CEO and MD, BASICS Ltd., India
Mr. Sattaiah Devarakonda is currently the CEO & MD of BASICS Ltd, the holding company of BASIX Social Enterprise Group, in addition, he is also the CEO & MD of BSFL an NBFC in BASIX Group. He represents on 9 boards of Group Companies of BASIX as the promoter representative. During 2012-16, he served as CEO & MD of Sub-K IMPACT Solutions Limited a company providing Business correspondence Services in India. During 2015-20 served as CEO & MD OF B-ABLE a company providing Skill Building services in India. During 2008-10 served as COO of Bhartiya Samruddhi Finance Limited (BSFL), a NBFC MFI in India. Earlier worked in the rank and file with BSFL from an entry position in the customer services in the field and made it to CEO position. Mr. Sattaiah was born in 1964 and graduated in Physical Science (1986) and Mathematics, completed the Masters in Business Administration (MBA) from Osmania University, Hyderabad in 1988. He had undergone Management Development Programs at IIM Ahmedabad (2003 & 2007) and INSEAD in 2016.
The BASIX Social Enterprise group provides services in Consulting, Financial inclusion, Skills Building, Agricultural extension, Municipal Solid Waste Management, high impact development projects and action research of livelihood initiatives. Over 30 years of cumulative experience in the areas of Consulting, Skill building services, Micro-Finance, Micro Insurance, Business Correspondent Services, Micro Enterprise Promotions Services, and self-enterprise experience. Lead work in the areas of Field Operations, Corporate HR, Insurance Vertical, Products, general management, CEO and Managing Director positions. At peak, skilled nearly 75,000 youth every year, served 2 million credit customers, managed USD 450 million in loans outstanding, covered over 3.8 million lives with insurance and served over 1 million with Basic Banking Savings Account. Have a record of accomplishment of starting and expanding businesses. Created and Lead Corporate HR team managing over 10,000 human resources in over 235 work locations. The company posted profits of $ 1 Mn in March 2009 and over Rs $ 5 Mn in March 2010. Earlier served in mentoring and guiding self-employment Micro Enterprises and subsequently did set up own enterprise successfully and run for 3 years. Is credited with Turning around Sub-K a company involved in Business Correspondence Services with operations over 20 states in India and serving over 12 Banks to profitability and executed succession placing a suitable CEO & MD in 2016. Credited with another turnaround of B-ABLE a Skill Building Company during 2015 to 2020 with business expansion from $ 4.5 Mn to $ 9.0 Mn and skilling over 75,000 youth every year with over 60% of placement in jobs.