The Kotak Mahindra group, founded by Uday Kotak in 1985, began its financial services journey with a bill discounting deal with Nelco.

The bill discounting business was started under Kotak Mahindra Finance. The company got a banking licence from the Reserve Bank of India (RBI) in February 2003 and became the first non-banking finance company (NBFC) in India to convert into a bank: Kotak Mahindra Bank Ltd.

Here is the remarkable journey of the group: 

1985 – Kotak Mahindra Finance commences bill discounting business

1987 – Enters lease and hire purchase business

1990 – Launches auto finance division for financing passenger cars

1991 – Investment banking division set up

1995 – Launches KMCC, a joint venture with Goldman Sachs Group for investment banking

1996 – Launches Kotak Mahindra Primus Ltd. Kotak Mahindra takes significant stake in Ford Credit Kotak Mahindra Ltd to finance Ford vehicles

1998 – Launches India’s first gilt fund through Kotak Mahindra Asset Management Company

2001 – Launches Kotak Mahindra Old Mutual Life Insurance in partnership with Old Mutual Plc

2003 – Kotak Mahindra Finance gets converted into commercial bank Kotak Mahindra Bank; becomes India’s first NBFC to be converted into commercial bank 

2004 – Kotak Mahindra group enters alternate assets business with launch of private equity fund

2005 – Kotak Alternate Assets launches real estate fund; realignment of joint venture with Ford Credit International. Under the realignment, the group gains complete ownership of Kotak Mahindra Prime (KMP) by acquiring the 40% stake previously held by FCI. At the same time, the group also sells its stake in Ford Credit Kotak Mahindra Ltd. (FCKM) to FCI, thereby giving Ford 100% ownership of the company

2006 – Buys out Goldman Sachs’ equity in KMCC and Kotak Securities

2008 – Opens representative office of Kotak Mahindra Bank in Dubai

2009 – Launches pension fund under India’s National Pension System (NPS)

2014 – Acquires 15% equity stake in Multi Commodity Exchange of India (MCX)

2015 – RBI approves merger of ING Vysya Bank with Kotak Mahindra Bank; Kotak Mahindra General Insurance receives IRDA Approval to commence insurance business

2016 – Acquires 1 million equity shares of Institutional Investor Advisory Services India Ltd

2017 – Kotak Mahindra Bank acquires BSS Microfinance Pvt Ltd; unveils 811 account 

2018 – Buys out 26% Old Mutual Plc UK stake in Kotak Mahindra Old Mutual Life Insurance; Launches Kotak Infrastructure Debt Fund

2019 – Kotak Mahindra Bank launches its first international branch in Dubai

2020 – Kotak Mahindra Bank raises Rs 7,400 crore through a qualified institutional placement of shares

2021 – Kotak Mahindra group acquires vehicle financing portfolio of Volkswagen Finance

2022 – The bank acquires DLL India’s agriculture and healthcare equipment financing portfolio

2023 – Kotak Mahindra Bank announces acquisition of microfinance company Sonata Finance.