The Visionary Journey of Nirmal Jain

Mr. Nirmal Jain, Founder of IIFL Group, is a first-generation entrepreneur who is credited with establishing one of India’s leading financial services firms in just over two decades. He holds a PGDM (Post Graduate Diploma in Management) from IIM Ahmadabad, as well as Chartered Accountant and Cost Accountant credentials. Under Mr. Nirmal Jain’s innovative leadership, IIFL has grown to become one of India’s leading financial services corporations, with three different listed businesses: IIFL Finance, 360 ONE (IIFL Wealth), and IIFL Securities. The group companies are supported by prominent global investors such as Fairfax Group, Bain Capital, and The Capital Group, among others. IIFL Group has more than ten million customers.

Mr Jain is also the founder of 5paisa.com, India’s sole publicly traded discount broker. The Economic Times names Mr Jain as one of Asia’s most promising business executives. The Institute of Chartered Accountants of India (ICAI) presented him with the CA Entrepreneur Leader Award in the Financial Services category, and Business Today magazine named him one of the most successful IIM alumni. Mr Jain lives in Mumbai with his wife and three children. He is also passionate about giving back to society, particularly in the areas of education and healthcare for the underprivileged, for which he established the IIFL foundation.

The IIFL Foundation’s flagship project, ‘Sakhiyon Ki Badi’, is one of India’s largest girl child education initiatives, having already enrolled 36,000 out-of-school girls in Rajasthan. Mr Jain is an early-stage investor in dozens of fintechs working on frugal breakthroughs that would have a major impact on financial inclusion in India.

About

Nirmal Jain is a millionaire businessman from India. He is the chairman and founder of the financial giant India Infoline Group. Canadian investor Prem Watsa, the UK government’s private equity arm, CDC Group, and the private equity firm General Atlantic support IIFL and its group firms.

Early life

After graduating from Narsee Monjee College of Commerce and Economics, a part of the University of Mumbai, with a bachelor’s degree in commerce (B.Com. ), Nirmal Jain went on to get an MBA from the Indian Institute of Management Ahmedabad. Additionally, he holds an ICAI-certified chartered accountant certification.

Career

Jain began working at Hindustan Unilever in 1989 as a commodities dealer.

Jain established an equity research firm in 1995, which subsequently evolved into India Infoline (also known as IIFL Group). He launched one of the first internet trading platforms in India in 2000. Later, the company expanded into mutual funds, stocks, life insurance, and other financial services.

Bloomberg LP stated in March 2018 that Jain was now a billionaire and that IIFL had doubled in value over the previous 12 months.23% of IIFL is directly or indirectly owned by Jain.

Personal life

Jain, his spouse, and their three kids reside in Mumbai. He “never visits” his Amby Valley property, which he owns.

Harshita, his oldest daughter, was pursuing a degree to become a chartered accountant in 2016.

Harshita is pursuing an MBA at Stanford Graduate School of Business in California as of 2018, having finished the CA program.

The IIFL foundation was formed by Jain.Along with Dilip Sanghvi, Deep Kalra, and Jerry Rao, he is one of the founders of Ashoka University, which is focused on liberal education.

The story of the ordinary man behind IIFL Group

The narrative of Nirmal Jain is that of a modest family whose values of hard work were woven into the very fabric of everyday existence in the maze of India’s busy commercial world. Born into a Marvadi family in Bombay in 1967, his father worked as a modest shopkeeper. Jain learnt priceless lessons about the value of work and the significant influence it can have on a person’s life. When he was ten years old, his father moved to Bombay. He was born in Udaipur, Rajasthan. He put in a lot of effort to ensure his family’s survival.

Nirmal graduated from Mumbai University’s Narsee Monjee College of Commerce & Economics. The difficulties of coming from a lowly home did not dissuade Jain from pursuing academic success. As he worked towards his diploma, he studied for CA. He achieved second place in India in the CA test thanks to his unwavering knowledge and unrelenting work ethic. At the young age of 23, he secured his position as a finance specialist by earning the credentials of a cost accountant and a chartered accountant. Additionally, he graduated from the esteemed IIM Ahmedabad.

He graduated from IIM Ahmedabad with a Master of Business Administration (MBA). He gained knowledge of the complex dance of work, networking, and leadership in the business world as a result of this academic experience. He thinks that when you are passionate about your work, it becomes a natural part of your life rather than a burden. His family has used it as a motto for many generations. It prepared a young Nirmal Jain to see the corporate world with a lens of determination and passion.

Family and philanthropy

Madhu Jain is the spouse of Nirmal Jain. He, his spouse, and their three children—Harshita, Bhavya, and Kalpita—all reside in Mumbai. He is also helping the less fortunate by working in the domains of healthcare and education. The IIFL foundation was established by him. One of the biggest education initiatives for girls in India is “Sakhiyon Ki Badi,” the flagship project of the IIFL Foundation. In Rajasthan, it has already enrolled over 36,000 out-of-school girls in school. In addition, he was a founding member of Ashoka University. He has early-stage investments in several fintech and innovative businesses.

Nirmal Jain’s Thoughts and Vision

Nirmal Jain places a strong emphasis on leadership, organisational culture, and bravery. According to him, partnerships are essential for encouraging creativity and developing a culture that supports expansion. According to Nirmal, becoming an entrepreneur involves more than just taking chances; it also entails developing an innovative attitude that welcomes challenges. Nirmal Jain said the team’s strength is largely responsible for IIFL Group’s success.

He emphasises the value of forming a culture of cooperation and partnership by surrounding oneself with others who have comparable or better knowledge. The motto of IIFL’s culture, he continues, is “Owners work, workers own.” This way of thinking emphasises how each team member is given a sense of ownership, which fosters an atmosphere that is favourable to group advancement. Nirmal Jain views his existence as no more significant than that of a regular individual. But underneath all of this modesty lurks a wellspring of ambition.

He advises prospective business owners to pinpoint their passions and thoroughly research the fields they have selected. He asserts that the secret to long-term success is to match ambition with knowledge and enthusiasm. His guidance for aspiring business owners is succinct and straightforward. He promotes patience, diligence, and attention. He asserts that being an entrepreneur is a difficult path and emphasises the value of tenacity and determination. His advice to set lofty goals is consistent with the notion that setting lofty goals is the first step to accomplishing important goals.