Varun Laul
Class of 2005


 

Tell us a little about your family background/ history. How has it influenced you?
Both parents were professionals – Mother, an academician and Father, a career FMCG professional. Growing up, I would look up to my father as a role model. Hence, it was an obvious desire to follow in his footsteps to IIT Kharagpur and later, work with Hindustan Unilever.
From an early age my parents encouraged independence in thought and action, thereby instilling the confidence to deal with any situation or challenge.

Briefly describe your personal and professional achievements (including recent awards/ special projects).
During my year at ISB, I was the President of the Emerging Markets Club and it was truly satisfying to assist the Centre for Analytical Finance in organizing the 1st ISB Emerging Markets Conference.
For my academic performance I was awarded the ISB Merit Scholarship and placed on the Dean's List. I was also a recipient of the Citigroup Scholarship at ISB.

Tell us about your profile prior to attending ISB and recap your professional life after ISB, including your career progression.
I have now, cumulatively, 14 years of work experience in consumer marketing, management consulting, investment banking and private equity. I graduated in Mechanical Engineering from IIT Kharagpur in 2000. Prior to ISB, I worked with Hindustan Unilever in sales and marketing for 4 years. I majored in analytical finance at ISB and joined AT Kearney as a management consultant from campus. After a short stint in consulting, I worked as an investment banker with Merrill Lynch, advising clients in a variety of sectors such as Media, Telecom and Industrials. For the last 7 years I have been working at Providence Equity, a leading global private equity firm that primarily invests in the Media, Communications, Information Services and Education sectors. As a Director in the firm's Asia operations, I am responsible for identifying, evaluating and managing investments in India. I also serve on the board of UFO Moviez India Limited, a Providence portfolio company.

How do you think your time at ISB has contributed to your career and personal growth?
ISB was an extremely pivotal year for me. It allowed me to change track and pursue a career in corporate finance despite limited prior knowledge, as I came from consumer marketing. At ISB I experienced the importance of collaboration and creativity in problem solving. I made some very close friends at ISB, who I continue to lean on during personal and professional challenges.
But above all, I 'met' my wife at the school and life has not been the same ever since!

What do you enjoy most about your current career position?
The most attractive aspect of private equity and Providence Equity, in particular, is the multitude of diverse learning opportunities and experiences. My work exposes me to some very smart, seasoned and successful people - entrepreneurs, CXOs and colleagues. In addition, one is offered a first-hand perspective of the fundamentals of business management and value creation - strategy, operations, people and financial engineering. Every day you're in a 'live' classroom.
 
Briefly describe a typical day at work, in a way that illuminates the kind of challenges and opportunities your role involves.
Private equity is very entrepreneurial and can be unstructured. Hence, there is no typical day. A day can begin with an early morning flight, a meeting with a potential investment company or a multi-location conference call, and can end similarly. The days become intense and long at the final stages of a deal or when there is competition from other investors for an asset.
Work activities can be divided into three categories: identifying new opportunities, evaluating potential investment and post investment, managing the portfolio to ensure value creation. On any given day, one is typically engaged in all three; for different companies, often in different industry sectors.

Identifying new opportunities requires meeting with companies, engaging with intermediaries like investment banks and ideating on industries, trends and companies that would be attractive for investment. While evaluating a company, I will lead a team of 2-3 junior investment professionals in doing a 'deep dive' on the business and related financial and legal matters. This is followed by negotiations with the seller on price and other terms. We are supported by management consultants, accountants and lawyers in this process.

Post investment portfolio management can be quite challenging as it involves partnering with senior management to realize the growth objectives of the company. There is active participation in strategic decision making at the board level, reviewing progress on key operational metrics and formulating management incentives.

What is the next new thing in the industry or vertical you are working in? Are there any trends that you can identify?
The Internet is redefining consumer behavior and consequently, how businesses are structured and operate. In markets like India, the mobile device will be the primary gateway or port to the Internet. A number of business models premised on the confluence of mobility and the Internet are beginning to emerge and mushroom in India. These businesses are becoming attractive investment targets for global money managers (that typically invest late stage) as they scale and mature.

What was the main highlight or most memorable aspect of your programme at the ISB?
The #1 highlight has to be meeting my wife on campus! The other high point of the program was the outstanding faculty. Interacting with leading minds in their subject and to be routinely challenged by them added a new dimension to learning. The encouragement and support of from several of the finance faculty spurred me to a career in finance.

If you could offer a word of advice to the current class at ISB, what would it be?
It would be presumptuous for me to offer advice, but I believe in being honest to oneself and that there is no substitute for hard work

How do you feel you can contribute to ISB?
As an alumnus it would be a privilege to contribute to ISB in every which way possible. I hope to continue to be associated with admissions and the mentorship programs. Under the aegis of the Finance Club it should be possible to increase the interaction with students keen on a career in corporate finance. The ISB leadership and the Senate should develop a framework by which the alumni can be more involved with the school.


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