Mandar Agashe founded Sarvatra Technologies in 2000, eventually steering the firm to integrate hundreds of urban co-operative banks into the National Electronic Funds Transfer service. His career spans the development of financial software, the management of diverse corporate entities in India, and a notable presence in the music industry as a composer and record producer.
Early Business Ventures
Born in Mumbai in 1969, Agashe graduated from the Pune Institute of Computer Technology in 1990. By 1991, he joined the board of the Brihan Maharashtra Sugar Syndicate, transitioning to joint managing director by 1994. During this decade, he diversified his interests by founding Brihans Pharmaceuticals in 1998 and the internet radio platform musicurry.com in 1999. In April 2000, he launched Brihans Natural Products to manufacture skincare items, specifically focusing on an aloe vera range.
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The establishment of Sarvatra Technologies in 2000 marked a shift toward financial services. Agashe oversaw the integration of multiple internal technology firms, including EBZ Online and Codito Technologies, into Sarvatra by 2007. This consolidation enabled partnerships with major entities like the Oracle Corporation. These efforts aimed to deploy banking software across rural India, a strategy that garnered attention from financial regulators and economists, including Raghuram Rajan and Y. V. Reddy.
Legal and Financial Challenges
In 2008, Agashe faced involvement in a legal inquiry regarding the Suvarna Sahakari Bank, where he had served as a director. Allegations surfaced regarding the sanctioning of loans to self-owned firms, leading to his arrest and subsequent remand to judicial custody in early 2009. He was released on bail in March 2009, and the bank was later merged with the Indian Overseas Bank in May of that year.
Fintech Advocacy and Global Reach
Returning to the forefront of fintech, Agashe expanded Sarvatra’s reach to 450 co-operative banks by 2018. His recent activities include participating in international fintech conferences, such as the Banca d'Italia summit in 2023, and exploring digital payment exports to Trinidad and Tobago in 2024. He continues to contribute to industry discussions regarding cashless transactions and unified payment interfaces.
Fast facts
- Born: 1969, Mumbai
- Education: Pune Institute of Computer Technology
- Key Company: Sarvatra Technologies
- Citizenship: India
- Primary Fields: Technology, Music, Commerce
Questions readers ask
What is the primary focus of Sarvatra Technologies?
The company develops banking software and digital payment infrastructure for co-operative banks in India.
Did Agashe pursue a career in music?
Yes, he worked as a composer, singer, and lyricist, releasing pop and rock music in the 1990s and directing Marathi ghazal albums.
Achievements
- Affiliated with Sarvatra Technologies
- Educated at Pune Institute of Computer Technology
