Uday Kotak

Uday Kotak is an Indian businessman. He is the vice-chairman and managing director of Kotak Mahindra Bank. He owns a 50% stake in Kotak Mahindra Bank, which he founded and runs. Forbes estimated his wealth to be $4.1 billion in 2012. In 2006 he ended a 14 year partnership with Goldman Sachs by acquiring its 25% stake in two subsidiaries for $72 million. From a humble start in trade finance, Uday built one of India's largest financial institutions. He came from an upper middle class Gujarati family. In 1985, when he was still in his early twenties, Kotak thought of setting up a bank when private Indian banks were not even seen in the game. In 1986, when he started his own business, he borrowed money of 30 lakh from family and friends that he put in his company. As he told Anand Mahindra, an early investor in his business, "Let's put our names to the business. All great financial house the MORGANS, Roths are remembered by the names of their founders". In 20 yrs of starting of business Uday company had a market cap of 6,700 crores INR and its third largest private sector bank in India. First Kotak Capital Management Finance Ltd (which later became Kotak Mahindra Finance Ltd), and then with Kotak Mahindra Finance Ltd, Kotak became the first non-banking finance company in India's corporate history to be converted into a bank. Over the years, Kotak Mahindra Group grew into several areas like stock broking and investment banking to car finance, life insurance and mutual funds.

He started handling the finances to NELCO, Tata Electronics Company. He spoke to his associates and friends and asked if they would be willing to lend money to Nelco. He assured them that return would be higher than 6 % which banks were giving in those days, and he told Nelco that interests would be lower than 16.5% which banks were charging in those days. "IT WORKED". In 1980s foreign banks with huge International Assets started banking in India. Because of regulations of Indian Government, these banks did not actually have that money for Indian transactions. So, Uday moved into arranging finances for their Indian transactions. This turned out to be a profitable business.

Among the many awards to Mr. Kotak's credit are the CNBC TV18 Innovator of the Year Award in 2006 and the Ernst & Young Entrepreneur of the Year Award in 2003. He was featured as one of the Global Leaders for Tomorrow at the World Economic Forum's annual meet at Davos in 1996. He was also featured among the Top Financial Leaders for the 21st Century by Euromoney magazine. He was named as CNBC TV18 India Business Leader of the Year 2008 and as the most valued CEO by business world in 2010.