CEO of Milesone Capital Advisors passes away

Ved Prakash Arya, the managing director and CEO of Milesone Capital Advisors, died in an accident early on Thursday.

The 42-year-old fitness enthusiast was struck by a falling tree while on his morning walk and died enroute the hospital. He is survived by his wife and two children.

Those who have watched Ved’s career remember him as one of the brightest sparks of the Indian retail story before he made his mark in the private equity business.

“He was among the youngest leaders who shaped the retail industry in India. The Future Group benefited immensely from his entrepreneurial zeal and leadership during our formative years,” said Kishore Biyani, Group CEO, Future Group.

Before his stint with Biyani, he headed Globus Stores Pvt Ltd, which he founded in 1998 while he was with the Rajan Raheja group.
Ved was also the founder and director of the Retailers Association of India.

After having helped the Future Group raise two private equity funds, Kshitij and Horizon, he finally struck out on him own with Milestone in January 2007.

Milestone was among the earliest professionally managed funds as opposed to those largely backed by major institutions.

The early days of the business were not easy, he once recalled in an interaction. Even people who he had been in touch with in his retailing days would question the fact that there was no institution or promoter backing his fund.

Nevertheless, he was able to build Milestone’s assets to a billion dollars.

An engineering graduate with an MBA from IIM, Ahmedabad, Ved spent a year doing research in France and also studied at the Harvard Business School.