans within just 48 hours, thus
making financial services more accessible.
Empowering Small-scale Lenders
Apollo Finvest's technology doesn’t just benefit large
companies; it also supports smaller, informal lenders. For example, a village
leader in India could use Apollo's platform to formalize their traditional
lending practices. By doing so, they could create legal agreements and report
lending activities to credit bureaus, thus building a credit history that could
facilitate future loan applications from traditional lenders.
Driving Digital Finance Innovation
Mikhil’s career took another significant turn when he became the Director of Product at Hotstar in January 2017. During his tenure, he was instrumental in scaling the platform from 10 million to over 300 million active users and led the successful transition of Hotstar's operations from Accenture to an in-house team. His work laid the groundwork for Hotstar 2.0, which was launched ahead of the IPL 2018, significantly boosting the platform’s growth. Hotstar’s success led to its acquisition by Disney in late 2017.
Leadership in Financial Technology
Currently, Mikhil serves as the CEO of Apollo Finvest, a digital non-banking financial company (NBFC). Since April 2018, he has led Apollo Finvest in providing a versatile platform that enables companies to offer digital loans swiftly, akin to how AWS revolutionized cloud computing. Under his leadership, Apollo Finvest powers over 35 fintech companies in India, making a significant impact on the financial technology landscape.
Tackling Financial Barriers
Innani’s passion for technology, coupled with his new role at Apollo Finvest, led him to confront a significant issue in India's financial landscape: the lack of access to credit. Many Indians face difficulties securing loans due to a lack of credit history. This problem is especially pronounced among small-scale entrepreneurs who often require just a few hundred dollars to start their ventures but are turned away by traditional lenders due to the small loan amounts.
Building a Legacy
Innani views the work at Apollo Finvest as a catalyst for
systemic change. By improving financial inclusion, the company aims to create
opportunities that could significantly impact India's economic landscape for
generations. He believes that the changes made today in how credit is accessed
will resonate for the next hundred years.
Learning from the Past
Innani’s experience at PharmEasy and Hotstar shaped his
understanding of the financial challenges faced by small businesses. At
PharmEasy, he saw how the lack of working capital hindered the growth of local
pharmacists who wanted to scale up their operations. This insight highlighted
the need for a solution to bridge the credit gap for small-scale entrepreneurs.
From Streaming to Lending
At Hotstar, which was acquired by Disney in 2019, Innani
played a crucial role in scaling the platform from 7 million to over 250
million monthly users. This experience underscored the vast potential of
digital services in India, reinforcing his belief in the need for a digital
solution to address financial exclusion.
A Vision for the Future
Innani’s vision for Apollo Finvest is driven by his desire
to create systemic change in financial services. He is motivated by the
potential to transform the financial landscape in India, ensuring that more
people and businesses have access to the capital they need to thrive.
Networking and Growth
Reflecting on his time at Carnegie Mellon University (CMU),
where he pursued a Master of Information Systems (MISM), Innani emphasizes the
importance of building a network of supportive peers. He recalls how his
classmates, many of whom have gone on to start their own successful ventures,
played a crucial role in his professional growth.
Collaboration and Innovation
Innani’s philosophy of collaboration over competition has
influenced his approach to entrepreneurship. He values the connections made
during his graduate studies and believes that fostering a supportive community
of peers is key to long-term success.
Transforming Financial Services
Ultimately, Mikhil Innani’s journey from a tech enthusiast
to a leader in digital lending reflects his commitment to using technology to
address significant social challenges. Through Apollo Finvest, he aims to make
financial services more inclusive, thereby opening new opportunities for
countless individuals and businesses in India.
A timeline for Mikhil Innani's journey:
2006-2010: Dwarkadas J. Sanghvi College of Engineering -
Pursued Bachelor’s degree in Information Technology.
2011: Carnegie Mellon University - Completed Master’s in
Information Systems Management; won Keith Block Entrepreneurship Challenge.
2011: Credit Suisse Internship - Developed application for
stress testing stock records.
August 2012 - July 2013: GEP Worldwide - Head of Machine
Learning, improved project turnaround times and reduced costs.
2013: CouponDunia - Head of Product, led transition to mobile
platforms, contributing to acquisition by Times Internet.
January 2015: PharmEasy Co-Founder - Revolutionized access
to healthcare in India.
January 2017: Hotstar - Director of Product, scaled platform
from 10 million to over 300 million users, leading to Disney acquisition.
December 2017: Apollo Finvest - Transitioned to CEO, focused
on digital lending and financial inclusion.
April 2018: Apollo Finvest - Led the development of digital
lending infrastructure, improving loan accessibility.
2019: Disney Acquisition of Hotstar - Hotstar was acquired by Disney following significant growth under Innani's leadership.
