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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.