Vikram Akula

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Vikram
Vikram Akula at the India Economic Summit 2008 cropped.jpg
Born Ryakal, Medak district, Andhra Pradesh, India
Nationality American
Alma mater Tufts University
Yale University
University of Chicago
Occupation Founder, SKS Microfinance
Parents Akula V. Krishna
Padma Krishna

Vikram Akula is a pioneer in market-based approaches to financial inclusion. He is the founder and former chairperson of SKS Microfinance, an organization that offers microloans and insurance to poor women in impoverished areas of India. Inspired by the Grameen model of Muhammad Yunus, he started SKS Microfinance in 1997 as a non-profit and then converted it to a for-profit in 2005. He led the company to a successful IPO in 2010 reaching a market capitalization of $2.2 billion and an outreach of 7.3 million low-income borrowers in 2011, by which time it had disbursed more than $5 billion in micro-loans as well as micro-insurance products. He believed that only a market-based approach would be able to tap capital markets and scale microfinance, unlike non-profit or government initiatives which depend on limited donations or grants. He stepped down as SKS chairman in November 2011.[1]

For his work in financial inclusion, he was named by TIME Magazine as one of the 100 most influential people in the world in 2006.[2] He has a BA from Tufts, an MA from Yale, a Ph.D. from the University of Chicago, was a Fulbright Scholar, and has worked with McKinsey & Company and the Worldwatch Institute. He was named the Ernst & Young (Start Up) Entrepreneur of the Year in India, the World Economic Forum’s Young Global Leader, the Schwab Social Entrepreneur of the Year in India, and was a 1998 Echoing Green Public Service Fellow.

He is the author of A Fistful of Rice; My Unexpected Quest to End Poverty Through Profitability, published by Harvard Business Press.

He is held the position as a Director in AgSri, a sustainable agriculture company focused on helping small sugarcane farmers reduce water use, and in Bodhi Educational Society, which establishes schools for underprivileged children in India.

Post the crisis in the microfinance sector in Andra Pradesh he lost his position and control in 2011 and tried stage comeback in 2013. May 2014 he informed the company that he no longer wish to remain the promoter of the company. Akula currently hold 10 equity share of the company.[3]

Recognition[edit]

Akula has received several awards for his work with SKS.

  • Time Magazine's 100 Most Influential People of the Year in 2006.[4]
  • Social Entrepreneur of the Year in India, 2006.[5]
  • Ernst & Young Entrepreneur of the Year in India (Start-up, 2006)[6]
  • Ernst & Young Entrepreneur of the Year in India (Business Transformation, 2010)[7]
  • Karmaveer Puraskaar Noble Laureates, 2006-2007.[8]
  • World Economic Forum’s Young Global Leader award, 2008.[9]
  • Echoing Green Poverty Alleviation Economic Development - 1998 Fellow[10]

References[edit]

  1. ^ Boss of Indian microfinance firm SKS steps down, BBC, 24 November 2011
  2. ^ Rawe, Julie (2006-04-30). "TIME 100: The People Who Shape Our World - Vikram Akula". Time Magazine. Retrieved 2010-05-27. 
  3. ^ "Vikram Aklula no longer promoter of SKS micro finance". Times of India. 2014-03-05. Retrieved 2014-03-09. 
  4. ^ Rawe, Julie (2006-04-30). "TIME 100: The People Who Shape Our World - Vikram Akula". Time Magazine. Retrieved 2010-05-27. 
  5. ^ "Schwab Foundation for Social Entrepreneurship - Profiles". Schwab Foundation. Retrieved 27 December 2012. 
  6. ^ "Entrepreneur of the Year 2011: Start-up companies - Ernst & Young - India". Ernst & Young. Retrieved 27 December 2012. 
  7. ^ "EOY 2009 winners - Ernst & Young - India". Ernst & Young. Retrieved 27 December 2012. 
  8. ^ "Karmaveer Puraskar - Awardees by Category". Karmaveer Puraskar. Retrieved 27 December 2012. 
  9. ^ "World Economic Forum - Vikram K. Akula". World Economic Forum. Retrieved 27 December 2012. 
  10. ^ "Vikram Akula - 1998 Fellow". Echoing Green. Retrieved 27 December 2012. 

External links[edit]