Digital corporate lending firm Caspian Debt has elevated its founder and managing director Viswanatha Prasad as the Board Chair; with Avishek Gupta to be the new managing director and CEO.

Viswanatha Prasad pioneered impact investment in India by setting up first domestic equity fund for investing in Microfinance in India called Bellwether Microfinance Fund and followed that up with India Financial Inclusion Fund and Caspian SME Impact Fund, all of which made early investments in several market leading financial institutions and start-ups. Caspian Debt was set up to fill the gap for non-dilutive funding available for first generation entrepreneurs.

Announcing the transition, Prasad said in a release: “I am pleased to hand over reins of Caspian Debt to Avishek Gupta, who has been with us for over 7 years. As Investment Director, Avishek has spearheaded our foray into newer sectors, products and made data and technology central to our growth and risk management.”

Avishek Gupta, who is designated as MD & CEO of Caspian Debt has formally taken over in December. Avishek brings with him several years of experience in financial services. He has been instrumental in setting up Caspian’s start-up and social enterprises lending business and has brought in a huge thrust for digitalisation.

Gupta said: “It is a privilege to lead the company through the next phase of its evolution, under the able direction of a stellar board and Prasad. Caspian Debt has always put the entrepreneurs at the centre of all its activities and this practice will continue with more agility and responsiveness as we bring in higher level of digitalisation and innovation in our offerings.”