Biography of Piyush Khaitan: Founder and MD of NeoGrowth Credit-Entrepreneur
Biography of Piyush Khaitan:
The Journey Begins: From Textile Mills to Entrepreneurial
Ambitions
Piyush Khaitan’s professional journey began in an unusual
way for someone who would become a prominent figure in the fintech world.
Growing up in an entrepreneurial family deeply rooted in the textile industry,
Piyush was introduced to the business early. While still in college, he joined
the family mill as a trainee. Over four rigorous years, he learned the ropes,
managing mill workers' attendance, handling accounting tasks, and overseeing
technical aspects of textile production. This hands-on experience laid a solid foundation
for his future entrepreneurial ventures, ultimately leading him to establish a
small engineering unit.
A New Chapter: Founding Venture Infotek
The mid-1990s marked a significant turning point for Piyush
Khaitan and his brother Dhruv. Together, they founded Venture Infotek, a
digital payments processing firm. The company quickly grew to become India’s
largest payment processing entity. With its innovative approach, Venture
Infotek revolutionized the payments landscape. In 2010, a landmark deal saw the
company being acquired by a European multinational corporation, which was a
testament to its success and impact in the industry.
The Birth of NeoGrowth Credit
Following the successful divestment of Venture Infotek,
Piyush and Dhruv Khaitan channeled their expertise into a new venture:
NeoGrowth Credit Pvt. Ltd. Founded around 2011-12, NeoGrowth was conceived with
a clear mission: to improve access to credit for small and medium-sized
enterprises (SMEs) in India. The innovative idea behind NeoGrowth was to
provide unsecured loans to small businesses based on their card receivables,
e-commerce sales, and other non-cash payments, addressing a significant gap in
the credit market.
Early Challenges and Strategic Focus
In the early years, NeoGrowth faced significant challenges.
The company grew slowly as it introduced a novel product in India’s financial
landscape, where traditional credit systems dominated. Despite the temptation
to diversify into more conventional markets to accelerate growth, Piyush and
his team chose to remain focused on their unique product offering. This
strategic decision proved pivotal, as NeoGrowth eventually saw substantial
growth, establishing itself as a market leader with impressive annual growth
rates of 50% to 100%.
Leadership Style: Empowering Employees
At NeoGrowth, Piyush Khaitan emphasizes a leadership style
centered around employee engagement and empowerment. He believes that true
growth comes from providing employees with autonomy and responsibility. By
allowing team members to make decisions, learn from mistakes, and grow both
professionally and personally, Piyush fosters a supportive and dynamic work
environment.
Biography of Piyush Khaitan: Founder & MD of NeoGrowth Credit-Entrepreneur/ Success story of Piyush Khaitan/NeoGrowth Credit/Age.Net worth/Life story
Investing in Employee Growth
Piyush Khaitan understands that employees seek more than
just a salary—they seek personal and professional growth. At NeoGrowth, he
focuses on offering a rich learning experience with new challenges that help
employees develop continuously. This approach not only benefits the individuals
but also contributes to the overall success of the company.
Influential Leadership: The Mahatma’s Inspiration
Piyush Khaitan credits Mahatma Gandhi as a profound
influence on his leadership approach. Gandhi’s method of achieving independence
through self-improvement and his ability to explore and enhance his own
personality deeply resonated with Piyush. Gandhi’s example of continuous
self-betterment and resilience in the face of challenges has inspired Piyush in
his leadership journey.
A Defining Decision: Sticking to the Core
One of the most critical decisions Piyush made at NeoGrowth
involved resisting the urge to diversify the product offerings during the
company’s early years. Despite slow initial growth and competitive pressures,
Piyush’s commitment to focusing on NeoGrowth’s core product paid off. This
steadfastness allowed the company to solidify its market position and achieve
impressive growth over the following years.
Hiring Philosophy: Cultural Fit Over Credentials
When faced with equally qualified candidates, Piyush Khaitan
prioritizes cultural fit over mere credentials. At NeoGrowth, he looks for
individuals who align with the company’s values of transparency, dedication,
and self-motivation. Cultural alignment is crucial for fostering a cohesive and
productive work environment.
The Essential Trait of Empathy
Piyush believes that empathy is an essential trait for any
leader. While tolerance and sympathy may vary in their application, empathy is
crucial for effective communication and understanding. Leaders who genuinely
listen and respond with empathy can convey their messages more effectively and
build stronger connections with their teams.
Legacy of Work Culture
Piyush Khaitan aims to leave a lasting impact on NeoGrowth
through its work culture. He values the principles of how things are done over
what is done. His goal is to cultivate a work environment where individuals are
inspired to take on leadership roles and responsibilities, thus shaping a
positive and enduring organizational culture.
Continuous Growth: Learning Every Day
Piyush Khaitan views leadership as a continuous journey of
learning and adaptation. He believes that each day brings new experiences and
lessons. By embracing what is beneficial and discarding what is not, he remains
committed to personal and professional growth, setting an example for his team.
Founding DEI: Leading Card Personalization
Before Venture Infotek, Piyush Khaitan founded DEI Limited,
a pioneering secure card personalization bureau in India. DEI established
itself as a leader in card personalization, earning certifications from VISA
and MasterCard. This venture further solidified Piyush’s reputation as an
innovator in the payments industry.
Contributions to the Industry: Policy and Advocacy
Throughout his career, Piyush has been actively involved in
shaping the payments industry in India. He worked closely with Card Networks,
RBI, and IBA to frame policies and provide direction to the card payments
sector. His efforts extended to founding and chairing the ePayments Focus Group
of the Smart Card Forum of India (SCAFI), demonstrating his commitment to
industry development.
Leadership in Digital Lending: DLAI
In addition to his role at NeoGrowth, Piyush Khaitan has
been a key figure in the Digital Lenders Association of India (DLAI). As Chair
of the Knowledge Committee and a former President, he has played a significant
role in advancing the digital lending ecosystem. DLAI’s mission to bring
together digital lenders and formulate industry policies aligns with Piyush’s
vision of fostering a robust digital finance sector.
NeoGrowth’s Social Impact: A Mission of Inclusion
NeoGrowth Credit Pvt. Ltd. is deeply committed to creating a
social impact through its lending practices. By focusing on underserved markets
and providing loans based on business performance rather than traditional
credit criteria, NeoGrowth aims to drive financial inclusion. The company’s
tech n’ touch model and annual social impact reports underscore its dedication
to positive societal contributions.
Expanding Reach: Growing Across India
Since its inception, NeoGrowth has expanded its operations
across major Indian cities. With a presence in 25 cities and plans for further
growth, NeoGrowth has successfully partnered with over 12,000 business
merchants. This expansion reflects the company’s ongoing commitment to
supporting SMEs and driving economic development.
A Legacy of Innovation and Impact
Piyush Khaitan’s career is marked by a series of innovative
ventures and significant contributions to the financial and digital lending
sectors. From founding successful companies to shaping industry policies and
fostering a culture of growth, his work has had a lasting impact on the fintech
landscape in India. His journey is a testament to the power of creativity,
resilience, and leadership in driving meaningful change.
Timeline for Piyush Khaitan’s story
Mid-1990s: Co-founded Venture Infotek, leading digital
payments processing in India.
2010: Venture Infotek acquired by a European multinational
corporation.
2011-12: Founded NeoGrowth Credit to provide unsecured loans
to SMEs.
Early Years: NeoGrowth faced challenges but focused on its
core product, leading to significant growth.
Leadership Style: Emphasizes employee empowerment and a
strong work culture.
Gandhi's Influence: Credits Mahatma Gandhi’s
self-improvement and resilience as key inspirations.
Hiring Philosophy: Prioritizes cultural fit over
credentials.
Empathy in Leadership: Believes empathy is crucial for
effective communication and leadership.
DEI Limited: Founded a secure card personalization bureau,
gaining industry certifications.
Industry Contributions: Shaped payments industry policies
and chaired the ePayments Focus Group.
DLAI: Key figure in advancing the digital lending ecosystem.
NeoGrowth’s Social Impact: Focuses on financial inclusion
and supporting underserved markets.
Expansion: NeoGrowth operates in 25 cities and partners with
over 12,000 merchants.
