Sudip Bandyopadhyay quits as Spice Finance head

After a five-month stint as the group president of the financial services arm of the Spice group, Sudip Bandyopadhyay, the former managing director of Reliance Money, is said to be moving on to start his own venture.

The new company will be a financial services firm named Convexity Solutions and would look at broking and portfolio management services. CX Partners, a $500 million private equity fund, is said to be backing the company which will be focused on offering sophisticated products such as derivatives to the institutional, corporate and retail segments. 

The private equity firm is run by Ajay Relan, managing partner of the fund and former managing director of Citigroup Venture Capital. The initial amount committed to the firm is said to be a little over Rs 210 crore. The private equity firm will also have two members on the board of the Convexity. However, despite turning entrepreneur, he would still be involved with the Spice Group.

“The new venture would not be in conflict with the activities of the Spice Group. I will still be on the board and will continue to advice them,” he said. Bandyopadhyay is said to have steered Reliance Money’s acquisition of Wall Street Finance.

Spice Investments too had picked up a stake in Wall Street Finance, when the Anil Dhirubhai Ambani Group subsequently exited it. Bandyopadhyay joined Spice shortly after.