Nirmal Jain

Nirmal Jain (born 1967) is an Indian billionaire businessman. He is the founder and chairman of India Infoline (IIFL) Group, a financial conglomerate. IIFL and its group companies are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government's private equity arm.[1][2][3]

Early life

Nirmal Jain earned a bachelor's degree in commerce (B.Com) from Narsee Monjee College of Commerce and Economics, a constituent college of the University of Mumbai, followed by MBA from the Indian Institute of Management Ahmedabad.[4] He is also a certified chartered accountant from ICAI.[4]

Career

In 1989, Jain started his career with Hindustan Unilever, as a commodities' trader.[5]

In 1995, Jain founded an equity research company that later became India Infoline (or IIFL Group). In 2000, he started one of India's first online trading websites.[5] The business later diversified into life insurance, mutual funds, equities and other financial services.[5]

In March 2018, Bloomberg LP reported that IIFL had doubled in value over the preceding 12 months and that Jain was now a billionaire.[5][6] Jain owns 23% of IIFL, directly or indirectly.[5]

Personal life

Jain lives in Mumbai with his wife and three children.[7] He owns a property in Amby Valley that he "never visits".

In 2016, his eldest daughter, Harshita, was studying to be a chartered accountant.[8]

As of 2018, Harshita has completed the CA course and is an MBA candidate at Stanford Graduate School of Business, California.

Jain founded the IIFL foundation.[9] He is one of the founders of the liberal education oriented Ashoka University along with Dilip Sanghvi, Deep Kalra, and Jerry Rao.[10]