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BASIXEquity for Equity
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About the Entrepreneur
Vijay Mahajan (born 1
October 1954) is an
Indian socialentrepreneur and
chairman of BASIX, a
microfinance company.
He is the president of
Microfinance Institutions
Network (MFIN).
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Early Life
Vijay Mahajan was born in Pune, India. He
studied electrical engineering at the IIT Delhi and
MBA at the IIM Ahmedabad.
He graduated with a gold medal for scholastic
performance, and public policy at the Woodrow
Wilson School, Princeton University.
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Career
Vijay Mahajan worked at Philips in a
marketing position for four years, mostly in
Eastern India.
His work took him to several industrial
project locations in the hinterland.
He started work in rural economic
development in 1981.
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Pradhan
Pradhan (Professional Assistant for Development
Action)
In 1983, he founded an NGO, PRADAN. It is oneof Indias more effective NGOs, specializing in
rural livelihoods and microfinance. It works with
over 150,000 rural poor households.
In 1991, he decided to work as an independent
trainer, consultant and researcher and to focus
exclusively on the issue of rural livelihood.
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Basix
While working as a marketing executive at
Philips in states like Bihar, Orissa, Bengal
and north east which were poor ones, he
constantly developed an instinct for the
upliftment of the social sector in these
areas.
In 1993 Vijay got a fair idea of how a bank
functioned because of a study conducted
on SEWA bank.
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In 1996, realizing the need to attract
mainstream financial resources, he
conceptualised BASIX, a new generationinstitution devoted solely to promoting
rural livelihoods.
It is among the first microfinancecompanies in the world to attract
commercial debt and equity investments
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It also offers a range of services including
savings and insurance, agricultural,
livestock and non-farm enterprisedevelopment, and institutional
development to rural producers and their
groups.
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Risk Involved
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Marketing his dream to potential
suppliers of credit
Government Grants were
not enough Capital required was huge
for setting up bank
Offering credit/loans to theneedy
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Involvement of other members
in Pradhan as well as Basix
Getting people was tough
Professionals charged
heavily
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Getting licenses and approval
from the regulatory bodies of thecountry
Lot of formalities Underestimation of
Vijays idea
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Uncertainty in completion of
work
Lack of funds created
hurdles
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Flaws in Revenue Model - Debt
Recovery
Poor people had more
risks One asset gone could
affect the entire chain
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Traits and Leadership Qualities
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Visionary
From an individual -
to a section 25company - to an
NBFC - to a local
area Bank.
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Persistence
Inspite of several
setbacks he still hadthe attitude to bounce
back
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Hardworker and Networking
His client included World
Bank, UNDP (United
Nation Development
Programme), NABARD,
Ford Foundation and Sir
Ratan Tata Trust
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Innovation
Basix became the model
for doing innovative things
like using various
methodologies like self
help group, Joint Liability
groups, Individual lendingand linking livelihood to
lending.
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Opportunist
FM Dr. Manmohan
Singh said, We
should have anInstitution like
Grameen Bank of
Bangladesh
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Advise to Entrepreneurs
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Managing your psycho-
dynamics The emotional ups and
downs, the energy that one
feels from inside andsometimes one has to
pump from outside, and
managing that energy is
part of an entrepreneur's
psycho-dynamics. It plays a
very big role in making or
breaking an entrepreneur.
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Listening to your inner voice
One can end up
making wrongchoices to a point
where he can stop
recognising his own
motivations.
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Have enough gurus
No one person will be full ofvision and the world today is
so complex that one single
person cannot help face the
ups and downs of
entrepreneurship.
too many gurus can make one
go mad listening and followingeverybody's advice and
suggestions.
Ideally three to four people as
gurus should settle the matter
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Eventually giving it up at an
appropriate time. Two Reasons
One for the enterprises
growth and evolution and
Second for entrepreneur's
growth and evolution.
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Summing Up
He may not be as successful as other
entrepreneurs but he has laid down the
foundation stone for Micro Finance
industry on which many other could
capitalised
He has the Never Give up attitude
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